- Rapid industrialization and the growing awareness for air and water purification are the drivers for the growth of the market
- Market Size - USD 2.32 Billion in 2019, Market Growth - CAGR of 11.2%, Market Trends -High demand from self-cleaning applications
NEW YORK, June 10, 2020 /PRNewswire/ -- The global Photocatalyst market is forecast to reach USD 5.23 Billion by 2027, according to a new report by Reports and Data. The growing demand for photocatalysts as a self-cleaning material in the construction industry due to their low maintenance cost is expected to stimulate growth.
Currently, the industry is in its infancy, with few manufacturers. Japan is expected to lead the industry due to the rapid adoption of technology. Besides, the high R&D investments linked to the product, coupled with several patents by Japanese researchers, are key factors contributing to the steady growth. The industry was dominated by TiO2 (Titanium dioxide) photocatalysts due to early research on this product. However, manufacturing sector initiatives to develop innovative photocatalyst materials using zinc oxide (ZnO) and cadmium sulfide (CdS) are likely to replace the existing material and result in the market growth over the forecast period.
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The product can break down organic compounds, making them suitable for air purification and water treatment applications. Also, in building and construction, technology, thanks to its self-cleaning mechanism, acts as a barrier against dust and stains, which should propel growth over the next eight years. A high initial investment in commercial photocatalyst manufacturing coupled with proprietary technology over existing technology by manufacturers and researchers, should be the main barriers for new entrants. However, a vast scope in R&D for the development of innovative technologies should force new players to invest in the business.
The COVID-19 impact:
Increasing consumer needs for air and water purification due to growing awareness towards hygiene because of COVID-19 are going to propel demand soon. But supply chain disruptions and production shutdowns have resulted in a downgraded outlook for the Self-Cleaning in the construction industry segment, which is a significant market for Photocatalyst application, which will have short-term impacts on market sales that could have lasting effects. While the industry expects things to return to near normal state well before the end of 2020, negative demand shock caused by the crisis is likely to last.
To identify the key trends in the industry, click on the link below: https://www.reportsanddata.com/report-detail/photocatalyst-market
Further key findings from the report suggest
- Titanium dioxide has accounted for over 47.2% of world demand as the compound is inexpensive and has high chemical stability due to which it is a preferred material as a photocatalyst in several application industries.
- The self-cleaning application has dominated the photocatalyst market and is expected to be the fastest-growing application, accounting for 57.5% of total demand in 2019 due to its superior property, including the removal of unwanted plants.
- Demand in Europe was estimated at USD 0.37 billion in 2019 and is anticipated to witness significant growth over the forecast period due to the economic recovery and growth of the building and construction sector in the region.
- Europe is a large consumer of photocatalysts. Latin America and the Middle East and Africa are relatively secondary markets; however, these regions offer lucrative opportunities in the photocatalyst market.
- Photocatalysts, including zinc oxide and titanium dioxide, can provide security against air pollutants such as formaldehyde, VOCs, microbes, and ammonia. Besides, the applications of these photocatalysts are available for components such as air filters, air conditioning, and ventilation.
- Oxides sharing a band gap and similar chemical and physical properties can be used as photocatalysts. According to the Journal of Industrial and Engineering Chemistry, oxides such as Bi2WO6, Fe2O3, WO3, and Nb2O5 can be used as photocatalysts. However, currently, it is in the research phase.
- Key participants include TOTO Corporation, JSR Corporation, Showa Denko K.K., Kronos Worldwide, Inc., Ishihara Sangyo Kaisha, Ltd., BASF SE, CRISTAL, Green Millennium, Nanoptek Corp., and TiPE, among others.
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For the purpose of this report, Reports and Data have segmented into the global Photocatalyst market on the basis of Type, Form, Application, and Region:
Type Outlook (Revenue, USD Billion; 2017-2027)
- Titanium Oxide
- Zinc Oxide
- Tin Oxide
- Cerium Oxide
Form Outlook (Revenue, USD Billion; 2017-2027)
- Powder
- Solution
- Granules
Application Outlook (Revenue, USD Billion; 2017-2027)
- Self-Cleaning
- Air Purification
- Water Purification
- Others
Regional Outlook (Revenue, USD Billion; 2017-2027)
- North America
- U.S
- Europe
- U.K
- France
- Asia Pacific
- China
- India
- Japan
- MEA
- Latin America
- Brazil
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