What is the future of Photocatalyst Market? Know Covid Impact on Size, Share & Forecasts
July 01, 2020
The unexpected shifts in the global markets because of the sudden outbreak of the COVID-19 virus have brought many major and minor tremors to industries of all sizes including the Photocatalyst Market.
It was estimated prior to this unanticipated outbreak that the Photocatalyst Market was expected to grow at a CAGR of 11.7% during the forecast period. However, the gradual slowing down of industries will undoubtedly impose limits on the previously estimated growth rate.
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Photocatalyst is mainly a substance that helps in accelerating a reaction such as the role of chlorophyll in the method of photosynthesis. When the photocatalyst or also known as a semiconductor material surface comes in contact with a source of light, the process of photocatalysis takes place.
Photocatalysts can be of various types such as Titanium Dioxide, Zinc Oxide, and others. Photocatalysts are known for a number of beneficial properties such as anti-bacterial effect, deodorizing effect, air purifying effect, anti-fogging, self-cleaning, and many others.
This report studies the market covering a period of 12 years of trend and forecast. The report provides detailed insights into the market dynamics to enable informed business decision making and growth strategy formulation based on the opportunities present in the market.
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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 high 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.
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 high 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.
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.
Features of the Report
This report offers high-quality insights and is the outcome of detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders and validation and triangulation with Stratview Research’s internal database and statistical tools.
The Photocatalyst Market analysis report discusses the following heads in great detail:
- Market structure: Overview, industry life cycle analysis, supply chain analysis
- COVID-19 Impact Assessment
- Market environment analysis: Growth drivers and constraints, Porter’s five forces analysis, SWOT analysis
- Market trend and forecast analysis
- Market segment trend and forecast
- Competitive landscape and dynamics: Market share, product portfolio, product launches, etc.
- Attractive market segments and associated growth opportunities
- Emerging trends
- Strategic growth opportunities for the existing and new players
- Key success factors
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