Titanium nitride is a hard ceramic material used as a coating on titanium alloys, steel, carbide, and aluminum components to enhance a substrate's surface properties. This coating allows the exterior of a metal surface to exhibit desired physical properties, like electrical conductivity and preferred color.
According to the MarkNtel Advisors' research report, "Global Titanium Nitride Coating Market Analysis, 2021," the market is likely to grow at a CAGR of around 8% during 2021-26. The market growth attributes to the mounting demand for corrosion & wear-resistant coating in various applications, including the manufacturing of food processing equipment & medical devices. Further, consumption of titanium nitride is significantly increasing due to the surging use of the coating across different end-user industries like chemicals, paints & coatings, automobiles, etc., thereby propelling the market growth.
|Study Period||Historical Data: 2016-19|
|Base Year: 2020|
|Forecast Period: 2021-26|
|Regions Covered||North America: USA, Canada, Mexico|
|Europe: Germany, The UK, France, Italy|
|Asia-Pacific: China, India, Japan, South Korea, Australia|
|South America: Brazil, and Argentina|
|Middle East & Africa: UAE, Saudi Arabia, South Africa|
|Key Companies Profiled||Bunty LLC, Ion Vacuum (IVAC) Technologies, Corp., SADOSA, SA de Cv, OC Oerlikon, Acree Technologies Inc., PVD Titanium Coating (M) Sdn Bhd, Brycoat Inc., Beamalloy Technologies, LLC, Nissin Electrics co., Ltd., Northeast coating Technologies|
|Unit Denominations||USD Million/Billion|
Impact of COVID-19
The sudden outbreak of the covid-19 pandemic has adversely impacted the overall global economy, especially the manufacturing industry, owing to the lockdown imposed, temporary shutdown of manufacturing units, reduced demand, and disruption in the supply chain. In the initial quarters of 2020, the chemical & material industries were also negatively affected due to a decline in the production of tools, machinery, and equipment. Therefore, the titanium nitride coating market witnessed a significant dip in its sales revenue during this period.