30-Nov-2022 | Zion Market Research
The global precious metal plating chemicals market size was worth around USD 1.59 billion in 2021 and is predicted to grow to around USD 1.82 billion by 2028 with a compound annual growth rate (CAGR) of roughly 4% between 2022 and 2028.
Precious metals are compounds with higher economic value than other metals owing to their rarity and naturally occurring complex and unique state. Plating of a precious metal refers to the process involving a substrate, an underlying object that is coated with precious metal using electric current to increase the overall value and performance of the substrate.
The most conventional use of precious metals in electroplating is in the jewelry sector, but with technological advancements and constant research & development, these metals are now used to create high-tech devices and have applications across industries including aerospace, electronics, and electrical. Currently, gold plating is one of the most revered forms of precious metal plating owing to the extremely beneficial qualities of the metal including high-performance level against corrosion and heat resistance as compared to other precious metals.
Due to the conductivity offered by gold, it is largely used in the semiconductor industry as well as other components running on electricity like connectors and switches. Silver is the least expensive precious metal in the entire lot and although it does not provide excellent corrosion protection, it provides high shielding against chemicals and acids. Silver is also known to provide high-grade electrical and thermal conductivity along with an attractive physical appearance. Since it is more cost-effective than other precious metals it is used widely in electricity generation, telecommunications, automotive, and electronics.
The global precious metal plating chemicals market is anticipated to be driven by the growing applications of metals in the automotive sector. In this industry, precious metals are used to create various automotive parts and catalytic converters through electroplating.
In the coming years, the automotive sector is projected to grow at a high rate owing to continuous product innovations along with rising investments in research & development and the growing acceptance of electric vehicles. In recent times, the automotive sector has managed to reach remote locations as well due to various strategic measures adopted by market players.
Some of these measures involve product launches across price ranges resulting in a higher consumer reach along with easy financial assistance. The global market may also witness high CAGR due to increasing innovation in electroplating techniques and measures adopted by businesses to deal with the environmental impact of the process to curb the issues arising as a consequence.
One of the major concerns the global market may have to deal with involves strict government regulations surrounding precious metal plating chemicals. Since these products can make use of toxic materials or may produce harmful by-products, precious metal plating is highly regulated at regional levels. The increasing level of palladium may have a negative impact on the health of living organisms, as per official records.
However, growing reach in the electronics and electrical segment may provide excellent growth opportunities whereas environmental damage caused by chemicals challenges the otherwise growing market size.
The global precious metal plating chemicals market is segmented based on application, chemical base, product form, and region.
Based on the chemical base, the global market divisions are silver, palladium, rhodium, platinum, and gold. In 2021, the global market witnessed the highest revenue in the gold segment due to its wide application and high desirability, especially in the jewelry segment. The metal offers extremely high resistance to corrosion even in hard conditions and is the best in terms of heat protection as compared to other precious metals. In 2021, the total gold extraction reached around 3561 tons, as per World Gold Council.
Based on product form, the global market segments are solution-concentrate and solid powder. The solution-concentrate segment is expected to grow at a high CAGR with the value going up to 3.9% and a segmental market valuation of USD 1956 million by 2028. Solution concentrate refers to the solute in comparison to the dissolvable amount.
Asia-Pacific is projected to register the highest growth rate in the global precious metal plating chemicals market owing to the increasing investments in the automotive sector. The growing disposable income along with the presence of multiple international and domestic players offering a wide range of automobiles is projected to drive the regional market growth. In India, the automotive sector contributes around 7% of the country’s gross domestic product (GDP). The EV market in the region may grow by 2 times by 2030. Japan leads the automotive sector in the region due to the country's policies on maintaining fuel efficiency and the presence of strong market players. Cars manufactured in Japan are popular for being eco-friendly and thus preferred by many consumers.
The global precious metal plating chemicals market is home to players like American Elements, Japan Pure Chemical Co., Ltd., The TANAKA Group, Metalor Technologies International SA, Heimerle + Meule GmbH, MATSUDA SANGYO Co., Ltd., SAXONIA Edelmetalle GmbH, and Heraeus Holding.
This review is based on a report by Zion Market Research, titled “Precious Metal Plating Chemicals Market By Application (Fashion Accessories & Jewelry, Electrical & Electronics, Hardware, Automotive, Aerospace, and Others), By Chemical Base (Silver, Palladium, Rhodium, Platinum, and Gold), By Product Form (Solution-Concentrate, and Solid Powder), and By Region - Global and Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, and Forecasts 2022 – 2028.”- Report at https://www.zionmarketresearch.com/report/precious-metal-plating-chemicals-market
The global precious metal plating chemicals market is segmented as follows:
By Chemical Base
By Product Form
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