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: 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
Browse more
reports of this category by Grand View Research: www.grandviewresearch.com/industry/nanoparticles
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
Access
Press Release By Grand View Research: www.grandviewresearch.com/press-release/global-photocatalyst-market
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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