Healthcare Coatings Segment Is The Largest Segment Driving The Growth Of Photocatalytic Coating Market
The global Photocatalytic Coating Market is estimated to be valued at US$ 4.25 Bn in 2023 and is expected to exhibit a CAGR of 24.% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Photocatalytic coatings generate reactive oxygen species when exposed to light that can decompose and decontaminate organic dirt and pollutants from surfaces. They are self-cleaning and anti-fogging in nature. Their key advantages include reduction in maintenance cost and protection against bacterial and viral growth.
Market key trends:
Growing awareness regarding the health benefits of photocatalytic coatings is resulting in their increased adoption across various industries. Their ability to effectively eliminate indoor air pollutants such as volatile organic compounds, odor, and bacteria without using chemicals is driving their use in healthcare settings such as hospitals and pharmaceutical manufacturing facilities. Also, photocatalytic coatings help to reduce maintenance costs for buildings by lowering energy consumption and costs associated with cleaning.
Market key trends:
The photocatalytic coating market has been witnessing rising demand from various end-use industries like construction, medical, and automotive. One of the key trends driving the market is growing awareness about indoor air quality. Photocatalytic coatings help absorb airborne pollutants and neutralize harmful chemicals, bacteria, and other pathogens through a photocatalytic reaction process triggered by ultraviolet light or sunlight. This self-cleaning and purifying property of photocatalytic coatings is generating more adoption in commercial and residential buildings to maintain superior indoor quality.
SWOT Analysis
Strengths: Self-cleaning and air-purifying properties without needing any external intervention. Reduces maintenance and cleaning costs.
Weaknesses: High initial investment required for setup. Limited by availability of sunlight or UV light for triggering photocatalytic reaction.
Opportunities: Growing construction activities worldwide especially in Asia Pacific creating more surface areas. Increasing consumer preference for green and sustainable building materials.
Threats: Availability of substitute self-cleaning surface coating materials. Potential health hazards during manufacturing.
Key Takeaways
The global Photocatalytic Coating Market Share was valued at US$ 4.25 Bn in 2023. The market is projected to grow at a significant CAGR of 24% during the forecast period due to rising consumption in the construction industry for air purification and self-cleaning functions.
Regional analysis: Asia Pacific dominated the global market in 2023 and is estimated to witness the fastest growth during the forecast period. Countries like China, Japan and South Korea are experiencing large-scale investments in new commercial and residential construction projects which is driving the demand for photocatalytic coatings in this region.
Key players operating in the photocatalytic coating market are Mitsubishi Chemical Corporation, KoN Corporation, PPG Industries, Inc., Photocatalytic Coatings Ltd, Alpha Coatings, KRONOS Worldwide, Inc., Saint-Gobain, PURETi Group, LLC, Sto SE & Co. KGaA, and Eco Active Solutions.
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