Photocatalyst Market Size Expected to Reach $4.6 Billion by 2026

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.

Hyderabad, India – July 12, 2021 /MarketersMedia/ —

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.

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.

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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 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.

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.

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.

Photocatalyst Market Drivers

Increasing concern over pollution

Rising need for less VOC content paints and coatings

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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 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.

Market Landscape

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

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