Photocatalysts Market: Overview
Over the past years, there has been a significant rise in the global warming as well as water and air pollution. In addition to this, the threat of contagious diseases has been spreading all around the world and has become a crucial social issue. In order to combat with the problem of water and air pollution, photocatalysts are being used across the globe. Photocatalysts are the substances that stimulate reactions by absorbing light without getting altered before or after the reaction. Photocatalysts absorb energy from sunlight and contribute to the purification of water and air by eradicating bacteria and providing sanitization to combat infection and disease outbreaks. Enhancement of catalytic efficiency of specific materials owing to the introduction of nanoparticulate photocatalysts resulted in the economic and technological advancement of photocatalysis over the past decade. Titanium oxide being exposed to light source exhibits both super hydrophilic properties and oxidative decomposition, which are used for eliminating bacteria, anti-fogging, preventing contamination, deodorization and other related applications. Exposure of photocatalysts and certain semi-conducting materials to light accelerate or trigger chemical reactions, resulting in the decomposition of organic molecules. Owing to their increasing applications, global photocatalysts market is expected to increase at a high CAGR over the forecast period (2016–2026), with significant developments coming in Japan and Europe.
Photocatalysts Market: Dynamics
Photocatalysts consume solar energy and bio-waste feedstock, resulting in low operational costs. Furthermore, the heterogeneous photocatalysis allows to avoid the use of dangerous and harmful chemical reagents and emission of harmful waste. Due to cost and environmental benefits associated with photocatalysts, their demand is expected to increase, which in turn, is expected to drive the growth of global photocatalysts market. However, design and development of appropriate quantitative measurement methods for the photocatalytic effect require high investments, hampering the growth of the global photocatalysts market over the forecast period. Requirement of environmental sustainability and biocompatibility is expected to remain a key challenge for market players in the global photocatalysts market.
Photocatalysts Market: Segmentation
Global photocatalysts market can be segmented on the basis of material type, reaction and application. On the basis of material type, global photocatalysts market can be segmented into titanium dioxide, zinc oxide, tin oxide and cerium oxide. Based on the reaction, global photocatalysts market can be segmented as homogeneous photocatalysts and heterogeneous photocatalysts. In the homogeneous photocatalysis, the reactants and the photocataysts exist in the same phase, while in the heterogeneous photocatalysis the phase of photocatalyst is different from that of the reactants. On the basis of application, global photocatalysts market can be segmented into construction, automotive, chemical, environmental, medical, consumer products and others.
Photocatalysts Market: Region-wise Outlook
Japan is ahead of all other markets in terms of both production and consumption of photocatalysts globally. Western Europe followed by North America are other markets for photocatalysts after Japan due to stringent government regulations regarding environmental concerns. Asia Pacific excluding Japan market is expected to increase owing to high demand and growing environment awareness among consumers in countries such as India and China. Photocatalytic coatings that fight Bird Flu and SARS infections are used exclusively in high risk regions. The Chuba International Airport Terminal in Japan is coated with photocatalytic coatings. Numerous hospitals and complexes in Asia and Europe are coated with the material to protect against transmissible diseases and environmental pollution. Eastern Europe and Latin America are expected to register a steady growth over the forecast period. In Middle East and Africa, photocatalysts market is expected to expand at an average CAGR over the forecast period.
Photocatalysts Market: Market Participants
Examples of some of the market participants, identified across the value chain of the global photocatalysts market include
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