The global photocatalyst market is expected to reach USD 4.58 billion
by 2025, according to a new report by Grand View Research, Inc. Growing demand
for photocatalysts as a self-cleaning material in construction industry owing
to their low maintenance cost is expected to propel growth.
At present, the industry
is in its nascent stage, with few manufacturers. Japan is expected to lead the
industry, owing to the early adoption of the technology. In addition, high
investment in R&D pertaining to the product coupled with several patents by
the Japanese researchers are key factors contributing to the high growth.
The industry was dominated by the TiO2 photocatalysts,
owing to early research on this product. However, initiatives taken by the
manufacturers to develop innovative photocatalysts materials using zinc oxide
(ZnO), and cadmium sulfide (CdS) is likely to challenge the existing material
and open new avenues for the industry growth over the projected period.
The product has the
ability to decompose organic compounds, which makes them suitable for air
purification and water treatment application. Furthermore, in building and
construction, the technology through its self-cleaning mechanism acts as a
barrier for dust and stains, which is expected to propel growth over the next
eight years.
High initial investment
in the commercial manufacturing of photocatalysts coupled with proprietary on
the existing technology by the manufacturers and researchers are expected to be
the key barriers for the new entrants. However, wide scope in R&D for
innovative technology development is expected to compel new players to invest
in the business.
Access Research Report of Photocatalyst Market@ www.grandviewresearch.com/industry-analysis/photocatalyst-market
Further key findings from the report suggest:
· Titanium dioxide accounted for over 85% of
the global demand as the compound is inexpensive, and has a high chemical
stability on account of which it is a preferred material as a photocatalyst in
several application industries
· Self-cleaning application dominated the
industry and is expected to be the fastest growing application, accounting for
51.9% of the overall demand in 2016 owing to its superior property including
eliminating unwanted plants
· The demand in Europe was valued at USD
400.8 Million in 2016 and is expected to witness significant growth over the
projected period owing to economic recovery and growing building &
construction industry in the region
· Japan is projected to witness a growth of
9.2% over the forecast period with the industry growth primarily driven by
self-cleaning owing to increasing technological advancements in the sector
Grand View Research has
segmented the photocatalyst market on the basis of material, application, and
region:
Material Outlook (Revenue, USD Million, 2014 - 2025)
·
Titanium Dioxide
·
Zinc Oxide
·
Others
Application Outlook (Revenue, USD Million, 2014 - 2025)
·
Self - Cleaning
·
Air Purification
·
Water Purification
·
Others
Regional Outlook (Revenue, USD Million, 2014 - 2025)
·
North America
·
Europe
·
Japan
·
Rest of Asia Pacific
·
Rest of World
About
Grand View Research
Grand
View Research, Inc. is a U.S. based market research and consulting company,
registered in the State of California and headquartered in San Francisco.
The company provides syndicated research reports, customized research
reports, and consulting services. To help clients make informed business
decisions, we offer market intelligence studies ensuring relevant and
fact-based research across a range of industries, from technology to chemicals,
materials and healthcare.
For More Information: www.grandviewresearch.com
