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.
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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 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.
Impact of COVID-19 on the Titanium Nitride Coating Market
The manufacturing sector is a major part of the global economy. As a result, governments throughout the world mainly focus on boosting the manufacturing sector. Certain initiatives in developing economies to stimulate the manufacturing sector include Made in China (MIC) 2025 and Make in India. MIC 2025 is the first stage of a larger three-step plan to transform China into a prominent manufacturing powerhouse by using smart or innovative manufacturing technologies. Additionally, Make in India is an initiative launched in 2015 to promote the production of goods in India. The initiative aims to decrease India’s dependency on exporting countries by producing goods within the country. However, after the coronavirus outbreak, the global FDI inflows have seen strong decline.
The COVID-19 pandemic has intensely impacted the global economy, especially the manufacturing sector. This is largely due to the disruption of the supply chain and manufacturing in China. Due to the pandemic various manufacturing facilities are either temporarily shut down following the orders issued by local governments or are running with trifling staff at production units for safety purposes.
Slowed down manufacturing across Europe, halt in exports of Chinese parts, and the closure of factories in the U.S. have profoundly harmed the sector globally. Problems in the material supply, owing to supply shortages from China, have largely affected machine tool manufacturers. The crisis has also enormously impacted liquidity, demand, supply, and production. Moreover, decline in consumer demand has also been witnessed. The spending on R&D is likely to reduce, as toolmakers will conserve capital for future prospect. As a result, revenues have fallen around the world.
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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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