Photocatalyst market is projected to reach USD 5.23 Billion by 2027, registering a CAGR of 11.2% over the forecast period, according to a new report by Reports and Data. As a result of their low maintenance costs, the increasing demand for photocatalysts as self-cleaning material is anticipated to accelerate market development.
At present, with very few suppliers, the market is in its infancy. With the accelerated introduction of the technology, Japan is expected to dominate the industry. Together with several patents from Japanese researchers, the large R&D investments needed for that product are contributing to the country’s steady business growth. Photocatalysts from titanium dioxide dominated the market, as early photocatalyst studies shows. Innovative photocatalyst products using zinc oxide and cadmium sulphide are now being produced in the industrial industry, which are likely to replace existing materials and will accelerate demand growth over the projected period.
Chemical compounds can be broken down by the manufacturer, making it suitable for air purification and water treatment applications. It also serves as a buffer against dust and stains, due to its self-cleaning mechanism, which will facilitate growth in the next few years. The key obstacles to new entry are likely to be the need for strong initial investment by manufacturers and researchers in industrial photocatalysts as well as marked technology in mature technologies. However an immense opportunity of research and development should enable new entrants to participate in the sector for the development of emerging technology.
TiO2 has recently been worked with as a coating for self-cleaning surfaces to minimise the cleaning effort of building facades or their use in indoor air quality photocatalytic paints.
In addition, photocatalysts may be used to avoid accumulation of organic particulates for coatings in the heritage buildings. While they may not catalyse CO2, the principal cause for the darkening of stones, it is observed that they degrade non-combusted hydrocarbons efficiently.
The market for photocatalysts in Europe has been projected at 0,37 billion USD in 2019 and is expected to see substantial growth over the period projected due to economic development and expansion in the region. There are comparatively secondary markets in Latin America and Middle East and Africa, but these areas still provide profitability for the photocatalysis industry.
COVID-19 Impact on Photocatalyst Market:
The increased demand for air and water purification by customers is projected to improve photocatalyst demand due to increased hygiene awareness due to the COVID-19. But supply chain disturbances and production disruptions have resulted in lower demand in the building sector for self-cleaning products, a major photocatalyst application market that can have a short-term market effect which can result in a long-term impact. Although the building sector expects things to get back to normal sometime before 2020, the recession will definitely result in negative demand shocks.
Key participants in photocatalyst market include:
- TOTO Corporation
- JSR Corporation
- Showa Denko K.K.
- Kronos Worldwide, Inc.
- Ishihara Sangyo Kaisha, Ltd.
- BASF SE
- Green Millennium
- Nanoptek Corp.