According to the latest report by IMARC Group, titled “Photocatalyst Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028,” the global photocatalyst market size reached US$ 2.4 Billion in 2022. A photocatalyst is a substance that, upon absorbing light, can facilitate or catalyze a chemical reaction by providing an alternative, lower-energy reaction pathway. It remains unaltered post-reaction, hence reusable. Photocatalyst is often utilized in a variety of applications, spanning environmental remediation, self-cleaning surfaces, antimicrobial coatings, and renewable energy production via hydrogen generation. It functions by absorbing light, typically ultraviolet (UV), to energize its electrons to a higher energy state. The excited electrons can then participate in various redox reactions. Some of the widely used photocatalysts include titanium dioxide (TiO2) and zinc oxide, renowned for their high photocatalytic activity and chemical stability.
Global Photocatalyst Market Trends:
The global photocatalyst market is primarily driven by an escalating demand for products with self-cleaning properties and an increasing emphasis on environmental sustainability. Concurrent with this, the rising environmental concerns, including air and water pollution, have expanded the adoption of photocatalysts for pollutant degradation and disinfection purposes, which is significantly propelling the market growth. Moreover, the self-cleaning property of photocatalysts, particularly attractive for architectural and construction applications, is boosting their market demand. Besides this, the growing awareness and concerns about health and hygiene in the wake of recent pandemics are spurring the use of photocatalytic products in healthcare and household applications. In line with this, their antimicrobial characteristics make them effective for sterilization and disinfection, thus encouraging their use in medical devices, hospital environments, and everyday consumer products. Furthermore, the urgent need for renewable energy sources is influencing research into photocatalysts' potential in hydrogen production through water splitting, creating a favorable outlook for the market. Concurrently, government regulations promoting the use of environmentally friendly products and processes are acting as significant growth-inducing factors. Apart from this, ongoing technological advancements and research initiatives aimed at enhancing the efficiency of photocatalysts and extending their light absorption to visible light are aiding in market expansion. Looking forward, the market value is projected to reach US$ 3.9 Billion by 2028, expanding at a CAGR of 8.2% during 2023-2028.
- On the basis of the type, the market has been divided into titanium dioxide, zinc oxide, and others.
- Based on the form, the market is categorized into powder, fines, sponge, bars/blocks, granules, and ingots.
- On the basis of the application, the market has been segregated into self-cleaning, air purification, water treatment, anti-fogging, and others.
- On a regional basis, the market has been segmented into North America (the United States and Canada), Asia-Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others), Latin America (Brazil, Mexico, and others), and Middle East and Africa.
- The competitive landscape of the market has also been examined, with some of the key players being Daicel Corporation, Ishihara Sangyo Kaisha Ltd, Japan Photocatalyst Center Co. Ltd., Kaltech Co. Ltd., Nanoptek Corporation, Sakai Chemical Industry Co Ltd, Showa Denko K. K., Souma Co. Ltd., Tayca Corporation, The Chemours Company, Toto Ltd. and Tronox Limited.
|Base Year of the Analysis
||Type, Form, Application, Region
|| Asia Pacific, Europe, North America, Latin America, Middle East and Africa
||United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
||Daicel Corporation, Ishihara Sangyo Kaisha Ltd, Japan Photocatalyst Center Co. Ltd., Kaltech Co. Ltd., Nanoptek Corporation, Sakai Chemical Industry Co Ltd, Showa Denko K. K., Souma Co. Ltd., Tayca Corporation, The Chemours Company, Toto Ltd. and Tronox Limited
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