The photocatalyst market is expected to record a CAGR of over 7% during the forecast period. Major factors driving the growth of the market are rapidly growing demand for titanium dioxide and increasing applications in water treatment and air purification. On the flip side, high capital investment is hindering the growth of the market.
- Titanium dioxide finds its broad application in self-cleaning and therefore, widely used in building materials, paint and coatings and plastics which account for more than 80% of the consumption worldwide, which is forecasted to fuel the growth of the market studied.
- Further R&D is going to use photocatalysts as a disinfectant because of its better ability to inactivate a wide range of harmful microorganisms over traditional disinfection methods such as chlorination.
- Product demand from the Asia-Pacific region is expected to rise owing to high construction activities in the region.
Key Market Trends
Increasing Demand of Titanium dioxide
- Due to its ability to impart bright white color, titanium dioxide is widely used as a coloring pigment in paints. In fact, the paint industry consumes 70-80% of the titanium dioxide produced around the world every year.
- Titanium dioxide provides a photocatalytic protective film which possesses the property of self-cleaning by becoming super-oxidative and hydrophilic.
- Increasing construction activities is estimated to grow the demand for paint and coatings. TiO2 is an ingredient of self-cleaning paints and as a photocatalyst, it transmits unique cleaning and anti-microbial properties. It is often mixed with the building and construction materials like concrete and paints to keep them clean.
- In 2019, the global construction industry spending was about USD 11.4 trillion and the spending is anticipated to increase to be about USD 14 trillion by 2024.
- All the aforementioned factors are expected to drive the photocatalyst market during the forecast period.
Asia-Pacific Region to Dominate the Market
- Asia-Pacific region represents the largest and fastest-growing region owing to the broad-spectrum of application the product finds like in self-cleaning for building and construction materials, paint and coatings, etc.
- In the Asia-Pacific region, the revenue from the paint and coatings segment is projected to be about USD 80 billion in 2020 and forecasted to reach over USD 100 billion by 2024.
- Photocatalysts find their application in air purification as their photocatalytic reactivity helps purify harmful compounds, such as cigarette smoke, volatile construction compounds, and NOx.
- According to the World Health Organization, seven of the top ten most polluted cities are in the Asia-Pacific region. Thus, increasing air pollution in the region is expected to boost the demand for air purification technologies.
- Hence, the rising demand for photocatalysts from various industries is expected to drive the market growth in the region.
The photocatalyst market is partially consolidated. Some of the key players accounting for major share in the market include KRONOS Worldwide Inc., Tronox Holdings Plc, ISHIHARA SANGYO KAISHA, LTD, TAYCA, and The Chemours Company.
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