Titanium Nitride Coatings Market Contributing Large Share
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| Titanium Nitride Coating Market |
The global Titanium Nitride Coating Market is estimated to be valued at US$ 1.24 billion in 2023 and is expected to exhibit a CAGR of 7.6% over the forecast period 2023 - 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Titanium nitride coatings are used for providing hardness, corrosion resistance and high temperature resistance to surfaces. They are commonly applied on cutting tools, components in aerospace industry and medical devices due to their excellent wear resistance properties. Titanium nitride coating improves the life of components and reduces downtime.
Market key trends:
One of the key trend gaining traction in the titanium nitride coating market is the growing demand from aerospace industry. Titanium nitride coated parts find increasing usage in aircraft engines, landing gears and other critical components subjected to high friction and heat. They help improve fuel efficiency and extend service life of parts. Furthermore, increasing usage of medical implants and development of new surface coating technologies is also driving the demand for titanium nitride coatings.
Segment Analysis
The global titanium nitride coating market is segmented by raw material, technology and end-use industry. Based on raw material, the titanium nitride coatings market is divided into titanium and nitrides. Titanium nitride coatings hold the dominant market share under this segment as they exhibit better properties like high surface hardness, low friction coefficient and good corrosion resistance compared to other alternatives.
Key Takeaways
The global Titanium Nitride Coating Market Size is expected to witness high growth, exhibiting a CAGR of 7.6% over the forecast period, due to increasing demand from end-use industries like automotive, electronics, medical devices and architectural applications.
Regional analysis:
The US leads the global titanium nitride coatings market and is expected to remain the dominant regional market during the forecast period. Rapidly growing automotive and medical device industries drive the demand for titanium nitride coatings in the region. The Asia Pacific region is expected to be the fastest growing market for titanium nitride coatings due to presence of major automotive hubs and consumer electronics manufacturers in countries like China, Japan and South Korea.
Key players:
Key players operating in the titanium nitride coating market are PPG Industries, DuPont, Oerlikon Balzers, Ionbond, Crystallume Corporation, Kyocera Corporation, OC Oerlikon Corporation, Sulzer Ltd., Bodycote, Höganäs AB, Satisloh, DME Europe, Wallwork Heat Treatment, TST Engineered Coating Solutions, Tosoh Corporation, Acree Technologies, IHI Ionbond AG, Richter Precision, Aalberts, Techmetals. PPG Industries is the global market leader in titanium nitride coatings, supplying to various industries like automotive, aerospace, medical devices and electronics.
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