Photocatalyst Market – Growth, Trends, COVID-19 Impact, and Forecasts (2021

New York, Feb. 26, 2021 (GLOBE NEWSWIRE) — announces the release of the report “Photocatalyst Market – Growth, Trends, COVID-19 Impact, and Forecasts (2021 – 2026)” –
On the flip side, high capital investment is hindering 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.
– Product demand from the Asia-Pacific region is expected to rise owing to high construction activities in the region.

Key Market Trends
Increasing Demand of Titanium dioxide

– Due to its ability to impart bright white color, titanium dioxide is widely used as a coloring pigment in paints. In fact, the paint industry consumes 70-80% of the titanium dioxide produced around the world every year.
– Titanium dioxide provides a photocatalytic protective film which possesses the property of self-cleaning by becoming super-oxidative and hydrophilic.
– Increasing construction activities is estimated to grow the demand for paint and coatings. TiO2 is an ingredient of self-cleaning paints and as a photocatalyst, it transmits unique cleaning and anti-microbial properties. It is often mixed with the building and construction materials like concrete and paints to keep them clean.
– In 2019, the global construction industry spending was about USD 11.4 trillion and the spending is anticipated to increase to be about USD 14 trillion by 2024.
– All the aforementioned factors are expected to drive the photocatalyst market during the forecast period.

Asia-Pacific Region to Dominate the Market

– Asia-Pacific region represents the largest and fastest-growing region owing to the broad-spectrum of application the product finds like in self-cleaning for building and construction materials, paint and coatings, etc.
– In the Asia-Pacific region, the revenue from the paint and coatings segment is projected to be about USD 80 billion in 2020 and forecasted to reach over USD 100 billion by 2024.
– Photocatalysts find their application in air purification as their photocatalytic reactivity helps purify harmful compounds, such as cigarette smoke, volatile construction compounds, and NOx.
– According to the World Health Organization, seven of the top ten most polluted cities are in the Asia-Pacific region. Thus, increasing air pollution in the region is expected to boost the demand for air purification technologies.
– Hence, the rising demand for photocatalysts from various industries is expected to drive…

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