Driven by the surging industrial uses, the gold plating chemicals market is forecast to grow at 4.4% CAGR through 2030. Future Market Insights (FMI), in its recent study, has identified the expanding applications in electronics as a chief market driver.
As key players in the sector aim at innovation and commercializing their product portfolio, the scope for application of gold plating chemicals is expected to get better. Besides this, steady demand from jewelry sector will enable the market stay afloat despite threats posed by pocket-friendly alternatives.
In its report, FMI has projected the gold plating chemicals market to surge at 4.4% CAGR between 2022 and 2030. Notwithstanding this, contraction of growth rate is imminent, even if it is for a temporary phase, during the global pandemic crisis.
Supply chain disruptions caused due to the unprecedented COVID-19 outbreak will restrict growth of the market for the most part of 2022. However, recovery is on the cards once economies resume in full swing. 2021 will most likely be the year when the market will commence regaining momentum after a period of slump during pandemic.
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FMI’s report on the gold plating chemicals market offers a holistic overview and is intended to help stakeholders gauge investment feasibility across key segments. Some of the key takeaways from the report are:
- The gold plating chemicals market is set to surpass US$ 445.5 Mn by the end of 2022. Between 2022 and 2030, the market is expected to remain steady backed by increasing applications across diverse sectors
- Demand from electronics sector will be key to growth
- High potential markets across East Asia and South Asia & Pacific will be of immense potential
- Automotive gold plating will emerge as a lucrative application segment
“Automobile OEMs are expected to demonstrate high demand for gold plating because of its long-lasting protective properties. Gold plating will also discover huge scope for application in chips used in vehicles,” said a lead analyst at FMI.”
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Demand from Electronics Industry Spurring Growth
The electronics industry has significantly surged in the last few years. Encouraged by strong growth it exhibited across the world, gold plating chemicals suppliers are expecting strong demand from the electronics industry.
Application of gold plating chemicals in a variety of products from microelectronic components to aerospace machine parts such as solar photovoltaic cells has been enabling growth in the market.
While demand from the electronics industry may hit a snag in 2022, FMI projects it to recover from the first quarter of 2021. Innovations witnessed drive growth in the sector will augur well for the gold plating chemicals market.
Who is winning?
The market for gold plating chemicals is a highly fragmented, however, tier 1 companies enjoy a higher representation in terms of share. Most companies operating in the market are likely to focus on research and development activities to gain competitive edge.
While expansion strategies are a mainstay among market players, some of them have postponed their plans following the unprecedented COVID-19 outbreak. There is also immense focus on leveraging alternative distribution channels to strengthen their presence amid the tumultuous times.
Some of the leading companies operating in the market are Johnson Matthey Plc, Technic Inc., Umicore, Legor Group Spa, Matsuda Sangyo Co., Ltd., METALOR, American Elements, Hiemerle + Meule GmbH.
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More About Gold Plating Chemicals Market:
A new market research report published by Future Market Insights (FMI) on the global gold plating chemicals market offers an executive-level blueprint of the market. It offers insights into demand trends and provides analysis of opportunities over the forecast period, 2022-2030. The report examines the market through four different segments – chemical, application, product, and region.
The report also provides extensive assessment of pricing by different key market dynamics, life cycle analysis, and technologies that are being deployed in the supply of gold plating chemicals and product adoption across several end-use industries.
About FMI
Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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The post Gold Plating Chemicals Market: Projected to Witness a Growth Rate of 4.4% over the Forecast Period of 2022 and 2030 appeared first on Future Market Insights.
