The Nickel-Plating market was valued at USS 875.0 million in 2019 and expected to grow at a CAGR of 8.81% during the forecast period from 2020 to 2027 to reach USD 1,263.3 million in 2027.
Nickel electroplating is one of the prominent surface treating processes that can be used for plating of base metal to enhances the appearance, extends the life and improves the performance of materials and products in different environments. Innovations have made it possible to vary the appearance and control the corrosion performance and other properties of electrodeposited nickel; giving it the capability to cater to a broad spectrum of applications in automotive, decorative and other applications.
Key Trends in Global Nickel-Plating Market
Strong Demand for Nickel-Plating in Decorative and Automotive Industry
Strong demand for nickel-plating around the world can be attributed to rising demand for decorative plating across various end-user industries. Automotive is one of the major end-user industries for nickel-plating. However, there are lot of other decorative application markets exists for nickel-plating including hand tools, shopping carts, housewares, furniture components, building hardware, etc.
Impact of COVID 19 on Global Nickel-Plating Market
COVID 19 has left an unparalleled impact on growth of global Nickel-Plating industry. The global Nickel-Plating has witnessed very severe setback like never before. The demand for Nickel-Plating is expected to be plunged by almost 20% in 2020, in terms of both volume as well as revenue. However, with the beginning of unlock process across the world and anticipation of COVID 19 vaccine to be launched during first half of 2020 is expected to bring recovery in demand for Nickel-Plating.
Global Nickel-Plating Market by Type Insights
Based on its type, the global Nickel-Plating market can be segmented into Electroless Nickel Plating and Electro Nickel Plating. By type, Electro Nickel Plating dominated the global nickel-plating market with over 90% share in 2019. It is also expected to keep its dominance over the forecast period and expected to exhibit the fastest growth rate.
Nickel is one of the finest material to be used in plating or coating of a base metal materials further enhance its corrosion resistance properties as well as to increase the physical properties such as toughness, excellent strength and ductileness. Wide variety of nickel-plating processes are useful in offering decorative effects for base metal materials with full-bright and semi-bright to pearl, matte, and satin finishes. Nickel-plating can be effectively used alone or in combination with various other metals such as tin, chromium, cadmium, boron and palladium.
Global Nickel-Plating Market by Application Insights
Based on its applications, the global Nickel-Plating market can be segmented into Decorative, Automotive, Electronics Industries, Aerospace & Defense and Others. By application, automotive segment was largest segment in 2019 with around 27.5% share in total revenue generated by this industry. Excellent corrosion resistance, good physical properties and capacity to provide better aesthetic look is major factor driving the demand for Nickel-Plating in automotive industry. Nickel-Plating market is anticipated to advance at a rapid pace in the years to come.
Global Nickel-Plating Market by Regional Insights
At present, Asia Pacific dominate the global Nickel-Plating market dominated by Asia Pacific. In 2019, Asia Pacific accounted for over 35% share of total revenue generated by the global Nickel-Plating market. String growth in automotive industry in China, India, South Korea and Japan has led the growth of nickel plating in the region. Moreover, Strong demand from furniture and construction industry for decorative plating is also fueling the growth of Nickel-Plating industry.
Global Nickel-Plating Market Competitive Landscape
Global Nickel-Plating market is quite fragmented with the presence of large number of players including but not limited to Advanced Plating Technologies, Hydro-Platers, Ashford Chroming, Select-Tron Plating, American Plating, KCH Services, Electro-Spec, KC Jones Plating, Coastline Metal Finishing, EMIRFI Shield Plating, Electroless Nickel Technologies, Franke Plating Works and Others. All the major players are focusing on development of innovative products.