BANGALORE, India, Aug. 27, 2020
BANGALORE, India, Aug. 27, 2020 /PRNewswire/ -- In 2019, the global Photocatalyst market size was USD 828.2 Million and it is expected to reach USD 1543.8 Million by the end of 2026, with a CAGR of 9.2% during 2021-2026.
Photocatalyst is a material that undergoes photosensitization, where photochemical modification occurs due to the absorption of solar (UV) radiation and other visible light sources.
Photocatalysts are mainly used for comprehensive air treatment, water purification, sewage treatment, antibacterial and antibacterial textile treatment, and antibacterial treatment of medical facilities.
Growing demand for photocatalysts as self-cleaning materials in the construction industry due to their low maintenance costs is expected to fuel the growth of Photocatalyst Market size.
TRENDS INFLUENCING THE PHOTOCATALYST MARKET SIZE
Rising water shortage due to increasing urbanization and the degradation of freshwater supplies are expected to increase water treatment needs worldwide. Photocatalysts have superior chemical properties that improve the water treatment cycle. This feature is, in turn, expected to increase the growth of Photocatalyst Market size during the forecast period.
Increasing demand for low VOC coatings in the building and manufacturing industry is expected to fuel the growth of Photocatalyst Market size due to its superior properties, including the decomposition of organic compounds.
The significant rise in demand for air purifiers, with rising air pollution, will increase Photocatalyst Market size growth. The growing demand for low-noise photocatalytic oxidation air purifiers is driving the demand for the market.
Photocatalysts may be of various forms, including titanium dioxide, zinc oxide, and others. Photocatalysts are known for a variety of beneficial properties such as antibacterial effect, deodorizing effect, air-purifying effect, fogging, self-cleaning, and many others. These beneficial properties increase the demand for Photocatalyst.
A photocatalyst is an environmentally friendly material because it has no toxicity and absorbs light or sunlight for its functioning. This eco-friendly nature is, in turn, expected to increase the demand for the photocatalyst market.
PHOTOCATALYST MARKET SHARE
Asia-Pacific is estimated to hold the largest photocatalyst market share 47%. The dominance of the Asia-Pacific region is attributed to the presence of major manufacturers and increasing R&D activities. The increasing pollution level in many major Asian countries further expected to fuel the growth of photocatalyst market size.
Due to technological advancement and increased investment, the North American region is projected to witness the highest growth. Also, the increasing awareness and low maintenance costs associated with the product are expected to be the key drivers for the region's demand for photocatalysts.
Thanks to the stabilization of the economy, Europe is spending heavily in the building sector, which, in turn, is projected to fuel photocatalyst market growth over the forecast period.
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PHOTOCATALYST MARKET SEGMENTATION
Segment by Type
The segment of TiO2 base holds a comparatively larger share in the global market, which accounts for about 91%.
Segment by Application
The exterior materials hold an important share in terms of applications, and accounts for 57% of the market share.
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The major factor driving the Titanium dioxide Photocatalyst Market size is its high chemical stability property. Due to its high chemical stability, it is a preferred material for several application industries.
The major factor driving the growth of Zinc Oxide Photocatalyst Market size is its low cost in comparison to Titanium Dioxide and ongoing research and development work in order to enhance the use of material.
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