CAGR: 5%Current Market Size: USD 2 BillionFastest Growing Region: Europe
Largest Market: APACProjection Time: 2023-2030Base Year: 2022
The global precious metal plating chemicals market is expected to grow from USD 2 billion in 2022 to USD 2.95 billion thousand by 2030, at a CAGR of 5% during the Projection period 2023-2030. The growth of the precious metal plating chemicals market is mainly driven by a rise in disposable income.
Chemicals used in precious metal plating have strong heat-shielding capabilities and are frequently employed in electroplating baths. They are a practical choice for high-temperature activities, thus they find used in many sectors. The global precious metal plating chemicals market is expanding as a result of the development and use of green chemicals for metal plating. The precious metal plating chemicals market has grown significantly due to the expanding uses of metal plating in the electronics sector. The precious metal plating chemicals market has also expanded as a result of the widespread usage of gold plating chemicals in the semiconductor industry. Additionally, these substances function as catalysts for chemical processes like coating glass. They also have numerous uses in the steel industry and are used for coating satellite thrusters. These elements have significantly fueled the growth of the metal plating chemicals market worldwide. Additionally, the market's growth for precious metal plating chemicals has been accelerated by the increased usage of these substances to coat polymers in the automobile sector. On the negative side, there are a few obstacles that could prevent the expansion of the global precious metal plating chemicals market. The precious metal plating chemicals market will have new opportunities due to the growing use of precious metals in a number of end-use sectors. Additionally, the aerospace industry's growing need will expand the precious metal plating chemicals market.
Sample Request: - Global Precious Metal Plating Chemicals Market
Market Dynamics:
Drivers:
The industry is attractive as a result of rising disposable income levels, rising demand for plated jewelry, and rising e-commerce portal sales. The market for plated jewelry is driven by consumers' increased purchasing power as a result of an increase in disposable income. Online stores are among the best places to buy jewelry and other fashion accessories, which have become more popular since the epidemic.
Restraints:
The precious metal plating chemicals market's expansion may be hampered by problems like severe environmental rules set forth by governments and a scarcity of raw materials in remote places. Due to the use of potentially dangerous compounds, the precious metal plating business is seen as a polluting element.
Opportunities:
The technique of plating precious metals has been substantially improved by the use of laser technology and electroplating. The high-density laser beam irradiation interface is used in this technique. It makes it easier to improve the irradiation area's chemical reaction. Also, lasers have strong monochromatic coherence, making it possible to treat small portions effectively. The global precious metal plating chemicals market has a wide range of potential opportunities as a result of the development of this technology. The application of nanotechnology to metal plating has opened up new opportunities for the global precious metal plating chemicals market. New nanocoatings created by NanoTech are appropriate for a variety of substrates.
Challenges:
During the aforementioned Projection period, environmental regulations and a lack of economical raw materials are projected to challenge the growth of the precious metal plating chemicals market.
Segmentation Analysis:
The global precious metal plating chemicals market has been segmented based on chemical base metal, product, application, and region.
By Chemical Base Metal
The chemical base metal segment is rhodium, gold, silver, platinum, palladium, and others. The gold segment led the largest share of the precious metal plating chemicals market with a market share of around 27% in 2022. Jewelry applications use gold plating because the gold-plated surface lasts a long time and will still be bright and beautiful. To achieve diverse color tones and enhance the beauty of objects, gold is alloyed with various metals. For instance, gold and silver alloys are frequently employed to create intermediate coatings in the plated jewelry sector that offer good corrosion resistance. Demand and supply for gold change as a result of the increase in the price of pure gold and other precious metals. Furthermore, plated jewelry and associated products are less expensive than pure gold jewelry; as a result, the rising customer preference for buying plated jewelry as a cost-effective alternative is anticipated to drive the market during the Projection period.
By Application
The application segment is electrical and electronics, aerospace, medical device, jewelry, automotive, and hardware. The jewelry segment led the largest share of the precious metal plating chemicals market with a market share of around 30% in 2022. Over the course of the Projection period, it is anticipated that a rise in disposable income and a rise in the young population in nations like India and the U.S. will drive demand for jewelry. For instance, the United States consumer disposable income significantly grew from USD 16.54 trillion in the fourth quarter of 2019 to USD 17.26 trillion in the fourth quarter of 2020. One of the things fueling the desire for plated jewelry is the growing costs of conventional jewelry, whether it be made of gold, silver, or platinum. Since both men and women wear rings, simple gold chains, anklets, and other accessories as a fashion statement, the use of gold chains and necklaces is no longer restricted to weddings and formal occasions.
Global Precious metal plating chemicals market- Sales Analysis.
The sale of the precious metal plating chemicals market expanded at a CAGR of 3% from 2016 to 2022.
Because they are rare and naturally occur in a complex and special state, precious metals have a higher economic worth than other metals. Precious metals are typically used in jewelry electroplating, but because of technical improvements and ongoing research and development, these metals are now employed to make high-tech equipment and have been used in a variety of sectors, including electrical, electronics, and aerospace.
Given the metal's exceptional benefits, such as its superior performance level against corrosion and heat resistance when compared to other precious metals, gold plating is currently one of the most admired types of precious metal plating. Gold is widely utilized in the semiconductor sector as well as other electrically powered components like connectors and switches because of its conductivity. Silver is the least expensive precious metal in the group, and despite its average corrosion resistance, it offers great resistance to chemicals and acids. Along with having a pleasing physical look, silver is also noted for offering superior electrical and thermal conductivity.
Thus, owing to the aforementioned factors, the global precious metal plating chemicals market is expected to grow at a CAGR of 5% during the Projection period from 2023 to 2030.
By Regional Analysis:
The regions analyzed for the precious metal plating chemicals market include North America, Europe, South America, Asia Pacific, the Middle East, and Africa. Asia Pacific region dominated the precious metal plating chemicals market and held a 45% share of the market revenue in 2022.
Global Precious Metal Plating Chemicals Market - Country Analysis:
Germany's precious metal plating chemicals market size was valued at USD 0.006 billion in 2022 and is expected to reach USD 0.0064 billion by 2030, at a CAGR of 1% from 2023 to 2030. The expanding use of chemicals in a variety of industries is a key element accelerating market expansion in the region. Additionally, developing trends in the equipment of automotive and transportation components, expanding demand from the aerospace industry, and growing acceptance of plating chemicals on plastic is projected to boost the growth of the precious metal plating chemicals market in the region.
China’s precious metal plating chemicals market size was valued at USD 0.014 billion in 2022 and is expected to reach USD 0.016 billion by 2030, at a CAGR of 2% from 2023 to 2030. China is the world's biggest producer of autos. China's automobile industry is poised for product innovation as the nation focuses more on producing goods that will improve fuel economy and minimize emissions in response to growing environmental concerns brought on by the nation's rising pollution levels.
India's precious metal plating chemicals market size was valued at USD 0.008 billion in 2022 and is expected to reach USD 0.009 billion by 2030, at a CAGR of 1.5% from 2023 to 2030. In India, the automotive industry provides about 7% of the nation's GDP (GDP). By 2030, the region's EV market might double.
Key Industry Players Analysis:
To increase their market position in the global precious metal plating chemicals market business, top companies focus on tactics such as adopting new technology, mergers & acquisitions, product developments, collaborations, partnerships, joint ventures, etc.
Latest Development:
Report Metrics
Report Attribute |
Details |
Study Period |
2022-2030 |
Base year |
2022 |
CAGR (%) |
5% |
Market Size |
2 billion in 2022 |
Projection period |
2023-2030 |
Projection unit |
Value (USD) |
Segments covered |
By Chemical Base Metal, By Product Form, By Application, and By Region. |
Report Scope |
Revenue Projection, competitive landscape, company ranking, growth factors, and trends |
Companies covered |
Umicore, Bluclad S.p.A., Atotech, MacDermid, Inc., METALOR Technologies SA, Coventya International, Italfimet, Valmet Plating SRL, Krohn Industries, Inc., Gold Plating Services, and DuPont. |
By Chemical Base Metal |
|
By Product Form |
|
By Application |
|
Regional scope |
|
Scope of the Report
Global Precious Metal Plating Chemicals Market By Chemical Base Metal:
Global Precious Metal Plating Chemicals Market By Product Form:
Global Precious Metal Plating Chemicals Market By Application:
Global Precious Metal Plating Chemicals Market By Region:
Global precious metal plating chemicals market is expected to reach USD 2.95 billion by 2030.
The precious metal plating chemicals market is projected to have a CAGR of 5%.
Based on the chemical base metal, the precious metal plating chemicals market is segmented into rhodium, gold, silver, platinum, palladium, and others.
The rising applications of chemicals in various industries is a major factor accelerating the market growth. Furthermore, growing acceptance of plating chemicals on plastic, increasing trends in the equipment of the automotive and transportation components, and rising demand from the aerospace sector is likely to enhance the growth of the precious metal plating chemicals market in the Projection period.
Based on the application, the precious metal plating chemicals market is segmented into electrical and electronics, aerospace, medical device, jewelry, automotive, and hardware.
Leading market players active in the global precious metal plating chemicals market are Heimerle + Meule GmbH, JAPAN PURE CHEMICAL CO.,LTD, American Elements, Shanxi Kaida Chemical Engineering Co.,ltd., METALOR Technologies SA, Heraeus Holding, MATSUDA SANGYO CO.,LTD., Superchem Finishers, SAXONIA Edelmetalle GmbH, Uma Chemicals, LEGOR GROUP S.p.A., Johnson Matthey, Umicore, Roberts Chemical Co., Inc., Technic Inc., Chemical Surface Treatment Technologies, Grauer & Weil (India) Limited, Riko Chemicals Pvt. Ltd., Micron Platers, and Solar Applied Materials Technology Corporation among other.
Political Factors- A stable and welcoming business climate with predictable market growth tendencies is provided by high political stability. However, political unrest discourages investors and damages stakeholders' faith in the economy and, as a result, organisational performance. The precious metal plating chemicals market currently operates in a number of nations, each of which is experiencing its own political unrest. The growth of the gold industry may be hampered, and the precious metal plating chemicals market chances for expansion may be constrained, by the rising tensions and instability in the world's political climate. Government policy changes that happen frequently make the environment more unclear, which is bad for corporate success. The precious metal plating chemicals market must keep up with political developments in the nation because a change in leadership could affect the government's priorities for the growth of certain industries.
Economic Factors- Wage rates and the availability of skilled workers are influenced by the supply and demand of labour. In order to understand how to attract outstanding individuals and utilise their abilities to boost business performance, manufacturers of the precious metal plating chemicals market must research and Projection the state of the labour market. In times of labour market flexibility, the precious metal plating chemicals market can benefit from improved workforce productivity. Operating in restrictive labour markets, however, may result in labour wage challenges as well as other problems brought up by strong labour unions. In addition, the precious metal plating chemicals market should carefully assess the availability of competent human capital because a lack of skilled personnel can hinder corporate productivity and make it harder to attract and keep top talent. The effectiveness of the financial markets has an impact on the precious metal plating chemicals market plans for worldwide expansion because operating in highly effective financial markets improves liquidity.
Social Factors- In order to select the market segment or market segments with the highest development potential, manufacturers of the precious metal plating chemicals market can benefit from researching the demographic features. Migration has an impact on business and marketing strategy as well. Understanding the general attitude of the populace toward migration is crucial for the precious metal plating chemicals market since it might affect the capacity of businesses to hire foreign managers in the host nation. Any society's acceptance of hierarchy and income disparity can be seen in the power distance. When entering markets with high or low power distances, manufacturers of precious metal plating chemicals market must modify their business management procedures. The power structure is changing as a result of the rising inequality in many nations, which has major ramifications for multinational corporate groups including
Technological Factors- To understand how new technologies affect the firm's value chain and current cost structure, the precious metal plating chemicals market must take into account the micro and macro expenditures made by competitors. In a setting where creative disruption is prevalent, research and development efforts are crucial. To maximise revenues in such a setting, the precious metal plating chemicals market manufacturers should invest in disruptive technologies and reinvest the proceeds in the development of new disruptive technologies. The lifecycle of developing new products has been shortened by the adoption of new technology.
Environmental Factors- Businesses have been forced to implement cutting-edge recycling and waste management strategies due to the combination of rising ecological degradation and technological innovation. Recycling is almost a corporate standard in several nations. Many nations have established stringent regulations to safeguard their metropolitan regions through efficient garbage management. Some nations provide financial aid to encourage the use of renewable energy sources. To ensure long-term sustainability, the precious metal plating chemicals market can profit from it and make investments in renewable technology. Due to improved brand perception, this investment will also result in higher stakeholder satisfaction and a more extensive consumer base.
Legal Factors- Given that some nations have strict rules to maintain labour safety, the precious metal plating chemicals market must abide by the laws governing employee/labor health and safety. precious metal plating chemicals market manufacturers have an ethical and moral duty to give their workers a safe working environment. In a similar vein, anti-discrimination laws (such as equal employment opportunity laws) also need to be carefully considered when developing human resource practises as discriminatory lawsuits against employers harm the organisational image and affect organisations' capacity to attract and retain talent. The privacy and security concerns of consumers have made data protection a crucial issue. Laws are also in place to limit prices, guarantee a particular level of quality, and shield customers from deceptive marketing promises.
List of Table
List of Figures