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Publishing News and Press Releases

Photocatalyst Market Size Expected to Reach $4.6 Billion by 2026

(Publishing-NewsWire.com, August 28, 2021 ) Photocatalyst Market size is expected to be valued at $4.6 billion by the end of the year 2026 and the photocatalyst industry is set to grow at a CAGR of 9.3% during the forecast period from 2021-2026. The increase in the growth of the photocatalyst market is due to the increase in adoption of titanium dioxide (a heterogeneous binary metal oxides photocatalysts), which is produced from heterogeneous catalysis, extensively used for the water treatment process and removal of organic colored pollutants due to its exceptional chemical and physical stability.



Photocatalysis process enables the formation of electric pair holes which is necessary for creating electricity in any electronic product. This increases the need and demand for the photocatalyst market. Furthermore, the need for fresh water and low Volatile Organic Compounds (VOC) content paints and coatings coupled with the increasing infrastructure growth across the globe is also hugely driving the photocatalyst market.



COVID-19 impact



The Covid-19 pandemic has led to the slowdown of photocatalyst market in terms of production and supply chain. This has affected the photocatalyst market in many aspects like overstocking of inventories, supply chain constraints, and disruption in production leaving those companies in huge losses. The economic slowdown has led to the disruption of the operations and production of the photocatalyst market which has caused huge losses to the photocatalyst industry. There are heavy restrictions on imports and exports which is also a huge challenge to the photocatalyst market.



Photocatalyst Market Segment Analysis - By Product Type



The titanium dioxide segment held the largest share of more than 30% in the photocatalyst market in the year 2020. The increase in demand for titanium dioxide can be attributed to its superior chemical and physical properties such as high stability. Titanium oxide is extensively used in the building and construction industry and the increase in the growth of the building and construction industry is further accelerating the growth of titanium dioxide in the photocatalyst market. Titanium Dioxide is used in roofing tiles and flooring tiles for protection against oxidation. It also enhances the shine of tiles, glass panels and gives a better look. It also has great UV shielding ability which is highly advantageous in terms of health as well as environmental concerns. The global building and construction industry is estimated to earn a revenue of $15.5 trillion, eventually driving the need for photocatalyst industry.



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Photocatalyst Market Segment Analysis - By Form



Powder segment held the largest share of more than 25% in the photocatalyst market in the year 2020. Powdered titanium dioxide is used in various key-use industries. There are many types of powdered titanium dioxide, such as hydrogenated powder, alloy powder, and others, used in various end-use industries like hydrogen power generation, 3D printers, manufacturing activities, and many more. Photocatalyst, being a nanostructured material, which enhances the process of heterogeneous catalysis, a process is most commonly used in the water treatment process and air treatment processes. It provides the advantage of ease of handling, high assurance of the purer product, stable particle size distribution, and low-level oxygen content. These advantages are significantly driving the powdered segment of the photocatalyst industry.



Photocatalyst Market Segment Analysis - By Application



Self-Cleaning segment is likely to have the highest application in the photocatalyst market in the year 2020. The rising awareness and concerns associated with the maintenance and cleanliness of buildings are driving the self-cleaning segment of the photocatalyst market. The increase in the adoption of self-cleaning applications in the infrastructure and construction industry is further increasing the demand for the photocatalyst market. The extensive use of self-cleaning glass coating in the window panes of cars is further driving the self-cleaning segment of the photocatalyst industry. The total sales of passenger cars and commercial vehicles amounted to the US $ 91 million globally in the year 2019, which further drives the self-cleaning glass coatings for the window panes.



Photocatalyst Market Segment Analysis - By End-Use Industry



Building and construction segment held the largest share in the photocatalyst market in the year 2020. Titanium dioxide is extensively utilized in the building & construction industry for various major applications which includes air purification, self-cleaning, and self-disinfectant applications. It is used in various applications of the construction industry such as coatings, flooring, and others. For instance, the global building and construction industry is set to reach a revenue of US $8 trillion by the year ending 2030, which is further set to drive the growth of the photocatalyst industry coupled with the increasing awareness for modern applications and sustainable buildings with applications such as air-purification filters, self-cleaning, self-healing applications.



Photocatalyst Market Segment Analysis - By Geography



Asia-Pacific region held the largest share in the photocatalyst market in the year 2020. The increase in building and construction activities in countries like China, India, and South Korea in the APAC region is expected to drive the photocatalyst industry in the Asia-Pacific region. The increase in the research & developmental activities in the building & construction industry in these countries are also contributing to the growth of the photocatalyst market. The revenue of the building & construction industry in China reached US$2.5 trillion in the year 2020, which is further expected to drive the growth of the photocatalyst industry in the APAC region. Furthermore, the raising concerns over the environment in countries in the APAC region is also increasing the demand for the photocatalyst market, since they are used for water treatment process and air treatment processes as well.



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Photocatalyst Market Drivers



Increasing concern over pollution



The increase in the concern and importance over pollution of water bodies and the air-quality across various end-use industries is hugely driving the photocatalyst market. For example, the Chinese government imposes a fine of one million yuan on those (individuals or companies) who build sewage outlets in protected drinking water sources. The increasing factory outlets across the globe is one of the key factors contributing to the growth and need for the water treatment process and air treatment process, which is eventually fueling the demand for titanium dioxide. Furthermore, rules and regulations on polluting water bodies are increasingly contributing to the growth of the photocatalyst market. This is fueling the growth of titanium dioxide which is widely used in water treatment processes.



Rising need for less VOC content paints and coatings



The increase in the need for less VOC content paints and coatings and demand for fresh water is one of the significant factors contributing to the growth of the photocatalyst market. The increasing environmental concerns and awareness about sustainable and eco-friendly infrastructure is driving the need for the photocatalyst market. The photocatalyst is extensively used in removing pollutants and other dirt in water bodies as well as in the air contents. This is eventually leading to the increase in the demand of the photocatalyst market which is the primary product used in effective water treatment processes.



Photocatalyst Market Challenges



Availability of substitutes



The challenge of substitutes exists within the market. The availability of zinc oxide and cadmium sulfide is threatening the replacement of titanium oxide, the highest-grossing substance in the photocatalyst industry. The substitutes offer cheaper solutions which are estimated to act as one of the major challenges of the photocatalyst market. The substitutes are also available at cheaper prices and are affordable. The price of zinc oxide in India is US$3.44 (Rs.250) per 100 grams. It makes it an easy substitute and therefore acts as one of the major challenges to the photocatalyst market.



Market Landscape



New product launches, investments, acquisitions and mergers, collaborations and expansions are some of the key strategies adopted by players in the Photocatalyst Market. Major players in the Photocatalyst Market are CRISTAL, TiPE, TOTO Corporation, KRONOS Worldwide Inc., JSR Corporation, OSAKA Titanium Technologies Co. Ltd, Ishihara Sangyo Kaisha Ltd., BASF SE, Kronos Worldwide, Inc., and Green Millennium among others.



Acquisitions/Technology Launches



In April 2019, the titanium oxide business of CRISTAL was acquired by Tronox Holdings which will further strengthen the position of Tronox Holdings in Saudi Arabia.



Key Takeaways



APAC market held the largest share in the photocatalyst market owing to the growth of the construction sector and significant research and development activities in the countries in the region like China, India, and South Korea.



One of the significant reasons contributing to the growth of the photocatalyst industry is the extensive use of titanium dioxide in the water treatment process and removal of organic colored pollutants.



The increase in awareness about not polluting the water resources and air quality is also highly driving the photocatalyst market.



The covid-19 pandemic has affected the photocatalyst market in adverse ways halting the growth of the market.



Related Reports:



A. Nano Titanium Dioxide Market

https://www.industryarc.com/Research/Nano-Titanium-Dioxide-Market-Research-501435



B. Ferro Titanium and Ferro Vanadium Market

https://www.industryarc.com/Report/18965/ferro-titanium-and-ferro-vanadium-market



For more Chemicals and Materials Market reports, please click here



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IndustryARC

Venkat Reddy

(+1) 970-236-3677

venkat@industryarc.com

Source: EmailWire.Com

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