Utilisation of safer alternatives and development of waste management techniques could unfold significant growth opportunities in the market
Precious metal plating chemicals are primarily utilized in electroplating bath for carrying out plating of various metals, such as gold, silver and platinum. The precious metal plating chemicals market, as considered under the scope of the report, includes only plating chemicals and not the metals that are utilized as anodes in the electroplating process. Future Market Insights has covered several facets of the global precious metal plating chemicals market in its recent research study.
As per this new research study, the global market is anticipated to grow at a steady rate to reach a significant market estimation by the end of the forecast period. The global precious metal plating chemicals market is expected to grow at a CAGR of 3.9% throughout the period of assessment, 2017-2027 and is estimated to reach a value of more than US$ 2 Bn by the end of the year of assessment from a valuation of a bit less than US$ 1.5 Bn in 2017.
This significant increase in valuation of precious metal plating chemicals is mainly due to the boost in the electrical and electronics industry. Another factor contributing to the 1.4x increase in revenue growth of precious metal plating chemicals market is the rising demand for precious metal plating chemicals in the aerospace industry.
The precious metal plating industry is considered to be a highly polluting industry as it deals with hazardous materials. However, adoption of green chemicals, cleaner technology, waste minimization and recycling techniques can propel the growth of the precious metal plating as well as precious metal plating chemicals industry.
Development of waste management techniques in order to ensure that toxics are not released in the environment and recycling process baths post concentration and filtration are other factors that could present new avenues for manufacturers.
Gold to surpass other chemical base metals in the coming years
Gold plating is carried out to give long lasting decorative finishes in jewellery, cutlery and optical frames. Gold is also the metal of choice in the plating of different electronic components. Gold plating chemicals are commonly utilized in semiconductor, connector and circuit applications. Gold potassium cyanide, tetrachlorogold acid hydrate solution, and potassium dicyanoaurate are the commonly utilized solutions in gold plating.
The gold segment in the chemical base metal category is anticipated to outclass other segments in terms of growth rate and market share during the forecast period. In 2016, gold segment was valued at about US$ 667 Mn and is estimated to reach a valuation of more than US$ 1 Bn by the end of the year of assessment (2027). Volume wise, the gold segment is the second largest during the forecast period.
Silver expected to hold less market value
Silver segment is the third fastest growing segment in the chemical base metal category during the period of assessment. However, this segment is expected to show less market value during this period. The silver segment was value at less than US$ 4 Mn in 2012 and is expected to reach a value less than US$ 6 Bn by the end of the assessment year. The silver segment is projected to reach a CAGR of 3.6% throughout the period of forecast, 2017-2027.
Market Segmentation
By Chemical Base Metal
- Platinum
- Rhodium
- Gold
- Silver
- Palladium
- Others (Iridium, Etc.)
By End Use Industry
- Aerospace
- Electrical and Electronics
- Medical Device
- Automotive
- Jewelry
- Hardware and Other Industrial
By Product Form
- Solid/Powder
- Solution/Concentrate
By Region
- North America
- Latin America
- Western Europe
- Eastern Europe
- Japan
- Asia Pacific excluding Japan (APEJ)
- Middle East and Africa (MEA)
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by - Sudip Saha, Managing Director and Co-Founder of Future Market Insights
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