Report : North America Electroplating Market Forecast to 2030 - Regional Analysis - by Metal (Gold, Silver, Copper, Nickel, and Others), Type (Barrel Plating, Rack Plating, Continuous Plating, and Line Plating), and End-Use Industry (Automotive, Electrical & Electronics, Aerospace & Defense, Medical, and Others)
At 3.3% CAGR, North America Electroplating Market is Projected to be Worth US$ 13,439.01 Million by 2030, says Business Market Insights
According to Business Market Insights research, the North America electroplating market was valued at US$ 10,326.75 million in 2022 and is expected to reach US$ 13,439.01 million by 2030, registering a CAGR of 3.3% from 2022 to 2030. Implementation of innovative and environmental-friendly techniques and ongoing industrialization worldwide are among the critical factors attributed to the North America electroplating market expansion.
Many manufacturers are using an alternative process of electroplating. Some manufacturers are adopting the dry process over the wet process since it reduces exposure to workers and lowers waste production. Moreover, the shifting preference of manufacturers toward water-based cleaning agents over organic ones and the growing focus of most manufacturers to develop innovative waste management techniques can accelerate the demand for electroplating. Sludge contains a high level of metals, which is a highly hazardous waste. Hence, it is required to be handled with care for metal recovery. Therefore, many manufacturers are adopting waste management techniques to manage hazardous waste release into the environment. Also, the service providers have embraced the implementation of green chemicals, cleaner and greener technologies, waste management, and recycling techniques as probable solutions. All these factors can open new opportunities for the electroplating market during the forecast period.
On the contrary, regulations by various authorities upon electroplating hamper the growth of North America electroplating market.
Based on metal, the North America electroplating market is segmented into gold, silver, copper, nickel, and others. The nickel segment held 32.9% share of North America electroplating market in 2022, amassing US$ 3,396.36 million. It is projected to garner US$ 4,477.57 million by 2030 to expand at 3.5% CAGR during 2022–2030.
In terms of type, the North America electroplating market is categorized into barrel plating, rack plating, continuous plating, and line plating. The barrel plating segment held 34.5% share of North America electroplating market in 2022, amassing US$ 3,566.73 million. It is projected to garner US$ 4,824.41 million by 2030 to expand at 3.8% CAGR during 2022–2030.
Based on end-use industry, the North America electroplating market is segmented into automotive, electrical and electronics, aerospace, and defense, medical, and others. The electrical and electronics segment held 32.2% share of North America electroplating market in 2022, amassing US$ 3,327.85 million. It is projected to garner US$ 4,560.60 million by 2030 to expand at 4.0% CAGR during 2022–2030.
By country, the North America electroplating market has been categorized into the US, Canada, and Mexico. Our regional analysis states that the US captured 76.4% share of North America electroplating market in 2022. It was assessed at US$ 7,884.47 million in 2022 and is likely to hit US$ 10,353.32 million by 2030, exhibiting a CAGR of 3.5% during 2022–2030.
Key players operating in the North America electroplating market are Atotech Deutschland GmbH & Co. KG; Jing Mei Industrial Ltd; Klein Plating Works, Inc.; Precision Plating Co; Sharretts Plating Co Inc; Summit Corp of America; and Cherng Yi Hsing Plastic Plating Factory Co., Ltd. among others.
- In March 2018, Summit acquired torpedo Specialty Wire. The assets and the processes obtained through torpedo Wire have helped the company grow capabilities while maintaining an inspiring environment that yields positive outcomes for its valued clients and staff alike. The company believes this acquisition will translate into even greater service value. It will continue its goal of being a world-leading supplier for Wire Electroplating, Continuous Plating, Individual Parts Plating, and more.
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