A new report by XploreMR studies the growth drivers, trends, restraints, and highlights of the global precious metal plating chemicals market. Presenting exclusive insights into the market from 2017 to 2027, the report projects that the market will witness notable growth during the forecast period. Precious metal plating chemicals are essentially used in electroplating baths to carry out the plating of different metals, such as silver, gold, and platinum. Backed by their excellent heat-shielding properties, precious metal plating chemicals find applications across several industries that operate under high temperatures. The growth of the market is primarily driven by increasing demand from the aerospace industry, surging adoption in the electrical and electronics industry. Moreover, the development of novel waste management techniques with an objective to refrain toxic materials from being released into the environment will also complement the market growth during the forecast period.
Penetration of Advanced Technologies Bestows Lucrative Revenue Opportunities
As the usage of precious metal plating industry poses a threat to the environment, market players have developed green chemicals for metal plating, which is anticipated to significantly drive the growth of the market. Furthermore, the increasing adoption of these metal platings in the electronics industry, coupled with increasing usage of gold plating chemicals in the semiconductor industry is acting as a substantial revenue opportunity for the market. Furthermore, these platings act as a catalyst for chemical processes such as glass coating and to coat satellite thrusters, thus gaining impetus from the chemical and steel industries. In addition, the integration of laser technology with electroplating has significantly improved the precious metal plating processes and has enhanced the chemical reaction of the irradiation area. Along similar lines, using nanotechnology in metal plating has improved the accuracy and quality of metal coating, and provides protection against all types of corrosion. The development of such innovative technologies is expected to bestow lucrative revenue opportunities to players in the precious metal plating chemicals market.
Government Regulations and Unavailability of Raw Materials Impede Steady Growth
Factors such as stringent environmental regulations imposed by governments to reduce pollution levels are forecasted to impede the growth of the precious metal plating chemicals market. Moreover, the unavailability of raw materials in emerging economies is posing a challenge to the growth of the market. On the other hand, the rising demand for these chemicals in the aerospace sector is anticipated to outweigh the restraining factors and present revenue prospects for market growth.