Driven by the surging industrial uses, the gold plating chemicals market is forecast to grow at 4.5% 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 the application of gold plating chemicals is expected to get better. Besides this, steady demand from the jewelry sector will enable the market to stay afloat despite threats posed by pocket-friendly alternatives.
In its report, FMI has projected the gold plating chemicals market to surge at 4.5% CAGR between 2020 and 2030. Notwithstanding this, contraction of growth rate is imminent, even if it is for a temporary phase, during the global pandemic crisis.
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Supply chain disruptions caused due to the unprecedented COVID-19 outbreak will restrict the growth of the market for the most part of 2020. 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 a slump during a pandemic.
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$ 406 Mn by the end of 2020. Between 2020 and 2030, the market is expected to remain steady backed by increasing applications across diverse sectors
- Demand from the 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
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Demand from Electronics Industry Spurring Growth
The electronics industry has significantly surged in the last few years. Encouraged by the strong growth it exhibited across the world, gold plating chemicals suppliers are expecting strong demand from the electronics industry.
The 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 2020, 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 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 a 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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Key Segments
Chemicals
- Potassium Gold Cyanide
- Palladium Acetate
- Sodium Succinate
- Succinic Acid
- EDTA
- Others
Type
- Cleaning Chemicals
- Pre-Treaters
- Electrolyte Solutions
- Acids
- Additives
- Others
Application
- Electronics
- Printed Circuit Board
- Connectors
- Jewelry
- Infrared Reflectors & Radar
- Gold Plating Products
- Others
Regional Outlook
- North America (U.S., Canada)
- Latin America (Mexico, Brazil, Rest of LATAM)
- Europe (Germany, U.K., France, Italy, Spain, Poland, Russia, Rest of Europe)
- East Asia (China, Japan, South Korea)
- South Asia (India, Thailand, Malaysia, Vietnam, Indonesia)
- Oceania (Australia, New Zealand)
- Middle East & Africa (GCC Countries, Turkey, Northern Africa, South Africa)
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