Global Photocatalyst Market to expand at a CAGR of 9% by 2030

Introduction

The global photocatalyst market is expected to grow to USD 4685 million by 2030.

When illuminated by light, a component that takes on the characteristics of a catalyst is known as a photocatalyst. Titanium dioxide is considered the most efficient photocatalyst available, although several other substances also exhibit photocatalytic properties. White pigment, white plastic, and white paper typically contain titanium dioxide, which can be found as a white powder. As a result of its ability to absorb UV rays, it is also used in cosmetics.

The rising demand for titanium dioxide in industrialized nations, particularly Japan, supports the photocatalysts market. Titanium dioxide's range of applications is broadening due to the growing demand for its hydrophilic properties, including self-cleaning and anti-fogging capabilities.

It is anticipated that numerous studies being conducted on the applications of titanium dioxide photocatalysis will further boost the market for photocatalysts.

Market Dynamics

Increased Water Treatment Process and Air Purification Applications and the Rising Demand for Titanium Dioxide to Drive the Market of Photocatalyst.

Water treatment and air purification are driving global demand for photocatalysts. Photocatalysts are used in water treatment to decompose textile and paper dyes since it's used in water disinfection and wastewater treatment.

The component has been used to clean polluted groundwater as a green oxidation technique and has photocatalysis potential to mineralize toxins. Photocatalysis has been used on an engineering scale to treat non-biodegradable, persistent chlorinated water pollutants and resin factory effluents. The growing use of photocatalysts in water treatment applications and the water treatment sector drives the global market. In addition, as awareness of air pollution grows, so does the need for air purifiers. Since photocatalytic oxidation (PCO) air purifiers make no noise, they are in high demand and boost the photocatalyst market.

Additionally, the market for photocatalysts is growing due to the increasing use of titanium dioxide in developed countries, particularly Japan. Titanium dioxide's hydrophilic benefits, such as self-cleaning and anti-fogging, are gaining popularity.

Photo-induced hydrophilicity has expanded the application range of titanium dioxide-coated materials, boosting titanium dioxide's demand.

Construction will increase the demand for paint and coatings. TiO2 is a photocatalyst and a component of self-cleaning paints.

Impact of Covid-19

The coronavirus affected the global market for photocatalysts.

COVID-19 spread from China to the rest of the world, resulting in a global lockdown and withdrawal of all movement. Coronavirus is a deadly disease caused by a recently discovered coronavirus. Globally, the mortality rate for people aged 40 and older has risen. The condition causes severe illness in individuals with diabetes, cardiovascular disease, and chronic respiratory disease.

In these circumstances, a pandemic was declared, causing lockdowns in many countries, including China, the U.S., and India.

The coronavirus pandemic was worse than the Great Financial Crisis. The pandemic decreased investment and postponed numerous projects across industries, including construction, paints and coatings, water treatment, paper, and automotive. Global demand for photocatalysts decreased.

But as lockdowns were lifted and economic stimulus packages were implemented, auto sales in the third quarter of 2020 stabilized. The market for photocatalysts experienced a partial reversal of some of the negative sentiments from previous quarters.

The increase in demand for personal vehicles during the pandemic also contributed to automobile sales growth in the third quarter of 2020.

Regional Insights

The Asia-Pacific region is envisioned to have the largest share of the market, with USD 3384 million and a CAGR of 10% throughout the forecast period.

The GDP of China's economy makes it the largest in the Asia-Pacific region. The country's contribution to the area's market share is growing at an exponential rate. The annual increase in China's gross domestic product was 6.7% in 2018 and 6.1 % in 2019. Even after this, the country suffered significant damage due to the trade war with the United States. Unfortunately, the spread of COVID-19 had a substantial impact on the country's economic and industrial manufacturing activities, which led to a significant decrease in output. However, as soon as the economy recovered, China began several manufacturing operations that ultimately increased demand for photocatalysts on the market.

In the coming years, it is estimated that the market for photocatalysts will expand concurrently with an increase in the number of manufacturing and research and development activities.

During the forecast period, Europe is expected to have a share equal to USD 1071 million, growing at a CAGR of 9%.

Europe's economies, particularly those of Germany, the United Kingdom, France, and Italy, are significant contributors to the total output of the region's economy.

It is anticipated that the demand for photocatalysts will increase due to the growing number of water treatment activities, particularly in Germany. In Germany, there is a strong emphasis placed on protecting the natural environment and the maintenance of human health. As a result, it has resulted in effective methods for treating water and wastewater. Today, nearly one hundred percent of Germany's wastewater is treated to meet the most stringent standards set by the E.U.

Germany's market for industrial wastewater treatment is the largest in Europe, and the country's nearly 3,000 treatment plants serve a total of approximately 12,000 companies that discharge wastewater. Before releasing it into nature, the nation treats more than 920 million cubic meters of wastewater from industrial sources annually. Consequently, it is envisioned that there will be an increase in the demand for photocatalysts in the relatively near future.

Key Highlights

• Titanium oxide is expected to share USD 2908 million with a CAGR of 9% during the forecast period.
• Zinc oxide is anticipated to grow at a CAGR of 10% and reach USD 1054 million during the forecast period.
• The self-cleaning segment is envisioned to rise at a CAGR of 11% and reach USD 3348 million by 2030.
• Water Treatment is expected to have a share of USD 790 million with a CAGR of 10%
• Asia-Pacific will have an estimated revenue generation of USD 3384 million with a CAGR of 10%
• Europe is anticipated to have a value of USD 1071 million with a CAGR of 9% during 2030.

Competitive Players

Competitive Players in the Market

• Daicel Miraizu Ltd
• Green Millennium
• Hangzhou Harmony Chemical Co., Ltd
• ISHIHARA SANGYO KAISHA Ltd
• Kronos Worldwide, Inc.
• Lomon Billions
• Nanoptek Corp.
• SHOWA DENKO KK
• TAYCA
• The Chemours Company
• TitanPE Technologies, Inc.
• Tronox Holdings PLC

Recent Developments

Market News

• 2022, Lomon Billions to promote new titanium dioxide pigments for coatings and inks at ACS 2022
• In 2022, Lomon Billions simplifies the branding of its titanium dioxide pigments.
• In 2022, The Chemours Company and N.C. A&T will partner to advance chemistry and chemical engineering education and opportunities for students.

Segmentation

Global Photocatalyst Market: Segmentation

Based on type: 

• Titanium dioxide
• zinc oxide
• others

Based on Application:

• Self-Cleaning
• Air Purification
• Water Treatment
• Anti-Fogging
• others

Based on Region:

• Europe
• North America
• Asia-Pacific
• South America
• Middle East, and Africa