Photocatalyst Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

Photocatalyst Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

The photocatalyst market is expected to reach USD 3,398.77 million by 2026, registering a CAGR of 9.52% during the forecast period (2021-2026). High demand for titanium dioxide and increasing water treatment and air purification applications are likely to drive the demand for the photocatalyst market. On the flipside, unfavorable conditions arise due to the COVID-19 pandemic and high capital investment are expected to hinder the growth of the market.

Titanium dioxide finds its broad application in self-cleaning and therefore, widely used in building materials, paint and coatings and plastics which account for more than 80% of the consumption worldwide, which is forecasted to fuel the growth of the market studied.

Further R&D is going to use photocatalysts as a disinfectant because of its better ability to inactivate a wide range of harmful microorganisms over traditional disinfection methods such as chlorination.

Asia-Pacific region is expected to dominate the global market with majority of the consumption coming from China, India, and others.

Key Market TrendsIncreasing Demand of Titanium dioxide

Zinc oxide (ZnO) is an inorganic compound, which occurs in nature as the mineral zincite, but commercially it is produced through high-temperature oxidation of zinc ores or metallic zinc. It is usually a white, grey, or yellowish powder with no odor, but it is bitter in taste. It is known to be insoluble in water but soluble in dilute acids and bases. Zinc oxide photocatalysts were synthesized by the sol-gel method using zinc acetate as a precursor for degradation of azo dyes under UV irradiation. The resultant samples were characterized by different techniques, such as XRD, SEM, and EDX. Zinc oxide, with a high surface reactivity owing to a large number of native defect sites arising from oxygen nonstoichiometry, has emerged to be an efficient photocatalyst material compared to other metal oxides. ZnO exhibits comparatively higher reaction and mineralization rates and can generate hydroxyl ions more efficiently than titania (TiO2).

A serious problem of water pollution is rising with the rapid evolution of industries, and a large number of pollutants are produced, such as organic solvents, oils, and dyes that were discharged to water resources. The discharge of this type of pollutants to water resources leads to a shortage of fresh and clean water that is indispensable for the sustainability of the global population. ZnO photocatalyst has gained considerable significance in recent years for its exceptional photoactivity, lower cost, exceptional photosensitivity, as well as chemical, physical, and photocatalytic stability. The solar photocatalysis process has received increasing attention in the past few years due to its great potential as a green and eco-friendly process for the elimination of POPs to increase the security of clean water. In this context, ZnO nanostructures are one of the major photocatalysts to be used in photodegradation because they are low-cost, non-toxic, and more efficient in the absorption across a large fraction of the solar spectrum compared to TiO2. Furthermore,

ZnO photocatalyst can be implemented to degrade the color of POME (palm oil mill effluent) by using a photocatalytic degradation process. ZnO photocatalyst manages to achieve 100% color removal, 100% turbidity reduction, 100% suspended solid rejection by coupling the photocatalysis and the membrane filtration. ZnO nanoparticles and their networks can also be one of the promising photocatalytic antibiotics for use in next-generation disinfection systems. Their application could also be extended to industrial and clinical use as effective and safe photocatalytic antibiotics. Zinc oxide is extensively used in paints and pigments, which is popular with the name of Chinese white and zinc white. Zinc oxide-based white paints and pigments are known for their ability to retain their shine and purity for a longer period as compared to other types of white paints. This is because zinc oxide does not react with hydrogen sulfide in the air, which stands to be a major cause for white paints to darken.

Zinc oxide’s ability to absorb ultraviolet (UV) light in sunlight also makes it widely popular for use in sunscreens and sunblocks. Its use in these products helps to protect a person from sunburn when exposed to sunlight. Therefore, such diversified applications of photocatalyst based on zinc oxide stands to be instrumental in driving the growth of the photocatalyst market globally. In 2020, with the COVID-19 outbreak, the industrial production of such goods, along with demand, has dipped notably, affecting the demand for photocatalyst. However, industrial production is likely to witness recovery from 2021, creating a positive impact on the photocatalyst market.

China to Dominate the Asia-Pacific Market

In Asia-Pacific, China is the largest economy in terms of GDP. The growth rate of the GDP in the China was 6.7% in 2018 and 6.1% in 2019. The trade war with United States had a significant impact on trade. Moreover, the COVD-19 pandemic is estimated to have a huge impact on the economy, with the economic growth of China now expected to contract to a considerable extent. The IMF has cut the nation’s GDP growth forecast from about 4.2%, to 1.9% in 2020. With the onset of COVID-19, the economic and industrial manufacturing activities wereaffected significantly in the country. On the bright side, in March 2020, China lifted the lockdown in the country. It started various industrial operations, while other countries were still aggressively engaged in lockdowns and treatments. Hence, from the above-mentioned factors, the demand for the market studied in China is likely to be affected in the short run. The industrial demand is expected to normalize from 2021.

The super-hydrophilic nature of photocatalysts are imparting the self-cleaning nature. For instance, titanium dioxide provides a photocatalytic protective film, which possesses the property of self-cleaning by becoming super-oxidative and hydrophilic. This property of photocatalyst is catering its high demand application as self-cleaning aid in paints and coatings. Moreover, as a photocatalyst, it transmits unique cleaning and anti-microbial properties. Hence, with the increasing construction activity, the demand for paint and coatings is expected to increase, which is driving the market demand for photocatalysts. In China, many construction activities are under rapid phase. For instance, according to the Council on Tall Buildings and Urban Habitat, in 2019 alone, 56 high-rise buildings (over 200 meters in height) were completed in the country, creating huge demand for paints and coatings. The country contributes almost 30% of the global paints production, which is acting as major source in the consumption of photocatalyst, owing to their self-cleaning properties when induced in paints and coatings. With the growing demand for paints and coatings in the country, the demand for photocatalysts is rapidly increasing, as they have properties of self cleaning, smog eating/air purifying, decomposes dirt, and pollutants that come in contact with the surface. Hence, with the growing demand, many major paint manufacturers are expanding their production capacities, which is further likely create huge demand for the photocatalyst application in paints and coatings.

The growing demand for paint and coatings due to the growing demand from construction, automotive, and packaging is expected to drive the market for photocatalysts during the forecast period. The country produces around 30% of the total global paints and coatings. The new investments and expansions in the country include: Hempel is expected to invest USD 170 million to construct new coatings plant, which includes a production capacity of 105 thousand metric ton per year of high-performance marine coatings, 75 thousand metric ton per year of high-performance industrial coatings, and 20 thousand metric ton per year of waterborne coatings. Additionally, PPG Industries is planning construct its South Chinese R&D and production base by 2022, with an investment of CNY 620 million.

Moreover, poor outdoor air quality, as result of air pollution, has negative impacts on both human health and the natural environment. While the levels in some areas have been declining in the country due to the rapidly growing population. Pollution levels are increasing due to emissions from cars, trucks, buses, and power plants. Hence, photocatalytic materials can help improve air quality and keep surfaces looking cleaner for longer. As a result, the demand for photocatalytic mineral paints, which use light energy to neutralize pollution, has also been rapidly growing the country to purify air with the growing air pollution.

Competitive Landscape

The global photocatalyst market is consolidated in nature, with the top five players having major production capacities. Some of the key players accounting for major share in the market include The Chemours Company, Tronox Holdings plc, Venator Materials PLC, Lomon Billions, and KRONOS Worldwide Inc., among others

Additional Benefits:

• The market estimate (ME) sheet in Excel format
• 3 months of analyst support

Companies Mentioned

Daicel Miraizu Ltd
Green Millennium
Hangzhou Harmony Chemical Co. Ltd
ISHIHARA SANGYO KAISHA Ltd
KRONOS Worldwide Inc.
Lomon Billions
Nanoptek Corp.
SHOWA DENKO KK
TAYCA
The Chemours Company
TitanPE Technologies Inc.
Tronox Holdings PLC
Venator Materials PLC

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