Photocatalyst Market: Industry Analysis and Forecast (20214-2030)

Photocatalyst Market was valued nearly US$ 7.06 Bn in 2023. Photocatalyst Market size is estimated to grow at a CAGR of 11.4 % & is expected to reach at US$ 15.03 Bn. by 2030.
Photocatalyst Market Overview:
The global Photocatalyst market research is an in-depth look at the industry, the market, & the leading competitors. The demand & supply sides of the market were segmented in the analysis. The worldwide Photocatalyst research also includes a competitive landscape & trends by market segments, technology, & investment.To know about the Research Methodology :- Request Free Sample Report

Photocatalysts are compounds which cause chemical reactions in the presence of light, & they serve an essential role in water & air purification by killing microorganisms. Growing adoption of Photocatalyst in air & water purification, owing to rapid growth of various industries & diminishing freshwater resources, is likely to fuel growth of the global photocatalyst market during the forecast period 2024-2030. Additionally, rising demand for photocatalyst in the B&C industry, owing to its multiple benefits, is expected to drive market growth over the forecast period. Due to its non-toxic & environmentally friendly qualities, favourable rules and regulations pertaining to photocatalyst are a dynamic element expected to boost the photocatalyst market expansion during the forecast period.

The high initial investment cost, on the other hand, is a major restraint on the worldwide photocatalyst market's growth throughout the forecast period. Increasing adoption of photocatalyst in emerging economies & commercialization of the product, are factors expected to create lucrative opportunities for driving the global photocatalyst market growth during the forecast period.

Building & Construction Industry:

The increase is primarily due to companies reorganizing their operations & recovering from the impact of COVID-19, which had previously resulted in restrictive containment measures like social distancing, remote working, & the closure of commercial activities, all of which generated operational challenges. At an annual growth rate of 8%, the market is estimated to reach $8,751.56 Bn. in the year 2030. In the year 2023, APAC was the largest region in the worldwide building construction market, accounting for 44% of the total. The second largest region, North America, accounted for 27% of the worldwide building construction market. In the worldwide building construction sector, Africa was the tiniest region.

Green construction approaches are increasingly being used by building construction businesses to create energy efficient structures & lower construction costs. Green construction is the technique of creating energy-efficient structures with low environmental impact by employing sustainable building materials & construction procedures. According to the World Green Building Trends Survey 2015, green construction projects were undertaken by roughly 51% of construction businesses in the U.K. Leadership in Energy and Environmental Design (LEED) certifications assist construction companies in developing high-performance, sustainable residential & commercial buildings, as well as providing a variety of benefits ranging from tax breaks to marketing opportunities.

During the epidemic, the building industry suffered a setback. However, the "Building Information Modelling market" is forecast to return, with a CAGR of 14.5 % over the following five years. Over this time period, North America is forecast to be the market leader, with over 30% of the market.

Market share of the North American Building Information Modelling market 2023.
Photocatalysts Market Segment Analysis
The photocatalyst tapes market is split by material into Titanium Dioxide & Zinc Oxide. Because of its outstanding chemical & physical stability, titanium oxide had the biggest market share of more than 90.0 % in the year 2023. For the degradation of azo dyes under UV irradiation, zinc oxide photocatalysts were made using the sol-gel method with zinc acetate as a precursor. Different methods, with as XRD, SEM, and EDX, were used to characterise the resulting samples. In comparison to other metal oxides, zinc oxide has occurred as a photocatalyst material with a high surface reactivity due to a significant number of native defect sites emerging from oxygen non-stoichiometry. ZnO has faster reactivity and mineralization rates than Titania and can create hydroxyl ions more efficiently.

The market is divided into three segments based on application: self-cleaning, air purification, & water purification. Because of escalating concerns about building upkeep and cleanliness, self-cleaning applications are expected to develop at a CAGR of more than 13.2% from 2024 to 2030. This application is currently widely used in the building and construction business, and it is predicted to expand as the industry's demand grows. During the forecast period, these factors will propel the photocatalyst market forward.

The product is used in water purification as a disinfectant and to remove hazardous contaminants. Panasonic created photocatalytic water purification technology in the year 2014, which is estimated to force other manufacturers to adopt similar skills due to the technology's high efficiency, resulting in growth.

The Asia Pacific region now dominates the major market and is predicted to develop at a quick rate from 2024 to 2030. Because of their booming construction sectors & strong research and development activities, developing countries such as India and China are major market drivers. Because of increased investment and the revival of the building sector, North America is forecast to have the fastest growth. Furthermore, increased consumer awareness and the low cost of maintenance connected with the product are projected to drive the North American market forward.

The objective of the report is to present a comprehensive analysis of the Photocatalyst Market to the stakeholders in the Application. The past and current status of the Application with the forecasted Market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the Application with a dedicated study of key players which include Market leaders, followers, and new entrants.

PORTER, PESTEL analysis with the potential impact of micro-economic factors of the Market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the Application to the decision-makers.

The report also helps in understanding the Photocatalyst Market dynamics, structure by analyzing the Market segments and project the Photocatalyst Market size. Clear representation of competitive analysis of key players by Material, price, financial position, Material portfolio, growth strategies, and regional presence in the Photocatalyst Market make the report investor’s guide.
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Photocatalyst Market


Report Coverage
Details


Base Year:
2023
Forecast Period:
2024-2030


Historical Data:
2018 to 2023
Market Size in 2023:
US $ 7.06 Bn.


Forecast Period 2024 to 2030 CAGR:
11.4%
Market Size in 2030 :
US $ 15.03 Bn.


 Segments Covered:
by Material
Titanium Dioxide
Zinc Oxide


by Application
Self-cleaning
Air Purification
Water Purification



Photocatalyst Market, by Region
North America (United States, Canada and Mexico)
Europe (UK, France, Germany, Italy, Spain, Sweden, Austria and Rest of Europe)
Asia Pacific (China, South Korea, Japan, India, Australia, Indonesia, Malaysia, Vietnam, Taiwan, Bangladesh, Pakistan and Rest of APAC)
Middle East and Africa (South Africa, GCC, Egypt, Nigeria and Rest of ME&A)
South America (Brazil, Argentina Rest of South America)
Photocatalyst Market Key Players:
1. TOTO Corporation (TOTO LTD.)
2. JSR Corporation
3. Showa Denko K.K
4. Ishihara Sangyo Kaisha Ltd.
5. BASF SE
6. Kronos Worldwide Inc.
7. Green Millennium
8. CRISTAL
9. TiPE
10.Nanoptek Corp.
11.Daikin Air Conditioning India Pvt. Ltd.
12.Osaka Titanium Technologies Co. Ltd.
13.Others

FAQ’S:

1) What is the share of the Global Photocatalyst Market in 2023?
Answer: The Global Photocatalyst Market was accounted for 7.06 Bn in the year 2023.

2) Which Application segment is dominating the Global Photocatalyst Market?
Answer: Air Purification segment is the dominating Application segment in the market.

3) What are the key players in the Global Photocatalyst Market?
Answer: TOTO Corporation (TOTO LTD.), JSR Corporation, Showa Denko K.K, Ishihara Sangyo Kaisha Ltd., BASF SE, Kronos Worldwide Inc., Green Millennium, CRISTAL, TiPE
Nanoptek Corp., Daikin Air Conditioning India Pvt. Ltd., Osaka Titanium Technologies Co. Ltd. Others.

4) Which region has the largest share in Global Photocatalyst Market??
Answer: Europe region holds the highest share in 2023.