Photocatalyst Market Size, Share & Trends Analysis Report By Material (Titanium Dioxide, Zinc Oxide), By Application (Self-cleaning, Air Purification, Water Purification), By Region, And Segment Forecasts, 2018 - 2025

Industry Insights

The global photocatalyst market size was estimated at USD 1.65 billion in 2016. Rising water scarcity owing to rapid industrial growth and depleting freshwater resources is likely to increase water treatment across the globe. Photocatalysts have superior chemical properties which enhance the water treatment process, which is expected to drive growth over the forecast period.

Rising demand for low VOC coatings in the building & construction industry is expected to fuel the demand for photocatalysts owing to its superior property including decomposition of an organic compound. Europe is investing rigorously in the construction industry owing to recovering economy, which in turn, is expected to fuel the market growth over the forecast period.

In 2006, Photocatalysis Industry Association of Japan (PIAJ) was formed to encourage participation of manufacturers on account of which Japanese players hold the highest number of patents. As a result, the country is expected to account for the majority of the revenue share over the projected period.

A photocatalyst is an environmentally friendly material as it does not exhibit any toxicity and absorbs lamp light or sunlight for its functioning. Moreover, currently, there are very few regulations over the materials including titanium dioxide and zinc oxide owing to its harmless characteristic which boosts the market growth over the forecast period.

There are no external substitutes for photocatalysts; however, the internal substitution for the product is expected to increase owing to low cost offered by the materials. Zinc oxide (ZnO) and cadmium sulfide (CdS) are few materials, which can act as a substitute for titanium oxide (TiO2), which is likely to fuel growth.

There are many ongoing research projects undertaken by organizations such as Tokyo University of Science over photocatalyst technology which is likely to increase the adoption of the product. In addition, presently, the commercialization of the product is at an initial stage; however, the increasing R&D initiatives are likely to increase awareness thereby propelling the market growth.

Material Insights

The demand for photocatalysts in Japan was dominated by titanium dioxide, accounting for 88.7% of the overall revenue share in 2016. The exceptional chemical and physical stability exhibited by TiO2 are expected to drive growth. Furthermore, the demand for TiO2 is expected to increase owing to the presence of few alternatives to the material.

Zinc oxide is the best substitute available to TiO2 which can be utilized as a photocatalyst. Various ongoing research projects in order to enhance the use of the material coupled with low cost of ZnO as compared to its counterpart is likely to propel the usage thereby fueling growth over the next eight years.

Oxides sharing similar band gap and chemical & physical properties can be utilized as a photocatalyst. According to Journal of Industrial and Engineering Chemistry oxides such as Bi2WO6, Fe2O3, WO3, and Nb2O5 can be utilized as photocatalysts, however, currently, it is under research phase.

Cadmium sulfide has an advantage in captivating within the solar spectrum which allows the material to exhibit similar properties as titanium dioxide. Moreover, the combination of CdS and TiO2 is expected to be more stable and powerful in terms of photocatalytic activity and light absorption which is expected to propel the photocatalyst market growth over the forecast period.

Application Insights

The self-cleaning application is likely to grow at a CAGR of 12.0% from 2017 to 2025 owing to rising concerns associated with maintenance and cleanliness of buildings. At present, this application is widely utilized in the building & construction industry and is expected to grow with the rising demand in the industry. As a result, photocatalysts market is expected to grow over the forecast period.

The photocatalysts including titanium dioxide and zinc oxide can provide safety against air pollutants such as formaldehyde, VOC, microbes, and ammonia. Moreover, the applications of these photocatalysts are available for components including air filters, air conditioning system, and ventilation. Thus, the increasing concerns over pollution are expected to drive demand.

In water purification, the product is utilized as a disinfectant and removal of harmful substances. In 2014, Panasonic developed water purification technology based on photocatalysis technique which is expected to compel other manufacturers to adopt similar expertise owing to the high efficiency of the technology thereby driving growth.

Photocatalysts when meets sunlight, exhibits super-hydrophilic property which acts as an anti-fogging agent. It is being used on glass surfaces including the optical lens, glass film, refrigerated showcase, bathroom or dresser mirror, and road mirror. Thus, the rising utilization of the photocatalytic materials on glass surfaces is expected to propel market growth.

Regional Insights

Japan dominated the market in 2016 in terms of revenue accounting for USD 560.5 million owing to the highest number of technology patents, the presence of major manufacturers, and high adoption of the technology. Moreover, the increasing R&D activities in the country is expected to fuel growth over the forecast period.

China is expected to grow at a CAGR of 11.9% owing to increasing penetration of the product in the construction industry in the country. The increasing pollution level in the country is expected to propel the use of cost-effective photocatalyst-based air-purification thereby fueling the market growth over the projected period.

North America is expected to be the fastest growing region owing to technological innovation and increasing investment in the region. Furthermore, the rising awareness and low maintenance cost associated with the product are expected to be the key drivers for the demand for photocatalysts in the region.

In 2015, Germany was one of the leading countries for the use of nanoparticle-based water treatment. In addition, the use of photocatalysis with nano-catalysts is a trusted method for disinfection. This is expected to contribute to the rising demand for photocatalysts in the country driving industry growth.

Photocatalyst Market Share Insight

At present, the number of manufacturers in the industry is low with majority of players operating through Japan. However, increasing awareness of the technology and its benefits coupled with development of new photocatalytic materials is expected to attract new players in the market driving demand for the product across the regions.

The key market players are TOTO Corporation, JSR Corporation, KRONOS Worldwide, Inc., CRISTAL, TiPE, and OSAKA Titanium Technologies Co., Ltd. These companies compete on the basis of price and regional presence. The competition in Japan is relatively higher compared to another region owing to the high concentration of the manufacturers in the country.

Report Scope 

Segments covered in the report

This report forecasts revenue growth at global, regional & country levels and provides an analysis of the industry trends in each of the sub-segments from 2014 to 2025. For the purpose of this study, Grand View Research has segmented the photocatalyst market on the basis of material, application, and region:

• Material Outlook (Revenue, USD Million; 2014 - 2025)

  • Titanium Dioxide

  • Zinc Oxide

  • Others

• Application Outlook (Revenue, USD Million; 2014 - 2025)

  • Self-cleaning

  • Air Purification

  • Water Purification

• Regional Outlook (Revenue, USD Million, 2014 - 2025)

  • North America

  • The U.S.

  • Europe

  • Germany

  • UK

  • Japan

  • Rest of Asia Pacific

  • China

  • India

  • Rest of World