The global market for photocatalyst products is expected to reach $2.9 billion by 2020.
(PRWEB) October 12, 2015
Wellesley, Mass., October 12, 2015 – Lower unit prices for titanium oxide (TiO2) is driving moderate growth in the global markets for photocatalysts. BCC Research reveals in its new report that other market drivers include rising demand for self-cleaning coatings, construction materials, deodorizers and air purifiers, and other fast-growing applications in the energy and environmental sectors.
Photocatalysts are materials that use photons as a source of energy to activate certain reactions. These catalysts have current and potential use across seven main industry sectors: automotive, construction, consumer products, energy, environmental, mechanical/chemical, and medical/dental. Anatase titanium dioxide is the most common material used to make photocatalysts, but other compounds are available or are under development to achieve higher photocatalytic efficiency.
The global market for photocatalyst-based products is projected to reach almost $1.6 billion and $2.9 billion in 2015 and 2020, respectively, reflecting a five-year (2015-2020) compound annual growth rate (CAGR) of 12.6% by the end year. The construction sector is projected to total nearly $1.4 billion and $2.5 billion in 2015 and 2020, respectively, and account for almost 90% of total market value in the end year. In this sector, photocatalysts are used primarily for glass coatings and as additives in building materials (e.g., paints, ceramic tiles, and concrete). The consumer product sector, which represents about 9.8% of the market based on a projected value of $155.6 million in 2015, should reach $220.3 million in 2020. In this sector, photocatalysts are used mainly in the production of deodorizing and air-purifying products for the home. The remaining sectors combined should capture about 3.6% share of the total market in 2015.
Sales of photocatalyst products should continue to grow at a healthy rate during the next five years. Key market factors that should encourage market expansion include improving worldwide real estate and construction markets, an expanding “green building” sector, stabilizing raw material prices, and growing R&D activities on the development of new and more efficient materials, especially in the energy sector.
“Photocatalyst products based on titanium dioxide currently represent the largest share of the market at 97.6% of the total,” says BCC Research analyst Margareth Gagliardi. “The revenues for these products are estimated to reach $1.5 billion by the end of 2015. Although many new materials are being developed, titanium dioxide in various forms (e.g., doped, undoped and nanopowder) remains the preferred choice due to its lower cost, availability, and well-documented performance data.”
Photocatalysts: Technologies and Global Markets (AVM069B) examines photocatalyst technology, its materials and production processes, and current and emerging applications. The report also analyzes market dynamics, growth drivers, inhibitors, opportunities, and forecasts trends and revenue through 2020.
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