Photocatalytic Coating Market Is Estimated To Witness High Growth Owing To Increasing Use In Air Purification Applications
Photocatalytic coatings are thin films coated or impregnated with photocatalytic semiconductors like titanium dioxide. They help remove organic and inorganic pollutants and reduce airborne pathogens through purification of air and water when activated by sunlight or artificial UV light. Common applications include self-cleaning surfaces, air and water purification, odor removal, anti-fogging, self-sterilizing, and deodorization. The growing air pollution levels across urban areas have increased adoption of photocatalytic coatings in architectural applications to purify indoor and ambient air.
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 Dynamics:
The increasing use of photocatalytic coatings in air purification applications is the key driver estimated to stimulate market growth over the forecast period. Rapid urbanization and industrialization have deteriorated outdoor and indoor air quality globally. Photocatalytic coatings assist in reducing airborne pollutants like particulate matter, carbon monoxide, sulfur and nitrogen oxides, and volatile organic compounds through photooxidation and photoreduction processes when activated by sunlight. This helps improve air quality and mitigate health hazards caused by air pollution exposure. Additionally, the ability of photocatalytic coatings to self-clean surfaces by breaking down organic dirt reduces maintenance costs. Such benefits have augmented their usage in various end-use industries like construction and automotive.
SWOT Analysis
Strength: Photocatalytic coating material requires low energy and can operate in both indoor and outdoor conditions. It is environmentally friendly as it cleans the air and breaks down pollutants without using any chemicals. Photocatalytic coatings also offer self-cleaning and anti-fogging properties which reduces maintenance costs.
Weakness: High initial costs are associated with the application of photocatalytic coatings on buildings and structures. Regular recoating is also required which increases long term expenses. Certain environmental conditions like availability of sunlight also impact the effectiveness of photocatalytic reactions.
Opportunity: Growing awareness about the importance of indoor air quality is driving the demand for self-cleaning and anti-microbial surfaces. Rapid urbanization and construction of green buildings provide scope to widely adopt photocatalytic coatings. Governments also support innovations to combat air pollution through various regulations.
Threats: Alternative air purification techniques like air filters and ionizers compete with photocatalytic coatings. Economic slowdowns may impact capital expenditure on new construction and renovation projects. Dependence on sunlight availability can limit its use in some geographies.
Key Takeaways
The Global Photocatalytic Coating Market Demand is expected to witness high growth over the forecast period of 2023 to 2030. The market size in 2023 is estimated to be US$ 4.25 Billion.
Regional analysis :
Asia Pacific dominated the global market in 2022 and is expected to continue its dominance during the forecast period. Growing construction activities in China, India and other Asian countries provide ample opportunities. Europe is also projected to exhibit significant growth supported by stringent environmental regulations regarding air quality in the region.
Key players :
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. These players are focusing on new product launches and partnerships to expand their global footprint.
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