Photocatalytic Coatings Market To Generate $1,856.7 Million Revenue by 2030
- Published: October 2023
The global photocatalytic coatings market revenue is expected to reach USD 1,856.7 million by 2030, exhibiting a CAGR of 9.6% during 2024–2030.
This significant growth is due to the increasing demand for these coatings in water treatment and air purification applications as a result of the surging water and air pollution globally. Additionally, they are extensively uses in the construction sector owing to their self-cleaning, de-polluting, and anti-microbial properties. This factor offers market players numerous opportunities, especially in Asia-Pacific, where construction projects are going on a massive scale. Thus, companies in the Asia-Pacific and Middle East & Africa regions are investing heavily in developing photocatalytic coatings.
For instance, the National Bureau of Statistics of China states that the country’s construction output grew to USD 4.1 trillion in 2021. Thus, the key players in the market are focusing on developing countries, where the demand for photocatalytic coatings is massive and will continue to grow.
Moreover, North America is a significant contributor to the market for photocatalytic coatings, as it is a base for many prominent companies that offer these materials. The growing pollution levels have resulted in an increase in the focus on sustainable development, which is why these companies are investing in research and development to make more-effective and eco-friendly coatings.
Additionally, these products offer numerous advantages, such as a better indoor air quality, a reduction in the chance of the growth of germs, the elimination of odors, and the maintenance of cleaner and more-resilient surfaces. Their effectiveness is influenced by variables such as light intensity and wavelength, humidity, and pollutant kind. In order to improve their performance and broaden their potential applications, extensive research and development is being done.
Further, the growing demand for low-VOC solutions as a result of the strict government regulations regarding sustainable development and a low carbon footprint is propelling the market growth.
Self-Cleaning Category Is Experiencing Significant Demand
The nano-function property of photocatalytic self-cleaning coatings results in their wide usage in construction, as they provide cost-savings and efficiency. Self-cleaning surfaces remove the need for frequent manual cleaning and maintenance. Upon the application of photocatalytic coatings, these surfaces automatically break down organic and inorganic pollutants, including dirt, grime, and stains, when exposed to light, thus saving associated costs. In many applications, this property helps in maintaining a cleaner appearance for longer periods, thus reducing the frequency of cleaning cycles.
They also promote sustainability by lowering the consumption of water, energy, and chemical cleaning agents.
Titanium Dioxide Category Is Growing at a Significant Rate
The titanium dioxide category is expected to grow at a considerable rate, of around 8.5%, during the prediction period.
This will be a result of the wide usage of coatings containing TiO2 owing to their high efficiency and stability. Rutile is a crystalline form of TiO2 with high catalytic activity and stability, making it a perfect fit for many applications requiring efficient pollutant degradation and self-cleaning capabilities.
Anatase is another crystalline form of TiO2, characterized by its high surface area and enhanced photocatalytic performance. It is normally used in applications that require rapid and efficient pollutant degradation. Nanocrystalline titanium dioxide has a size of less than 100 nanometers. These nanoparticles have a high surface-area-to-volume ratio, which accelerates the photocatalytic activity. This is why anatase is vastly used in advanced coatings and films to provide improved efficiency and reactivity.
Top players in the market Mitsubishi Chemical Group Corporation, Japan Photocatalyst Center, Photocatalyst Coatings NZ Ltd., USA Nanocoat, Green Millennium Inc., KRONOS Worldwide Inc., Tronox Holdings PLC, The Chemours Company, Venator Materials PLC, and Saint-Gobain Group.