The global Photocatalyst Market size was USD 2.4 Billion in 2022 and is expected to reach USD 4.7 Billion by 2032, and register a rapid revenue CAGR of 7.8% during the forecast period. Rising use of photocatalysts in numerous applications, such as air purification, water treatment, and self-cleaning surfaces, is a key factor driving market revenue growth.
Currently, the industry is in its infancy, with few manufacturers. Japan is expected to lead the industry due to the rapid adoption of technology. Besides, the high R&D investments linked to the product, coupled with several patents by Japanese researchers, are key factors contributing to the steady growth. The industry was dominated by TiO2 (Titanium dioxide) photocatalysts due to early research on this product. However, manufacturing sector initiatives to develop innovative photocatalyst materials using zinc oxide (ZnO) and cadmium sulfide (CdS) are likely to replace the existing material and result in the market growth over the forecast period.
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Top Companies: TOTO Corporation, JSR Corporation, Showa Denko K.K., Kronos Worldwide, Inc., Ishihara Sangyo Kaisha, Ltd., BASF SE, CRISTAL, Green Millennium, Nanoptek Corp., and TiPE, among others.
Further Key Finding from the Report Suggestion:
- Titanium dioxide has accounted for over 47.2% of world demand as the compound is inexpensive and has high chemical stability due to which it is a preferred material as a photocatalyst in several application industries.
- The self-cleaning application has dominated the photocatalyst market and is expected to be the fastest-growing application, accounting for 57.5% of total demand in 2019 due to its superior property, including the removal of unwanted plants.
- Demand in Europe was estimated at USD 0.37 billion in 2019 and is anticipated to witness significant growth over the forecast period due to the economic recovery and growth of the building and construction sector in the region.
- Europe is a large consumer of photocatalysts. Latin America and the Middle East and Africa are relatively secondary markets; however, these regions offer lucrative opportunities in the photocatalyst market.
- Photocatalysts, including zinc oxide and titanium dioxide, can provide security against air pollutants such as formaldehyde, VOCs, microbes, and ammonia. Besides, the applications of these photocatalysts are available for components such as air filters, air conditioning, and ventilation.
- Oxides sharing a band gap and similar chemical and physical properties can be used as photocatalysts. According to the Journal of Industrial and Engineering Chemistry, oxides such as Bi2WO6, Fe2O3, WO3, and Nb2O5 can be used as photocatalysts. However, currently, it is in the research phase.
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The global Photocatalyst market is segmented into:
Type Outlook (Revenue, USD Billion; 2017-2028)
- Titanium Oxide
- Zinc Oxide
- Tin Oxide
- Cerium Oxide
Form Outlook (Revenue, USD Billion; 2017-2028)
- Powder
- Solution
- Granules
Application Outlook (Revenue, USD Billion; 2017-2028)
- Self-Cleaning
- Air Purification
- Water Purification
- Others
Regional Outlook:
- North America (U.S.A., Canada, Mexico)
- Europe (Italy, U.K., Germany, France, Rest of Europe)
- Asia Pacific (China, India, Japan, South Korea, Australia, Rest of APAC)
- Latin America (Chile, Brazil, Argentina, Peru, Rest of Latin America)
- Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)
Key Questions Addressed in the Report:
- What are the dominating factors that are influencing the growth of the industry?
- In the forecast period, which market segment is expected to rise the most?
- What are the risks and challenges that the industry is facing?
- In the coming years, which area is projected to dominate the market?
- Who are the major players in the market?
- What kind of strategic business plans have they made?
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