Titanium Nitride Market Estimated to Record Highest CAGR by 2024

Global Titanium Nitride Market: Overview

Titanium nitride is an extremely hard ceramic material, which is also known as tinite. It is often used as a thin coating on substrates such as aluminum, titanium alloys, and steel in order to improve surface properties. Titanium nitride possesses excellent characteristic features such as high hardness, high heat resistance, good corrosion resistance, low friction, and excellent wear resistance. In addition, it is non-toxic, electrically conductive, non-oxidizing, harder than carbide, and with high compressive strength. Titanium nitride is used in a wide range of applications such as cutting tools, as it has high oxidation resistance and hardness. Being non-toxic in nature, titanium nitride is utilized in medical surgical devices and food processing equipment. Due to its metallic gold color, it is employed to coat gold jewelry, forks of bicycles and motorcycles, and automobile trims (for decoration purpose). It is used in aerospace components, plastic molding tools (especially, high-finish tools), and press tools as well as in stamping, punching, and cold forming.

Global Titanium Nitride Market: Key Segments

The global titanium nitride market has been segmented in terms of deposition technique and application. Based on deposition technique, the market can be divided into physical vapor deposition (PVD) evaporation, sputtering, ion plating, and chemical vapor deposition (CVD). Physical vapor deposition (PVD) evaporation is the most widely used deposition method, as it offers improved erosion resistance led by increased hardness, higher toughness, and reduced compressive strength. Based on application, the market can be segregated into automotive, machine tooling, medical, and others. Machine tooling is a leading application segment of the global titanium nitride market. However, due to its non-toxic nature, titanium nitride is gaining popularity in medical applications as well.

Rising popularity of titanium nitride as a coating material in the machine tools industry to improve the life and performance of cutting and press tools is driving the global titanium nitride market. Rise in the demand for titanium nitride in the motor racing industry for coating of components such as valves, valve gears, connecting rods, bearings, hubs, and other sliding and wearing surfaces is likely to boost the global titanium nitride market during the forecast period. Titanium nitride-based coatings are expensive and they require professionals to carry out the coating process. This may lead to requirement for high initial capital. This factor is likely to restrain the market during the forecast period. Growing global medical industry is expected to provide lucrative growth opportunities to manufacturers of titanium nitride. Demand for titanium nitride-based coatings is rising in the orthopedics industry, as these coatings are biocompatible; they reduce the release of metal ions into the patient’s joint space; and they minimize bacterial proliferation.

Global Titanium Nitride Market: Regional Outlook

Geographically, the global titanium nitride market has been classified into Europe, Asia Pacific, North America, Latin America, and Middle East & Africa. Asia Pacific, Europe, and North America are expected to hold significant share of the global titanium nitride market throughout the forecast period. Growth of the titanium nitride market in Asia Pacific is primarily due to rapid economic and industrial growth as well as growth of the automotive sector in developing economies in the region such as India, Malaysia, Vietnam, and Indonesia. The titanium nitride market in the U.S., Germany, and France are expected to witness significant growth during the forecast period, due to rising application of titanium nitride as a hard coating in medical implants, food processing machinery, and pharmaceutical equipment. The markets in Latin America and Middle East & Africa are expanding at a sluggish pace, due to low product awareness among customers in these regions. However, rise in research, capacity expansion, and brand promotion activities is expected to raise the demand for titanium nitride in Latin America and Middle East & Africa during the forecast period.

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Global Titanium Nitride Market: Key Players

Major players operating in the global titanium nitride market are Bunty LLC, Ion Vacuum (IVAC) Technologies, Corp., SADOSA S.A. de C.V., and OC Oerlikon.

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