According to a new study by analysts at Fact.MR, the global photocatalyst market is expected to reach a revenue of US$ 4.15 billion in 2024 and grow further to US$ 10.28 billion by 2034.
Research and development initiatives are a key trend driving the market, with advancements in nanotechnology enabling new photocatalysts to emerge. When materials are processed at the nanoscale, photocatalysts exhibit increased surface area and activity, enhancing light absorption and accelerating reaction speeds. This has led to the development of new, high-performance photocatalyst systems used in applications ranging from renewable energy to environmental cleaning and complex chemical reactions.
The East Asia region is expected to lead the global market over the next decade, with countries like China, Japan, and South Korea making significant investments in photocatalyst R&D to address environmental issues, including air and water pollution.
Key takeaways from the market study:
- Global demand for photocatalysts is projected to grow at a robust CAGR of 9.5% from 2024 to 2034.
- The North American market is expected to reach US$ 1.19 billion in 2024.
- East Asia is forecasted to hold 38.4% of the global market share by 2034.
- Japan’s photocatalyst market is projected to reach US$ 1.01 billion by 2034.
- The U.S. market is estimated at US$ 885.8 million by 2024.
- The South Korean market is predicted to grow at an impressive CAGR of 11.9% through 2034.
- Powder photocatalysts are expected to account for a 24.6% market share in 2024.
"Focusing on R&D to develop advanced and more efficient photocatalytic materials for a wider range of applications will be crucial for companies in this space," notes a Fact.MR analyst.
Leading companies driving innovation:
Prominent players in the photocatalyst market include J.S.R Corporation, TIPE Inc., Daicel Miraizu Ltd., Nanoptek Corp., Titanpe Technologies Inc., Tronox Holdings PLC, Toshiba Materials Co. Ltd., TOTO Ltd., KON Corporation, Cristal, Kronos Worldwide Inc., Showa Denko K.K., and Sakai Chemical Industry Co., Ltd.
Powder Form Gaining Popularity:
The powder form of photocatalysts is increasingly favored due to its ease of use and adaptability across various applications. Compared to granules, powder photocatalysts offer a larger surface area for reactions, boosting the efficiency of photocatalytic processes. Additionally, powder can be easily incorporated into materials like coatings and catalytic filters, making it a preferred choice for environmental and industrial uses. Its simplicity in handling, managing, and transporting also contributes to its growing popularity.
Industry News:
- In March 2023, Samsung Electronics introduced the Bespoke Cube Air Infinite line, a high-end air purifier featuring a photocatalytic deodorization filter.
- Kaltech, a Japanese technology firm specializing in photocatalytic solutions, launched its first high-end humidifier, Yuragi Junsui Premier, in January 2023 at the Consumer Electronics Show (CES) in Las Vegas.
- Nippon Paint (China) Co. Ltd. and two universities in China launched the "Photocatalytic Purification Coating Technology Innovation Platform" in July 2023 to further advance this technology.
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