Preliminary research of Fairfield Market Research indicates a promising growth outlook for global photocatalyst market during the course of next few years.
Expanding Application Base, and Growing Research Firm up Photocatalyst Market
The adoption of photocatalyst across various industrial applications is increasing owing to its environment-friendly nature. In addition, the rising demand for paints and coatings with less VOC content has triggered the use of photocatalysts as they obliterate atmospheric pollutants including volatile organic compounds (VOC). Furthermore, use of photocatalysts in water treatment applications to degrade residual dyes in paper and textile industries among others remains a crucial aspect driving the growth of photocatalyst market. Apart from these applications, research on photocatalysis is likely to open new application areas, thus completing growth of the photocatalyst market.
Ongoing Research Around Photocatalysis to Present Potential Avenues for Photocatalyst Market
In wake of ongoing advancements in technology, few institutions have made efforts to invest in research and development in the photocatalysis domain. As an effort to invent and unveil new discoveries, institutions are leveraging basic properties of photocatalysts to develop new versions of the conventional counterparts to open a new plethora of applications. For instance, in 2022, researchers in IIT Mandi in India have discovered that photocatalyst can also be used in photoreforming of biomass and food waste and breaking of down pollutants in water apart from treating plastics. Researchers from IIT Mandi have developed a novel method which can transform plastic to hydrogen when it is exposed to light. This was mainly to reduce the negative environmental impact of runaway plastics that end up in landfills. By using this new photocatalyst, plastic material can be converted into useful chemicals thus reducing the burden on environment significantly.
Similarly, in 2022 the Tokyo Institute of Technology has researched and optimized dye-sensitized photocatalyst which offers an efficient water splitting activity. By doing so, researchers from Tokyo Institute of Technology have introduced a new photocatalyst that can enhance the water splitting efficiency to produce clean hydrogen. Likewise, companies are also investing in development of new photocatalysts. For instance, in 2020, New Iridium introduced a new range of photocatalysts that use a superior light based approach for Birch reduction that is a widely used and a powerful reaction in chemical synthesis. By using this method, Birch reduction can be applied safely at an industrial scale. These research and development efforts by institutions and companies alike are likely to present potential opportunities for the growth of the photocatalyst market in the years to follow.
Titanium Dioxide to Largely Contribute Toward Value Growth of Photocatalyst Market
The demand for titanium dioxide (TiO2) photocatalyst is expected to increase at a significant pace in the coming years. Derived by inducing slight alterations in the crystal structure and converting TiO2 to a fine powder, its photocatalysis is significantly enhanced thus improving its hydrophilic properties and decomposing abilities. This has pushed the adoption of TiO2 in various energy and environmental applications owing to its high stability, high safety to humans and environment, improved photoactivity and low costs. Furthermore, it is widely used in paints and coatings thus improving anti-microbial and cleaning properties. These factors are expected to fuel sales of titanium dioxide in the coming years thus contributing towards revenue growth of the photocatalyst market.
Powder form of Photocatalyst to Gain High Steam in Photocatalyst Market
The use of photocatalysts in powder form has been surging since past few years. Although photocatalysts are being marketed in different forms such as solutions, granules, and dispersions, their powder form has gained high traction owing to its convenience. Downstream formulators have been inclined towards use of photocatalyst in its powder form on the back of ease in handling, stable distribution of particles, low oxygen level and reliability backed by assurance of pure product. This has fuelled use of powdered photocatalyst in applications such as 3D printing, hydrogen power generation and other manufacturing activities, thereby heightening the scope of growth for photocatalyst market.
Asia Pacific Poised to Project High Lucrativeness in Photocatalyst Market
The Asia Pacific region is expected to account for a significant share in the photocatalyst market. This can be attributed towards rising use of photocatalyst in end use industries in the region coupled with macroeconomic aspects. For instance, photocatalyst is used in paints and coatings to neutralize pollutants thus controlling pollution. That said, increasing demand for coatings and paints from the automotive, packaging and construction industries in Asia Pacific remains instrumental in driving photocatalyst market growth. In addition, rising levels of pollution across economies in Asia Pacific such as Japan, China, and India have propelled the adoption of cost efficient air purification systems based on photocatalyst. Moreover, technology adoption in the region has been on an upswing since the past few years. This has driven the research and development activities for developing new methods and trying different material for obtaining favourable results. This aspect continues to influence the growth of the market in Asia Pacific and stakeholders can expect an optimistic scenario in the forthcoming years.
On the other hand, developed economies across North America are also expected to reflect high growth potential with respect to use of photocatalyst. This can be attributed towards rising investments in technological innovations in applications such as water cleaning, air purification, antibacterial treatment and in paints and coatings. In addition, increasing awareness regarding their benefits in curbing pollutants and low maintenance costs has further fuelled their use in the region. Furthermore, combination of photocatalysis and nanocatalysts is being adopted as an efficient method for disinfection. Furthermore, aspects such as growing economic strength, presence of large companies dealing with photocatalysis, and favourable infrastructure have also complemented the growth of photocatalyst market in North America.
Photocatalyst Market: Competitive Landscape
A few of the major players in the photocatalyst market include Lomon Billions, Kronos Worldwide Inc., Venator Materials PLC, Tronox Holdings PLC, TOTO Corporation, JSR Corporation, The Chemours Company, and Ishihara Sangyo Kaisha Ltd.
The Global Photocatalyst Market Is Segmented As Below:
By Material Type
By End Use Industry
Key Elements Included In The Study: Global Photocatalyst Market
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