PHOTOCATALYTIC COATING MARKET ANALYSIS

Photocatalytic coatings products is a result of photo catalysis reaction. Photo catalysis is the acceleration of a photoreaction in the presence of a catalyst. In catalyzed photolysis, light is absorbed by an adsorbed substrate. The ability of the catalyst to make an electron–hole pairs, which generate free radicals capable of secondary reactions, determines the photo catalytic activity (PCA) in photo-generated catalysis. The electrolysis of water molecules by titanium dioxide (TiO) is a popular application. A photo catalytic coating has the ability to self-maintain on the surface it is applied to and remove dirt that has accumulated on the surface.

The global photocatalytic coatings market is estimated to surpass US$ 19.68 billion by the end of 2030 in terms of revenue, exhibiting a CAGR of 24.5% during the forecast period (2022 to 2030).

Drivers

Titanium dioxide (TiO2) has been widely used as a photocatalyst in many environmental and energy applications due to its high stability, efficient photoactivity, low cost, and safety to the environment and humans. In self-cleaning application of titanium dioxide, the finding of the photo-induced hydrophilicity in the last decade has markedly widened the application range of titanium dioxide coated material, which is further increasing the demand for the titanium dioxide.

Among region, Asia Pacific region held largest market share of 25.50% in 2021. In 2021 Asia Pacific is the most important contributor to the growth of the photocatalytic coatings market. The usage of photocatalytic coatings in the healthcare business is increasing, since it is also utilized to prevent the spread of COVID-19 and other viruses. To decrease the transmission of airborne toxins and allergens like COVID-19 and MRSA, photocatalytic coatings are utilized in hospitals, acute care facilities, assisted living homes, senior care facilities, athletic centers, schools, child-care facilities, arenas, airports, and other institutions.

Figure 1. Global Photocatalytic Coatings Market Revenue Share (%), By Region, 2021

To learn more about this report, request sample copy

Market Restraints

The availability of cadmium sulphide and zinc oxide is threatening the replacement of titanium oxide which is the highest-grossing substance in the photocatalyst industry. The substitutes offer cheaper solutions which are estimated to act as one of the major challenges of the photocatalyst market. 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. It makes it an easy substitute and therefore acts as one of the major challenges to the photocatalytic coating market.

Market Trends

Titanium dioxide is a white powder that is commonly used as a white pigment, white plastic, and white paper ingredient. It is also used in cosmetics because it absorbs ultraviolet radiation. In order to increase its photo catalytic capability, titanium dioxide photo catalyst is produced by slightly altering its crystal structure and converting it to fine powder. When exposed to ultraviolet light, it exhibits decomposing capacity and hydrophilic qualities. Due to such factors, the market for photocatalytic coatings is expected to have a steady growth during the forecast period.

Figure 2. Global Photocatalytic Coatings Market Revenue Share (%), By Coatings Type, 2021

To learn more about this report, request sample copy

Among Coatings Type, Titanium Oxide segment held a major market share in 2021 and is expected to retain its dominance throughout the forecast period. Due to the factors that contribute to its high stability and cheap cost, the market for photocatalytic coatings is anticipated to grow during the forecast period.

Global Photocatalytic Coatings Market - Impact of Coronavirus (COVID-19) Pandemic

The Covid-19 pandemic has led to the slowdown of photocatalytic coatings market in terms of supply chain and production. This has affected the photocatalytic coatings market in many aspects like supply chain constraints, overstocking of inventories, 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 photocatalytic market which has caused huge losses to the photocatalytic industry. There are heavy restrictions on exports and imports which is also a huge challenge to the photocatalytic market.

Competitive Section

Major players operating in the global photocatalytic coatings market include Mitsubishi Chemical Corporation, KoN Corporation, PPG Industries, Inc., Photocatalytic Coatings Ltd, Alpha Coatings, KRONOS Worldwide, Inc., Saint-Gobain, PURETi Group, LLC, Sto SE & Co. KGaA, and Eco Active Solutions.