Photocatalytic Coatings Market worth $1.4 billion by 2028 Globally, at a CAGR of 9.7%, says MarketsandMarkets™
Chicago, Oct. 10, 2023 (GLOBE NEWSWIRE) — The Photocatalytic Coatings Market was valued at USD 0.9 billion in 2023 and is projected to reach USD 1.4 billion by 2028, growing at a CAGR 9.7% from 2023 to 2028 as per the recent study by MarketsandMarkets™ The Photocatalytic Coatings market is projected to grow from USD 0.9 billion in 2023 to USD 1.4 billion by 2028, at a CAGR of 9.7% during the forecast period. Asia Pacific is the largest and fastest-growing Photocatalytic Coatings market in the world. Their environmental friendly nature and low or no VOC emissions will boost the demand for photocatalytic coatings market.
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Browse in-depth TOC on “Photocatalytic Coatings Market”
144 – Market Data Tables
34 – Figures
173 – Pages
List of Key Players in Photocatalytic Coatings Market:
- Mitsubishi Chemical Corporation (Japan),
- Kon Corporation (US),
- Photocatalytic Coatings Ltd. (New Zealand),
- USA Nanocoat (US),
- Green Millennium (US)
Drivers, Opportunities and Challenges in Photocatalytic Coatings Market:
- Drivers: Low VOC emissions
- Restraint: Increased cost for photocatalyst activation in a normal interior surface
- Opportunity: Increased demand for visible light activated photocatalytic coatings
- Challenge: Cheaper alternatives available in the market
Key Findings of the Study:
- TiO2 photocatalytic coatings is the largest segment of the overall market.
- Building & Construction is the fastest growing segment in the market during forecast period.
- Asia Pacific is the largest market for Photocatalytic Coatings market during the forecast period.
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Based on type, titanium dioxide photocatalytic coatings is the largest employable segment. Due to its high chemical stability, commercial availability, and excellent catalytic properties, TiO2 has received increasing attention in recent decades, and has revealed its great potential in a wide range of applications ranging from energy conversion and storage to hydrogen production, sensing, and environmental applications. Moreover, the low efficiency of TiO2 in the visible range, has motivated the need of visible light active photocatalysts, addressing to different approaches, including hybrid nanostructured materials (coupling TiO2 with other semiconductors materials), doping with atoms such as metals or N, and combination of TiO2 nanostructures with different allotropes of carbon.
Based on end-use industry, Building and construction is the largest segment. The use of photocatalytic coatings in building and construction aims to enhance sustainability, improve air quality, reduce energy consumption, and promote cleaner and healthier environments. Some common applications of photocatalytic coatings in this end-use industry include building facades, roofs and pavements, glass surfaces, interior surfaces, infrastructure and public spaces, HVAC systems, etc. It is essential to consider different factors like proper maintenance, surface quality, and the specific environmental conditions of the building to ensure the optimal performance of these coatings.
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Mitsubishi Chemical Group Corporation is Japan’s largest chemical corporation. It offers a wide range of products, from materials to functional products, to help build the foundations of various industries. The Company develops, produces, and sells performance products, health care products, industrial materials, and other chemicals. Mitsubishi Chemical Corporation provides services for construction, medical, energy, and petrochemical fields.
Kon Corporation is based on environmental technology called “TiO2 Photocatalyst”. The company is engaged in producing TiO2 products that are quite useful for keeping the environment clean. Sagan Coat is a trademark name for Kon’s TiO2 photocatalyst coating solution and techniques of various coatings. The company has permission to use one of the patents from National Institute of Advanced Industrial Science and Technology (AIST), Saga Prefecture’s and TOTO’s. Its Sagan Coat coating solutions are produced based on these patents and some of these are available to overseas countries.
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