The study methodologies used to examine Photocatalyst Market for the forecast period, 2020 - 2027 further classifies the industry by type, geography, end-use and end-user to add more precision and bring to light factors responsible for augmenting business development.
New York, NY -- (SBWIRE) -- 12/04/2020 -- The global Photocatalyst market is projected to reach USD 5.23 Billion by 2027, registering a CAGR of 11.2% over the forecast period, according to a new report by Reports and Data. The growing demand for photocatalysts as a self-cleaning material in the construction industry due to their low maintenance cost is expected to stimulate growth of the market.
Key participants in photocatalyst market include:
Showa Denko K.K.
Kronos Worldwide, Inc.
Ishihara Sangyo Kaisha, Ltd.
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At present, the industry is in its infancy, with very few manufacturers. Japan is anticipated to lead the industry due to the rapid adoption of technology. The high R&D investments needed for the product, along with several patents by Japanese researchers, are factors contributing to the steady growth of the market in the country. The industry was dominated by Titanium dioxide photocatalysts as has been exhibited by early research on photocatalysts. Manufacturing sector initiatives are also underway to develop innovative photocatalyst materials using zinc oxide and cadmium sulfide are likely to replace the existing material and result in the market growth over the forecast period.
Photocatalyst Market: Segmentation
For the purpose of this report, Reports and Data has segmented into the global Photocatalyst market on the basis of Type, Form, Application, and Region:
Type Outlook (Revenue, USD Billion; 2017-2027)
Form Outlook (Revenue, USD Billion; 2017-2027)
Application Outlook (Revenue, USD Billion; 2017-2027)
Regional Outlook (Revenue, USD Billion; 2017-2027)
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The product can break down organic compounds, making it appropriate for air purification and water treatment applications. Also, owing to its self-cleaning mechanism, in building and construction it acts as a barrier against dust and stains, which should propel growth over the coming years. The need for high initial investment in commercial photocatalyst manufacturing as well as trademarked technology over existing technology by manufacturers and researchers, are expected to be the main barriers for new entrants. However, a vast scope in research and development for the development of innovative technologies should encourage new players to invest in the business.
Recently, TiO2 has been addressed as a coating for self-cleaning surfaces, minimizing the effort for the cleaning maintenance of the building facades, or the use of them in photocatalytic paints for indoor air quality.
Moreover, photocatalysts can be used for coatings heritage buildings, in order to prevent deposition of organic particulates. It has been found that though they do not catalyze CO2, which is the main reason of stones darkening, they are effective in degrading uncombusted hydrocarbons.
Demand for photocatalysts in Europe was estimated to be USD 0.37 billion in 2019 and is anticipated to witness significant growth over the forecast period due to the economic recovery and expansion of the building and construction sector in the region. Latin America and the Middle East and Africa are relatively secondary markets; however, these regions offer lucrative opportunities in the photocatalyst market as well.
The COVID-19 impact on photocatalyst market:
Increasing consumer demand for air and water purification due to growing awareness about hygiene because of COVID-19 are expected to propel demand for photocatalysts. But supply chain disruptions and production shutdowns have led to lower demand for self-cleaning products in the construction industry segment, which is a significant market for photocatalyst application, which will have short-term impact on the market that could lead to lasting effects. While the construction industry expects things to return to normal well before the end of 2020, negative demand shocks caused by the crisis is likely to last.
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