The global electroless plating market is set to grow at substantial CAGR during the forecast period. Electroless plating is a rapid process for deposition of nickel alloy on a substrate followed by electrochemical reactions. The process effectively and economically enhances the surface property and corrosion resistance of iron and steel products due to its high wear and tear and resistance to corrosion. The process reveals excellent thickness, lubricity and uniformness in the applied areas.
Electroless plating market is driven by constant demand for asset protection that reduces cleaning costing for companies. Moreover, continuous R&D undertaken by manufacturers to enable efficient, cost-effective and eco-friendly plating technologies will help industries grow in the near future. However, fluctuation in pricing of metals and volatility is likely to obstruct the market growth during the forecast period.
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By type, electroless plating market is segmented as high- phosphorous electroless nickel, medium phosphorous electroless nickel, low-phosphorous electroless nickel, electroless composites and electroless copper. End-user segmentation for market comprises oil industry, chemical industry, automotive industry, electronics industry, aerospace industry and machinery industry. Automotive industry accounts for a larger market share owing to rise in demand for corrosion resistance and high revenue generating segment.
Geographical segmentation for electroless plating industry spans North America, South America, Europe, Asia-Pacific, Middle East and Africa. Asia-Pacific regions account for a greater market share due to presence of key players, technological infrastructure, growing segments and availability of labor is likely to propel the market growth during the forecast period.
North American and European regions are anticipated to grow at a higher CAGR during the forecast period owing to presence of manufacturers and growing demand for electroless plating. The key players profiled in electroless plating market report are Atotech, Bales, KC Jones Plating Company, MacDermid Inc, Coventya, C. Uyemura & Co Ltd, Okuno Chemical Industries, ARC Technologies, Incertec, Erie Plating, Sharretts Plating, Kanigen Plating and Tawas Plating.
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