Photocatalyst Market to experience an impressive growth of 11.7% during 2020-2025
February 07, 2020
Photocatalyst market is likely to witness an impressive CAGR of 11.7% during the forecast period. Depleting fresh water sources and rising air and water pollution are now a global problem from the last few decades. In order to combat with the issues of depleting fresh water sources and global warming there is significant requirement of solution that can help in reducing water and air pollution. Photocatalyst are the substances that stimulate chemical reaction by absorbing light which plays a crucial role in purification of water and air by eradicating bacteria. The growing demand for fresh water and low VOC content paints and coatings are the major factors that are expected to drive the demand for Photocatalyst.
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Photocatalyst Market Segment Insights:
By Material Type:
Based on the material type, the market is segmented as Titanium Dioxide, Zinc Oxide, and others. The Titanium Dioxide segmented dominated the global photocatalyst market and is expected to maintain its leading position during the forecast period. However, it is estimated that the Zinc Oxide segment will witness the highest growth during the forecast period, owing to its low cost in comparison to Titanium Dioxide and ongoing research and development work in order to enhance the use of material.
By Application Type:
Based on the application type, the market is segmented as self-cleaning, air purification, water purification, and others. The self-cleaning application segment is projected to witness the highest growth during the forecast period, owing to its increasing application in the building & construction industry. Revival of construction industry in North America and Europe after subprime crises and Euro debt crises along with significant investment by developing economies towards building and infrastructure is likely to drive the demand for Photocatalyst in self-cleaning applications.
By Region:
In terms of regions, Asia-Pacific dominated the market and is expected to witness substantial growth during the forecast period. China and Japan are the growth engines of the market, owing to the expanding construction sector and significant research and development activities. North America is expected to witness the fastest growth, owing to increasing investment and revival of the construction sector. Further, rising awareness among the consumers and low-maintenance cost associated with product is likely to act as a catalyst towards the growth of the North American market.
Key Players:
Some of the major players in the photocatalyst market are TOTO LTD., JSR Corporation, Showa Denko K.K., Ishihara Sangyo Kaisha, Ltd., BASF SE, Kronos Worldwide, Inc., Green Millennium, CRISTAL, Nanoptek Corp., and Osaka Titanium Technologies Co., Ltd.
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- Attractive market segments and associated growth opportunities
- Emerging trends
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- Key success factors
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