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.
Browse full research report on Photocatalyst
Market: https://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
- U.S.
- Europe
- Germany
- UK
- Japan
- Rest of Asia Pacific
- China
- India
- Rest of World
Browse
request sample of this report by Grand View Research: https://www.grandviewresearch.com/industry-analysis/photocatalyst-market/request/rs1
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.
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