Photocatalyst Market - Growth, Trends, Covid-19 Impact, and Forecasts (2023 - 2028)

Photocatalyst Market - Growth, Trends, Covid-19 Impact, and Forecasts (2023 - 2028)

The photocatalyst market is estimated to be more than USD 2,100 million in 2021, registering a CAGR of over 9% during the forecast period (2022-2027).

The impact of COVID-19 on the market was negative, but presently the market has now at pre-pandemic levels and is expected to grow steadily in the forecast period (2022-2027).

• High demand for titanium dioxide and increasing water treatment and air purification applications are likely to drive the demand for the photocatalyst market.
• On the flip side, high capital investments are expected to hinder the growth of the market.
• Titanium dioxide finds its broad application in self-cleaning and, therefore, is widely used in building materials, paint and coatings, and plastics which account for more than 80% of the consumption worldwide, which is forecast to fuel the growth of the market studied.
• R&D is undergoing to use photocatalysts as a disinfectant because of their better ability to inactivate a wide range of harmful microorganisms over traditional disinfection methods such as chlorination.
• The Asia-Pacific region is expected to dominate the global market, with the majority of the consumption coming from China and India.

• Titanium dioxide is usually a white powder widely used as an ingredient in white pigment, white plastic, and white paper. It is also used for cosmetic products since it absorbs ultraviolet light.
• While Titanium dioxide photocatalyst is derived by slightly changing its crystal structure and converting it to a fine powder in order to increase its photocatalytic capability, it shows "decomposing ability" and "hydrophilic properties" upon exposure to ultraviolet light.
• Titanium dioxide (TiO2) has been widely used as a photocatalyst in many environmental and energy applications due to its efficient photoactivity, high stability, low cost, and safety to the environment and humans.
• In the 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.
• Increasing construction activities are estimated to grow the demand for paint and coatings. TiO2 is an ingredient of self-cleaning paints, and as a photocatalyst, it transmits unique cleaning and anti-microbial properties. It is often mixed with the building and construction materials like concrete and paints to keep them clean.
• Combined with these applications, there are several ongoing research on photocatalysis applications of titanium dioxide, which are expected to further propel the photocatalyst market.

• The growing demand for paint and coatings due to the growing demand from construction, automotive, and packaging is expected to drive the market for photocatalysts during the forecast period. The country produces around 30% of the total global paints and coatings. The new investments and expansions in the country include:
• PPG Industries is planning to construct its South Chinese R&D and production base by 2022, with an investment of CNY 620 million.
• Asia Cuanon signed an agreement to construct a new production base in Changsha, Hunan province, with a total investment of CNY 600 million, which will include 200 thousand metric tons of high-quality architecture coatings and other construction materials.
• BASF is expected to continue to invest in the company's coatings site in Jiangmen, Guangdong Province in South China, which BASF acquired in 2016.
• BASF Coatings (Guangdong) Co. Ltd has the one and only automotive refinish coatings production site for BASF in Asia. The company is planning to construct a new facility for automotive refinish coatings that is expected to start production in the first half of 2022.
• All such expansions in paint production with the growing demand in the country are further expected to drive the market demand for photocatalysts during the forecast period.

The photocatalyst market is consolidated in nature, with the top five players having major production capacities. Some of the key players accounting for a major share of the market (in no particular order) include The Chemours Company, Tronox Holdings PLC, Venator Materials PLC, Lomon Billions, and KRONOS Worldwide Inc.

• The market estimate (ME) sheet in Excel format
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