Precious Metal Plating Chemicals Market Size, Share, Growth Report 2032

Precious Metal Plating Chemicals Market Size & Industry Analysis:

The global precious metal plating chemicals market size was worth around USD 1.59 billion in 2021 and is predicted to grow to around USD 1.82 billion by 2028 with a compound annual growth rate (CAGR) of roughly 4% between 2022 and 2028. The report analyzes the global precious metal plating chemicals market drivers, restraints/challenges, and the effect they have on the demands during the projection period. In addition, the report explores emerging opportunities in the precious metal plating chemicals market.

Request Free Sample

Precious Metal Plating Chemicals Market: Overview

Precious metal plating is a chemical process involving the deposition of a specific precious metal on a surface made of a substrate that is less expensive than the previous metal via an electrochemical process. Precious metals are naturally occurring and rare metals that exhibit a high rate of purchase or sale and are known for high economic value.

They are relatively less reactive than other forms of metal. In most cases, they have a high-grade luster index which makes them highly valuable and attractive. The four main types of precious metals include palladium, gold, platinum, and silver. Plating a precious metal involves an extremely complex procedure and is used to bond a given precious metal with other materials. In this process, the substrate refers to the underlying object to which the metal adheres.

The procedure involves submerging the substrate in a specially designed chemical solution that contains ions, in a dissolved state, of the precious metal. The next step makes use of an electric current that passes through the solution which ultimately aids the deposition of the precious metal on the substrate. Owing to the unique properties of precious metals, they are highly desired in industrial processes involving electroplating. Some of the properties include higher corrosion resistance and conductivity.

Key Insights 

• As per the analysis shared by our research analyst, the global precious metal plating chemicals market is estimated to grow annually at a CAGR of around 4% over the forecast period (2022-2028)
• In terms of revenue, the global precious metal plating chemicals market size was valued at around USD 1.59 billion in 2021 and is projected to reach USD 1.82 billion, by 2028. Due to a variety of driving factors, the market is predicted to rise at a significant rate
• Based on application segmentation, electrical & electronics were predicted to show maximum market share in the year 2021
• Based on chemical base type segmentation, gold was the leading base in 2021
• On the basis of region, Asia-Pacific was the leading revenue generator in 2021

Request Free Sample

To know more about this report, request a sample copy.

Precious Metal Plating Chemicals Market: Growth Drivers

Growing investment in the jewelry business to drive market growth

The global precious metal plating chemicals market is anticipated to grow due to the rising investments in the jewelry industry, one of the largest consumers of precious metals in different forms. The jewelry sector has been in existence for decades and continues to grow at a fast pace due to the high and ever-increasing economic value of jewelry. Tiffany & Co., a leading luxury jewelry brand was valued at around USD 6.56 billion in 2022.

Gold plating is one of the most common forms of precious metal plating and the items created using this technique have found consumers across the globe. Although other metals like platinum and rhodium remain expensive and one of the most valuable metals, gold, and silver have become accessible. In India, the demand for gold increased to 797.3 metric tons in 2021, as per Statista whereas demand for silver jewelry was around 59 million troy ounces in the same year.

Precious Metal Plating Chemicals Market: Restraints

Fluctuating prices of raw materials to restrict market expansion

The global market is projected to witness roadblocks due to varying prices of raw materials required during the electroplating process. The current changes in political power dynamics may also impact the supply chain of the precious metal as some regions have a higher concentration of the metals as compared to others, giving them an upper hand. Around 80% of the total platinum deposit is found in South Africa whereas smaller reserves can be located in Australia, Zimbabwe, and the United States.

Precious Metal Plating Chemicals Market: Opportunities

Growing reach in the electronics and electrical segment to provide excellent growth opportunities

Chemicals used in precious metal plating have found wide applications in the electronics and electrical segment. Since precious metals exhibit a good range of conductivity and hence are widely used in these sectors. Silver is known to rank top in the list of most conductive metals since it conducts electricity and heat due to its single valence electron and unique crystal structure. In 2021, the electrical and electronics industry stood at a global market value size of USD 3,193 billion and may grow at a CAGR of 6.52% by 2028.

Precious Metal Plating Chemicals Market: Challenges

Environmental damage caused by chemicals to challenge the otherwise growing market size

Precious metal plating leads to the generation of large amounts of wastewater that includes spray losses, rinsed water, leakages, and conducting solution dumping. This poses a major challenge for the global precious metal plating market players as businesses must invest heavily in resolving the issues arising due to environmental damage. Even though the metals themselves are renewable, the impact on the environment will take years to reverse and a collaborative effort.

Precious Metal Plating Chemicals Market: Segmentation

The global precious metal plating chemicals market is segmented based on application, chemical base, product form, and region

Based on application, the global market segments are fashion accessories & jewelry, electrical & electronics, hardware, automotive, aerospace, and others. In 2021, the electrical & electronics segment dominated the global market and by 2028, it may generate around USD 890 million as per estimates. The high market share is due to the growing demand for electroplating processes in the segment owing to the excellent conductive properties of precious metals. The hardware segment is anticipated to grow at a CAGR of 4.15%.

Based on the chemical base, the global market divisions are silver, palladium, rhodium, platinum, and gold. In 2021, the global market witnessed the highest revenue in the gold segment due to its wide application and high desirability, especially in the jewelry segment. The metal offers extremely high resistance to corrosion even in hard conditions and is the best in terms of heat protection as compared to other precious metals. In 2021, the total gold extraction reached around 3561 tons, as per World Gold Council.

Recent Developments:

• In October 2022, Ag-Nano System LLC, a nanotechnology startup developed a new and advanced replacement for gold plating. The company aims at developing ways of electroplating using golden silver nanoparticles that are known to have a resemblance to gold in terms of appearance and properties. The new technology will help replace gold plating in the electrical circuits
• In August 2022, Heraeus Precious Metals, a global leader dealing with precious metals and related services, announced the company’s plans to launch its recycling services in the United States.

Precious Metal Plating Chemicals Market Report Scope:

Precious Metal Plating Chemicals Market: Regional Analysis

Asia-Pacific to lead with the highest growth in the coming years

The global precious metal plating chemicals market is anticipated to witness the highest growth in Asia-Pacific during the forecast period partly due to the increasing disposable income of the population in countries like China and India and subsequent spending on precious metal plates jewelry. China is a lucrative market for gold jewelry. As per Statista, in 2021, 58.3% of the jewelry sold was made of gold.

The regional market may also grow due to the large electronics and electrical sector. Taiwan ranks in the top positions when discussing basic metals, electronics, and metal products. Semiconductors are known to comprise at least 40% of the country’s exports. The regional market may reach over USD 649 million by 2028. North America is anticipated to garner high revenue due to the presence of key players across end-consumer industries.

Precious Metal Plating Chemicals Market: Competitive Analysis

The global precious metal plating chemicals market is home to players like American Elements, Japan Pure Chemical Co., Ltd., The TANAKA Group, Metalor Technologies International SA, Heimerle + Meule GmbH, MATSUDA SANGYO Co., Ltd., SAXONIA Edelmetalle GmbH, and Heraeus Holding.

The global precious metal plating chemicals market is segmented as follows:

By Application

• Fashion Accessories & Jewelry
• Electrical & Electronics
• Hardware
• Automotive
• Aerospace
• Others

By Chemical Base

• Silver
• Palladium
• Rhodium
• Platinum
• Gold

By Product Form

• Solution-Concentrate
• Solid Powder

By Region

• North America
  • The U.S.
  • Canada
• Europe
  • France 
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of Middle East & Africa