Global Photocatalyst Market By Material (Titanium Dioxide, Zinc Oxide, and Other Materials), By Application (Air Purification, Self-cleaning), By Region and Companies - Industry Segment Outlook, Market Assessment, Competition Scenario, Trends and Forecast 2022-2032

Photocatalyst Market Overview:

In 2021, the world’s Photocatalyst market was worth USD 2.51 Billion. This market is expected to grow at a CAGR of 9% between 2023-2032.

Photocatalysts have many applications. These include water treatment, textile antibacterial, wastewater treatment, and antibacterial treatment at different medical facilities. Its significant consumption of water purification in the paper and fabric industries is expected to bring in substantial revenue. Water treatment will increase across the globe due to increasing water scarcity as a result of rapid industrial growth and diminishing freshwater resources. Photocatalysts possess superior chemical properties that enhance water treatment. This is expected to increase growth over the forecast period.

Global Photocatalyst Market Analysis

Material Analysis

Japan saw strong demand for photocatalysts. In 2021, titanium dioxide was responsible for 85% of the revenue share. TiO2’s extraordinary chemical and physical properties are expected to fuel growth. Because there are few alternatives, TiO2 should drive growth. Zinc oxide, which can be used to produce photocatalysts, is the best TiO2 substitute. Numerous ongoing research projects are expected to increase the use of the material, as well as the low-cost ZnO than its counterpart. This will fuel growth over the next eight years.

As a photocatalyst, you can use oxides with similar band gaps and chemical & physical characteristics. Journal of Industrial and Engineering Chemistry says that oxides such as Nb2O5, Fe2O3, and WO3 can be used as photocatalysts. However, it is currently in the research phase.

Cadmium sulfide’s ability to attract within the solar spectrum gives the material similar properties to titanium dioxide. The combination of CdS/TiO2 is expected to be more stable in terms of photocatalytic activities and light absorption, which will drive the photocatalyst market’s growth over the forecast time.

Application Analysis

Because of rising concerns regarding the cleanliness and maintenance of buildings, self-cleaning applications are expected to grow at a 10% CAGR between 2023 and 2032. This application is used extensively in the construction industry. The industry is growing with this application. The photocatalysts industry is expected to expand over the forecast period. Photocatalysts that include titanium dioxide and zinc oxide can protect against pollutants such as VOC, microbes, and ammonia. The photocatalysts have many applications, including air filters, ventilation, and air conditioning systems. The increasing concern about pollution is expected to drive the demand.

Water purification uses the product to disinfect and remove harmful substances. Panasonic created a water purification technique based on photocatalysis. This technology will be used to disinfect and remove harmful substances. It is expected that other manufacturers will adopt the same technology to increase their competitiveness. Photocatalysts, when exposed to sunlight, have a super-hydrophilic effect that acts as an antifogging agent. It is used on many glass surfaces, including optical lenses, glass film, and refrigerated showcases. The market is expected to grow because of the increased use of photocatalytic substances on glass surfaces.

Key Market Segments

By Material

• Titanium Dioxide
• Zinc Oxide
• Other Materials

By Application

• Air Purification
• Self-cleaning
• Water Purification

Market Dynamics

The rising demand for low VOC paints in the building and construction industry will fuel the demand of photocatalysts. This is due to the superior property of the product, which includes the decomposition of organic compounds. Europe is investing in the construction industry with a strong recovery economy. This will in turn fuel market growth.

Photocatalysis Industry Association of Japan (PIAJ), was created to encourage the participation of manufacturers. Japanese players have the highest number of patents. As a result, Japan is expected to be responsible for the largest portion of the revenue share in the future.

A photocatalyst, which is not toxic and absorbs sunlight and lamp light to function, is environmentally friendly. A photocatalyst is an environmentally friendly material that does not require any regulations. It also has a harmless property that will help boost market growth in the future. There is no substitute for photocatalysts. However, due to the low cost of these materials, there will be more internal substitutions. Zinc oxide or cadmium-sulfide is the only material that can replace titanium dioxide (TiO2). These materials are likely to be a source of growth.

Many ongoing research projects are being conducted by institutions such as the Tokyo University of Science on photocatalyst technologies. This is likely to increase the adoption of the product. Aside from the fact that the product is not yet commercially available, there are increasing R&D initiatives that will increase market awareness.

Regional Analysis

APAC dominated the market, accounting for the largest revenue share of 45% in 2021. Japan dominated 2021’s market in terms of revenue. This was due to the high adoption of technology, large number of patents, major manufacturers, and high technology usage. The country’s growing R&D activity is expected to boost growth over the forecast period. China is projected to grow at a 10.5% annual growth rate due to its penetration in the construction sector. The rising pollution level in China is expected to drive the use of low-cost photocatalyst-based air purification, thereby fueling the market growth over the forecast period.

North America will be the fastest-growing region, thanks to increased investment and technological innovation. Photocatalysts will be in high demand because of their low maintenance cost and rising awareness. Germany was the country that used the most nanoparticle-based water treatments in 2021. The trusted method of disinfection is also photocatalysis with Nanocatalysts. This is expected to drive industry growth, as well as the increasing demand for photocatalysts.

Key Regions and Countries covered in thе rероrt:

• North America
  • US
  • Canada
  • Mexico
• Europe
  • Germany
  • UK
  • France
  • Italy
  • Russia
  • Spain
  • Rest of Europe
• APAC
  • China
  • Japan
  • South Korea
  • India
  • Rest of Asia-Pacific
• South America
  • Brazil
  • Argentina
  • Rest of South America
• MEA
  • GCC
  • South Africa
  • Israel
  • Rest of MEA

Market Share & Key Players Analysis:

The industry has a small number of manufacturers, with most players operating in Japan. However, increased awareness of the technology and its advantages coupled with the development of new photocatalytic material is expected to draw new players into the market driving demand across the regions. TOTO Corporation, JSR Corporation, and OSAKA Titanium Technologies Co. Ltd. are the major market players. These companies compete on price and region. Because of the high concentrations of Japanese manufacturers, competition in Japan is much higher than elsewhere.

Market Key Players:

• TOTO Corporation
• KRONOS Worldwide Inc.
• JSR Corporation
• TiPE
• CRISTAL
• Tronox Holdings Plc
• OSAKA Titanium Technologies Co. Ltd.
• Lomon Billions
• Other Key Players

For the Photocatalyst Market research study, the following years have been considered to estimate the market size: