Electroplating Market Outlook 2031: How Rising Demand for Galvanized Steel in Automotive and Expanding Consumer Electronics Production Will Drive the Global Industry to US$ 22.8 Bn at 4.1% CAGR

The global electroplating market is witnessing steady expansion, supported by strong demand from the automotive and consumer electronics sectors. Valued at US$ 15.8 Bn in 2022, the industry is projected to grow at a CAGR of 4.1% from 2023 to 2031, reaching US$ 22.8 Bn by the end of 2031. Increasing applications of galvanized steel, rising vehicle production, and surging global consumption of electronic devices are expected to remain central growth drivers over the forecast period.

Analyst Viewpoint

According to industry analysis, the increase in demand for galvanized steel in the automotive sector is a primary factor augmenting electroplating market size. Electroplating plays a crucial role in corrosion protection, especially for automotive components exposed to harsh environmental conditions. With modern vehicles requiring high-strength, lightweight, and corrosion-resistant materials, plated steel components are increasingly essential.

Simultaneously, rapid growth in consumer electronics manufacturing is accelerating electroplating adoption. Metal coating services enhance solderability, electrical conductivity, corrosion resistance, and wear protection—key attributes for high-performance electronic components. Manufacturers are also forming strategic partnerships to expand product portfolios and offer advanced corrosion-resistant solutions tailored to automotive, electronics, aerospace, and industrial applications.

Market Introduction: Understanding Electroplating

Electroplating, also known as electrodeposition, is a widely used industrial process in which an electric current is applied to coat a substrate with a thin layer of metal. The plating material and the substrate are immersed in an electrolyte solution that conducts electricity. Metal ions dissolved in the solution are drawn to the substrate under the influence of electric current, forming a uniform and durable coating.

Electroplating serves multiple purposes, including:

• Corrosion resistance
• Wear resistance
• Improved appearance
• Enhanced electrical conductivity
• Better solderability

Industries such as automotive, electrical & electronics, aerospace & defense, jewelry, and industrial machinery extensively utilize electroplating technologies.

In the automotive industry, electroplating protects parts from corrosion and refurbishes chrome components such as bumpers, grills, and tire rims. In jewelry, plating enhances aesthetic appeal while improving durability. In electronics, electroplating ensures superior conductivity and reliability of micro-components.

Key Market Drivers

1. Rising Demand for Galvanized Steel in Automotive Industry

Galvanizing involves applying a zinc coating to steel through electroplating to prevent corrosion. Galvanized steel is widely used due to its:

• High strength
• Excellent formability
• Corrosion resistance
• Recyclability

Automotive manufacturers increasingly use galvanized high-strength steel for critical components, including:

• Axle shafts
• Steering parts
• Chassis structures
• Body panels
• Wheels and rims
• Airbag housings
• Roof and body skin sheets
• Bumper beams
• Doors and seat constructions

These components enhance vehicle safety and durability—key requirements in modern automobile design. With global automotive production expanding, particularly in emerging markets, demand for electroplating services is rising in parallel.

Beyond automotive, galvanized steel is widely used in sectors such as construction, chemicals & petrochemicals, energy, wind and solar power, telecommunications, and food & beverage processing. Growing infrastructure development and renewable energy installations are further strengthening electroplating demand.

2. Expansion of Consumer Electronics Sector

Electroplating is indispensable in the manufacturing of electronic devices and components. Metals such as gold, copper, silver, nickel, palladium, and chromium are plated onto substrates to enhance conductivity and corrosion resistance.

The rapid increase in disposable incomes and improved living standards, especially in emerging economies like China, India, and Brazil, has led to growing demand for:

• Smartphones
• Tablets
• Laptops
• Wearable devices
• Portable chargers
• Camcorders

According to publicly available data from Gitnux, nearly 128 million tablets were shipped globally in 2023. In the U.S., around 80% of young adults aged 18–24 own a tablet. Such high penetration rates underscore the continued expansion of the consumer electronics industry.

Each electronic device contains multiple electroplated components—connectors, printed circuit boards (PCBs), semiconductor packages, and microelectronic contacts. As device complexity increases and miniaturization advances, demand for precision plating solutions continues to grow.

Technological Advancements Supporting Market Growth

Innovation remains central to the electroplating industry’s development. Key technological trends include:

• Eco-friendly plating methods to reduce hazardous waste
• Adoption of nanomaterials for improved coating performance
• Advanced automation and digital process monitoring
• Development of high-performance corrosion-resistant solutions

Sustainability concerns are encouraging manufacturers to adopt environmentally compliant plating processes while maintaining high efficiency and product performance.

Regional Insights: Asia Pacific Leads the Market

Asia Pacific held the largest share of the global electroplating market in 2022. Rapid urbanization, expanding automotive production, and strong electronics manufacturing capabilities are major growth drivers in the region.

Countries such as China, India, Japan, South Korea, Thailand, and Indonesia account for a significant portion of global car production. China remains the world’s leading automobile producer, while India’s vehicle manufacturing capacity continues to expand rapidly.

The increase in sales of new vehicles and the growing number of vehicles on the road are directly contributing to higher demand for corrosion-resistant plated components. Additionally, Asia Pacific is a global hub for electronics manufacturing, further strengthening regional market dominance.

North America and Europe also maintain significant market shares due to advanced manufacturing infrastructure, aerospace & defense applications, and strong regulatory compliance frameworks.

Market Segmentation Overview

By Type

• Barrel Plating
• Rack Plating
• Others (Electroless Plating and Strip Plating)

By Application

• Corrosion Resistance
• Wear Resistance
• Appearance
• Solderability
• Enhanced Conductivity

By Metal

• Gold
• Zinc
• Platinum
• Copper
• Nickel
• Chromium
• Others (Silver and Tin)

By End-use

• Automotive
• Electrical & Electronic
• Aerospace & Defense
• Jewelry
• Industrial Machinery
• Others (Oil & Gas, Power Generation)

Among these, corrosion resistance remains the dominant application segment due to its widespread necessity across industries.

Competitive Landscape and Key Players

The global electroplating industry features a mix of international and regional players focusing on technological innovation, strategic collaborations, and capacity expansions.

Prominent companies include:

• Atotech
• Bajaj Electroplaters
• Allied Finishing
• Peninsula Metal Finishing, Inc.
• Allenchrome
• Kuntz Electroplating Inc.
• Sharretts Plating Company, Inc.
• Jing Mei Industrial Ltd.
• Klein Plating Works, Inc.
• Precision Plating Co.
• Toho Zinc Co., Ltd.

Recent Developments

In November 2023, Atotech showcased its combined product offerings with ESI laser systems at productronica in Munich, presenting integrated solutions for PCB and package substrate production.

In 2020, Jing Mei Industrial Ltd. established a new production facility in Bangkok, Thailand, enhancing its manufacturing capabilities with advanced molding equipment.

Companies are actively investing in capacity expansion, digitalization, and sustainable plating technologies to strengthen their competitive positions.

Market Outlook Through 2031

The electroplating market is positioned for steady growth through 2031, supported by:

• Increasing vehicle production and safety standards
• Growing demand for corrosion-resistant materials
• Expanding consumer electronics manufacturing
• Infrastructure development in emerging economies
• Advancements in eco-friendly plating technologies

While environmental regulations and waste management concerns present challenges, continuous innovation and process optimization are helping manufacturers address these issues effectively.

With Asia Pacific leading in production and consumption, and technological advancements shaping the future of electrodeposition, the global electroplating market is expected to maintain consistent growth momentum, reaching US$ 22.8 Bn by 2031.

As industries continue to prioritize durability, efficiency, and sustainability, electroplating will remain a foundational process across automotive, electronics, aerospace, and industrial manufacturing sectors worldwide.