Photocatalyst Market Analysis | 2023-2028

Market Insights

The photocatalyst market was estimated at USD 3.2 billion in 2022 and is likely to grow at a CAGR of 10.8% during 2023-2028 to reach USD 6.0 billion in 2028.

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Market Dynamics

Introduction

A photocatalyst is a material that facilitates or speeds up a chemical reaction by absorbing light energy. It functions as a catalyst, which means it speeds up a reaction without being consumed in the process. A photocatalyst can initiate or assist numerous chemical reactions when exposed to light.

Titanium dioxide (TiO2) is a well-known and extensively investigated photocatalyst. When TiO2 absorbs light energy, electron-hole pairs are formed, which can participate in redox processes. These reactions allow the photocatalyst to degrade organic molecules, contaminants, and other chemicals found in the environment.

Photocatalysts find applications in various fields, including environmental remediation, energy production, and chemical synthesis.

Here are some common uses of photocatalysts:

• Air purification: In air purification systems, photocatalysts can be used to remove volatile organic compounds (VOCs), odors, and airborne pollutants. The photocatalyst reacts with light to generate reactive oxygen species (ROS) such as hydroxyl radicals, which can oxidize and break down these hazardous chemicals.
• Self-cleaning surfaces: Surfaces such as glass, ceramics, and construction materials can benefit from photocatalytic coatings or films containing photocatalysts such as TiO2. When these surfaces are exposed to sunlight, a photocatalytic process occurs that breaks down organic compounds, preventing the formation of dirt, grime, and pollutants and making the surface self-cleaning.
• Water purification: Photocatalysts can be utilized to destroy organic contaminants, bacteria, and viruses in water treatment operations. When light interacts with the photocatalyst, ROS is produced, which can destroy or neutralize the pollutants, so clean the water.
• Hydrogen production: Water splitting to produce hydrogen gas can be facilitated by certain photocatalysts, such as semiconducting materials. Photocatalysts use light energy to fuel the reaction that splits water molecules into hydrogen and oxygen, providing a potential pathway for sustainable energy generation.
• Organic synthesis: Photocatalysis has gained popularity in organic chemistry as a green and effective way of performing a variety of synthetic processes. When compared to standard chemical approaches, photocatalysts can begin selective bond activations, radical reactions, and complicated transformations under milder reaction conditions.

Market Drivers

• Photocatalysts operate by absorbing light from a lamp or sunshine and are non-toxic. There are no external alternatives for photocatalysts; but, due to the low cost of these materials, internal substitution is projected to increase.
• Increased use of photocatalysts in water and air purification because of significant growth in various sectors and depletion of freshwater supplies.
• Rising demand for low VOC coatings in the architecture and construction industry is projected to stimulate demand for photocatalysts due to their better properties such as organic compound breakdown.
• The presence of favorable rules and regulations as a result of photocatalysts' non-toxic nature and ecologically benign qualities is also expected to push the market.
• Due to an improving economy, Europe is investing heavily in the construction industry.

Segment Analysis

By Material Type

The market is segmented into titanium dioxide, zinc oxide, and others. The Titanium Dioxide segment dominated the market in 2022 and is expected to maintain its leading position during the forecast period.

However, it is estimated that the Zinc Oxide segment will witness the highest growth during the forecast period, owing to its low cost in comparison to Titanium Dioxide and ongoing research and development work in order to enhance the use of the material. 

By Application Type

The market is segmented as self-cleaning, air purification, water purification, and others. The self-cleaning application segment occupied a significant market share in 2022 and is projected to witness the highest growth during the forecast period, owing to its increasing application in the building & construction industry.

Revival of the construction industry in North America and Europe after the subprime crises and Euro debt crises along with significant investment by developing economies towards building and infrastructure is likely to drive the demand for Photocatalyst in self-cleaning applications.

Regional Analysis

Asia-Pacific dominated the market in 2022 and is expected to witness substantial growth during the forecast period. China and Japan are the growth engines of the market, owing to the expanding construction sector and significant research and development activities.

North America is expected to witness the fastest growth, owing to increasing investment and the revival of the construction sector. Further, rising awareness among consumers and low-maintenance cost associated with the product is likely to act as a catalyst for the growth of the North American market.

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Key Players

The following are some of the major players in the market are:

• TOTO LTD.
• JSR Corporation
• Showa Denko K.K.
• Ishihara Sangyo Kaisha, Ltd.
• BASF SE
• Kronos Worldwide, Inc.
• Green Millennium
• CRISTAL
• Nanoptek Corp.
• Osaka Titanium Technologies Co., Ltd

Note: The above list does not necessarily include all the top players in the market.

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Research Methodology

This strategic assessment report, from Stratview Research, provides a comprehensive analysis that reflects today’s photocatalyst market realities and future market possibilities for the forecast period of 2023 to 2028. After a continuous interest in our photocatalyst market report from the industry stakeholders, we have tried to further accentuate our research scope to the photocatalyst market to provide the most crystal-clear picture of the market. The report segments and analyses the market in the most detailed manner to provide a panoramic view of the market. The vital data/information provided in the report can play a crucial role for the market participants as well as investors in the identification of the low-hanging fruits available in the market as well as to formulate the growth strategies to expedite their growth process.

This report offers high-quality insights and is the outcome of a detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders, and validation and triangulation with Stratview Research’s internal database and statistical tools. More than 1000 authenticated secondary sources, such as company annual reports, fact books, press releases, journals, investor presentations, white papers, patents, and articles, have been leveraged to gather the data. We conducted more than 15 detailed primary interviews with the market players across the value chain in all four regions and industry experts to obtain both qualitative and quantitative insights.

Report Features

This report provides market intelligence in the most comprehensive way. The report structure has been kept such that it offers maximum business value. It provides critical insights into market dynamics and will enable strategic decision-making for existing market players as well as those willing to enter the market. The following are the key features of the report:

• Market structure: Overview, industry life cycle analysis, supply chain analysis.
• Market environment analysis: Growth drivers and constraints, Porter’s five forces analysis, SWOT analysis.
• Market trend and forecast analysis.
• Market segment trend and forecast.
• Competitive landscape and dynamics: Market share, Service portfolio, New Product Launches, etc.
• COVID-19 impact and its recovery curve
• Attractive market segments and associated growth opportunities.
• Emerging trends.
• Strategic growth opportunities for the existing and new players.
• Key success factors

Market Segmentation

This report studies the market, covering a period of 12 years of trends and forecasts. The report provides detailed insights into the market dynamics to enable informed business decision-making and growth strategy formulation based on the opportunities present in the market.

The photocatalyst market is segmented into the following categories.

By Material Type

• Titanium Dioxide (TiO2)
• Zinc Oxide (ZnO)
• Others

By Application Type

• Self-Cleaning
• Air Purification
• Water Purification
• Others

By Region

• North America (Country Analysis: the USA, Canada, and Mexico) 
• Europe (Country Analysis: Germany, France, the UK, Russia, and Rest of Europe)
• Asia-Pacific (Country Analysis: China, Japan, India, and the Rest of Asia-Pacific)
• Rest of the World (Sub-Region Analysis: Latin America, the Middle East, and Others)

Customization Options

Stratview Research offers one of the following free customization options to our respectable clients:

Company Profiling

• Detailed profiling of additional market players (up to 3 players)
• SWOT analysis of key players (up to 3 players)

Market Segmentation

• Current market segmentation of any one of the material types by application type.

Competitive Benchmarking

• Benchmarking of key players on the following parameters: Product portfolio, geographical reach, regional presence, and strategic alliances.

Custom Research: Stratview Research offers custom research services across sectors. In case of any custom research requirement related to market assessment, competitive benchmarking, sourcing and procurement, target screening, and others, please send your inquiry to sales@stratviewresearch.com.