With the rapidly growing machine industry, the demand for more efficient and advanced tools will gradually increase in the future. At present, the demand for high precision, high rotation speed, and high-quality machine tool is growing at a rapid pace. Machinery manufacturers also require a large number of high efficiency and special cutting tools for operations. Thus, the demand for cutting tools is expected to increase during the forecast period. On the other hand, the medical application segment is projected to grow at the highest CAGR between 2020 and 2025, in terms of volume, owing to the increased use of TiN coatings in medical implants and instruments, such as reamers, taps, drills, needle drivers, scalpels, and broaches.
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Asia-Pacific & Japan (APJ) holds a significant share in the global TiN coating market. Developing and developed economies in the region such as South Korea, Taiwan, Japan, and India are identified as the leading markets for TiN coatings. Government regulations, technological advancements, and extensive investments for dedicated R&D facilities are some of the major drivers that are propelling the growth of the APAC market. Additionally, concerted efforts by both the governments and the manufacturing sector in promoting the sales of cutting tools and aerospace components have led to the usage of better TiN coatings. The TiN coating market in APAC is expected to grow at a faster rate than Europe and North America between 2020and 2025. Factors such as the growing automotive industry, the rising disposable income, and the increasing number of manufacturing facilities are contributing to the growth of the market in the APAC & Japan region.
North America accounted for the second-largest share in the global TiN coating market. Additionally, the presence of major TiN coating manufacturing companies and increasing government initiatives and grants are some of the major drivers that are propelling the growth of the market in the region.
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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Most of the TiN coating manufacturers have numerous tie-ups with various automotive OEMs and cutting tools suppliers. The industry landscape is quite competitive because of the large number of players in the market. Therefore, innovation and development have been the key factors for large-scale growth in this market. Moreover, coating manufacturers are also entering into strategic partnerships to increase their sales.
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