Precious Metal Plating Industry Overview
The global precious metal plating market size was valued at USD 193.73 million in 2020 and is expected to grow at a compound annual growth rate (CAGR) of 6.1% from 2021 to 2028.
A rise in disposable income levels coupled with the growing popularity of plated jewelry and their growing sale through e-commerce portals make the market lucrative. A rise in disposable income boosts consumers’ buying power, which, in turn, drives the plated jewelry market. In addition, the online platform is one of the most suitable portals for the sales of jewelry and fashion accessories, which has gained importance during the pandemic. Major luxurious brands and even the small ones today have attractive and professional webshops and e-boutiques.
Gather more insights about the market drivers, restrains and growth of the Global Precious Metal Plating Market
Leading jewelry manufacturers are adopting advanced technology and opting for digital marketing for successful online sales. Thus, significant adoption of the online portal is expected to drive the market during the forecast period. The growing trend of trading of metal mining products among countries has increased the demand for precious metals. For instance, as per the U.S. Census Bureau, in the mid of 2020, the import of precious metals witnessed an abrupt increase, which holds a strong potential for market growth over the projected period.
The increase in trading activities of precious metals is a positive sign for market growth over the forecast period. An increase in the number of marriages where jewelry is predominantly used coupled with the growing adoption of plated jewelry from the young population drives the market. For instance, as per the data released by Statistics Korea in March 2021, the youth of South Korea had emerged as a leading segment for the sales of luxury goods, which increased by seven times between 2017 and 2019. The COVID-19 has impacted the economic activities as the consumer buying power is shrinking, which compels the buyers to invest money more sensibly on essential items.
Conscious buying pattern among consumers is expected to highly reshape the fashion and luxury market owing to a substantial decline in precious metal prices. For example, in February 2020 the palladium prices were USD 2,610.58 per ounce, which further declined by almost 50% of its prices dipping to USD 1,534.53 per ounce by the mid of March 2020. Thus, declining product prices owing to the pandemic have negatively influenced the market.
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Market Share Insights
- April 2020: Umicore developed a unique product in its electroplating portfolio, the RHODUNA PT ONE, which is designed for small-scale applications and is cost-efficient than a pure rhodium electrolyte.
Key Companies profiled:
Some of the prominent players in the global precious metal plating market include:
- Bluclad S.p.A.
- MacDermid, Inc.
- METALOR Technologies SA
- Coventya International
- Valmet Plating SRL
- Krohn Industries, Inc.
- Gold Plating Services
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