Global Electroless Plating Market Size Reached About 3976.77 M USD In 2018
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Electroless plating, also known as chemical or auto-catalytic plating, is a non-galvanic plating method that involves several simultaneous reactions in an aqueous solution, which occur without the use of external electrical power. It is mainly different from electroplating by not using external electrical power.
One of largest maintenance requirements of the electroplating industry is met by the replacement of damaged equipment. According to the World Corrosion Organization, the annual cost of corrosion accounts for over 2.57% of the world’s GDP, representing approximately USD $2.10 trillion. One of the most common techniques for reducing the corrosion of metals is by coating them with thin layers of less reactive metals or alloys. Unfortunately, most metallic coatings are inherently porous and are of little value as barriers against corrosion.
Electroless plating is an auto catalytic reaction plating technique involving several simultaneous reactions in an aqueous solution. As the name suggests, it doesn’t require electric current to be passed through the solution in order to form a deposit.
The development of electroless plating has largely tackled the problem of corrosion due to its superior, performance enhancing, and corrosion resistant capabilities. Due to the low cost and reliability of equipment, electroless plating is being considered for more and more uses, greatly enhancing its business value.
One of the main advantages of electroless nickel plating over regular electroplating is that it is free from flux density and power supply issues. This helps in achieving a uniform deposit regardless of the geometry of the workpiece.
Demand for Electroless Plating has maintained steady growth. Electroless Plating major type is Low-phosphorus electroless nickel, Medium-phosphorus electroless nickel, High-phosphorus electroless nickel, Electroless copper and Electroless composites. Downstream applications field include Chemical Industry, Oil Industry, Automotive Industry, Electronics Industry, Aerospace Industry, Machinery Industry. Demand for protection and corrosion resistance in these industries are constantly increasing, directly stimulating the development of Electroless Plating industry.
Electroless Plating Market is a high decentralized market. There are thousands of companies sharing the cake. Global Electroless Plating market size reached about 3976.77 M USD in 2018, and it is projected to grow at 4828.19 M USD in 2024 with CAGR of 3.29%.