Titanium Nitride Coating Market Set to Highest CAGR in Industry 2019-2025
Posted: Sep 13, 2020
The coating industry has been significantly evolving due to changing requirements from the end-user industry, leading to changes in manufacturing processes and innovation in engineering applications. Over the past years, coatings have undergone a gradual shift from their traditional usage of providing finishes and aesthetic feel to being used as a process of surface treatment, thereby adding value to a product. Presently, coatings are essentially applied for protection, preservation, and beautification of a product. They also aid in obtaining durability and additional customized features, such as corrosion resistance, wear and tear resistance, and abrasion resistance. Therefore, further technological advancements in the manufacturing sector with extensive ongoing research to improve the present manufacturing options have laid the foundation for the usage of innovative thin-film coatings. In particular, the demand for titanium nitride coatings with excellent abrasion resistance and high hardness properties has been rapidly increasing on a year-on-year basis.
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Titanium nitride (TiN) is a compound formed by the reaction between nitrogen and titanium. Due to its hardness, chemical inertness, and low friction, titanium nitride reduces erosion, corrosion, abrasion, and wear. It also resists cracking and flaking and reduces galling and cold welding at cutting edges. Developed using physical vapor deposition (PVD) and chemical vapor deposition (CVD), TiN has been widely accepted by industries as a coating that significantly improves life and performance of a tool and has a wide range of applicability in aerospace components, medical devices, food equipment, and decorative applications.
TiN coatings have properties such as hardness, little friction production, as well as resistance to wear, corrosion, and high temperatures. Therefore, they are widely used in industrial tools, as they extend the life of forming and cutting tools. In addition, the inherent biocompatibility of TiN makes it suitable for orthopedic implants, wherein it is primarily used to cover the knee prostheses head. TiN coatings are also applied as diffusion barriers in many semiconductors, and their attractive gold color makes them ideal for decorative applications. Due to these benefits of TiN, manufacturers use different thin-film coatings with additional properties to distinguish their products in the competitive market.
The research study focuses on putting forward a clear picture of the current consumption and future growth potential of different TiN coatings used in cutting tools, aerospace components, and medical device, among others. Over the years, the TiN coating market has also witnessed numerous partnerships between original equipment manufacturers (OEMs) and suppliers. As the adoption of these coatings helps the end-user companies to obtain a cost advantage over others, the entire market has been impacted, thereby increasing the opportunity for TiN coating manufacturers.
The competitive landscape of the titanium nitride coating market consists of different strategies undertaken by major players across the entire value chain to gain market presence. Some of the strategies adopted by titanium nitride coating manufacturers are expansion, product launches, contracts and agreements, partnerships, and collaborations. Among all the strategies adopted, expansion has been the leading choice of manufacturers to increase their overall global footprint. IHI Ionbond AG, Vergason Technology, Inc, and Oerlikon Balzers, are some of the leading players in the global TiN coating market.
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According to United Nations Conference on Trade and Development (UNCTAD), the COVID-19 epidemic caused global FDI to decline by 5-15%, mainly due to the downfall in manufacturing sector along with factory shutdown. In addition, the negative impacts of COVID-19 on FDI investments are estimated to be more intense in the automotive and airlines industries. Due to the COVID-19 pandemic, manufacturers of the automobile, electronics, and aircraft are facing decreased availability of raw material across the globe.
European Union is the worst-hit region due to disruptions in supply chain amid decrease in supplies from China. Over 90% of the factories in Europe, North America, and China were closed. Additionally, automakers and OEMs also shut down their production plant in the U.S. and Canada. Italy, South Korea, and Japan are the most affected among the key industrialized economies. However, recently, production activities in China have been gradually resumed with lowest workforce. Hence, the machine tool market is projected to rebound faster with investments in technologies such as chipmaking equipment, which will propel market growth in the coming future. Several OEMs have planned to retool their production systems to produce completely different products. For example, in China, when the automotive industry was down by more than 90% in February, Shanghai-GM-Wuling (SGMW), an automobile company, retooled its production system to deliver medical face masks. This positively aided to mitigating the COVID-19 spread generate revenue.
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