Persistence Market Research, in its latest report titled, ‘Photocatalyst Market: Global Industry Analysis 2014–2018 and Forecast 2019–2029’, provides detailed information on the global photocatalyst market, through extremely organized market research. The report evaluates the photocatalyst market, and projects the upcoming market scenario on the basis of type, form, application, and region. As per the information delivered in this report, titanium dioxide photocatalysts are anticipated to account for a high proportion in regards to the consumption (greater than 70%) over the forecast period.
Amongst the forms, photocatalysts are noted to be highly preferred in the powder segment, and this is anticipated to remain the top-consumed form of photocatalysts, witnessing fast-paced growth over the forecast period. In view of applications, the water treatment application accounts for a significant proportion of the photocatalyst market, with the air purification and building materials segments registering relatively fast growth over the forecast period.
The production of photocatalysts is observed to be highly intense in the East Asia region. Countries such as China and Japan are noted to be the front runners, not only in the production of photocatalysts, but are also the larger markets for photocatalyst manufactures. With the prime focus hovering around developing innovative products and novel applications in the photocatalyst market, manufacturers are also noted to indulge in product launches and capacity expansions.
The global photocatalyst market was pegged to be on the higher side of US$ 2 Bn, while expanding at a significant growth rate of around 10%, crossing the US$ 6 Bn mark by the end of the forecast period.
The Rising Demand for Photocatalysts in Building Materials & Paints and Coatings is Anticipated to Fuel the Growth of the Global Market
Photocatalysts, especially titanium dioxide, are increasingly used in manufacturing building materials (such as tiles and blocks) and paints & coatings, owing to their characteristic self-cleaning and anti-bacterial properties, among others. Growth in the construction industry and paints & coatings industry is expected to optimistically impact the overall photocatalyst market.
The rising focus of the research fraternity in developing products effective to visible light sources, as they are to UV rays, is anticipated to keep the market driven over the forecast period. The rising awareness surrounding air pollution and its hazardous effects on human health is considered to be a prime factor in the market for the sales of air purifiers. Photo-Catalytic Oxidation (PCO) air purifiers are witnessing higher demand, hence, are contributing to the upsurge in the demand for photocatalysts.
Rising Industrial Activities in East Asia Have Led to Higher Production as Well as Consumption of Photocatalysts in the Region
Numerous manufacturers of photocatalysts are noted to be located in East Asian countries such as Japan and China. Not only is this region one of the leading producers of photocatalysts, but also consumes a larger proportion of photocatalysts. Japan is estimated to account for a prominent proportion in the photocatalyst market, creating high revenue opportunities for market participants. North America and Europe are estimated to represent significant growth by the end of the forecast period, cumulatively creating revenue opportunities well over US$ 1 Bn. In terms of growth, the South Asia photocatalyst market is forecast to showcase robust growth over the forecast period.
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Photocatalyst Market: Competition Landscape
Over the recent past, it has been observed that several key players involved in the Photocatalyst market are channelizing their efforts to expand the production capacity in order to cater rising demand and to enhance their presence in the global Photocatalyst market. Key market participants included in the global photocatalyst market report are Daicel Corporation, Toshiba Materials Co., Ltd., Ishihara Sangyo Kaisha, Ltd., KRONOS Worldwide, Inc., The Chemours Company, OSAKA Titanium Technologies Co., Ltd., Tayca Corporation, Showa Denko K.K., TOTO Ltd., and Nippon Soda Co., Ltd, among others.
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Global Market Study on Photocatalyst: Increasing Applicability in Air Purification Favoring Demand Growth