The Photocatalytic Coating Market is estimated to be valued at US$ 4.25 Bn in 2023 and is expected to exhibit a CAGR of 24.% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Photocatalytic coating refers to a material which contains photocatalytic semiconductor particles that generate reactive oxygen species such as hydroxyl radicals and superoxide anions upon activation by light with wavelengths across the ultraviolet and visible spectrum. Photocatalytic coatings are applied on exterior surfaces of buildings, vehicle bodies, self-cleaning windows, air and water purifiers and other surfaces for their ability to decompose and destroy organic and inorganic dirt, pollutants and microbes. These coatings are environment friendly and help reduce maintenance costs.
Market Dynamics:
Growing awareness regarding indoor air quality along with need for self-cleaning surfaces is driving the growth of photocatalytic coatings market. Photocatalytic coatings have the ability to reduce indoor air pollutants such as volatile organic compounds (VOCs), NOx, SOx and decomposes pollutants and allergens leading to improved air quality. They also aid in controlling bacterial & fungal growth and prevents biofilms formation. This is increasing their adoption in construction sector. In addition, rising demand for non-stick, easy to clean, and anti-fouling coatings from end use industries such as automobile, marine and construction is also contributing to the market growth over the forecast period.
Segment Analysis
The photocatalytic coating market is dominated by the exterior coatings sub-segment. Exterior coatings account for around 60% of the overall market share owing to their ability to break down air pollutants such as NOx, SOx, and VOCs that often accumulate in urban areas. These coatings have self-cleaning properties that enable them to break down organic dirt and reduce smog accumulation on building facades, roads, and parking lots.
PEST Analysis
Political: Supportive government regulations regarding emission control and urban air quality management are expected to drive the market. Many nations & municipalities have upcoming construction mandates involving green building codes.
Economic: Lower maintenance costs of photocatalytic coatings compared to routine cleaning alternatives will benefit end-users in the long run despite higher upfront costs.
Social: Growing environmental consciousness regarding air and water pollution is increasing the demand for sustainable and eco-friendly building materials.
Technological: Advancements in catalyst and binder formulation are helping improve efficiency, prolong service life and reduce material costs of photocatalytic coatings.
Key Takeaways
The global Photocatalytic Coating Market Share is expected to witness high growth at a CAGR of 24% over the forecast period due to increasing adoption in the construction industry.
- The construction industry accounted for over 50% of the global market share in 2023. Rapid urbanization and infrastructure development projects in Asia Pacific and Middle East are driving the uptake of these self-cleaning coatings on building facades, bridges and tunnels.
- Regionally, Asia Pacific led by China, India and Japan dominated the photocatalytic coating market in 2023 with a 35% share owing to proactive pollution control initiatives. Europe and North America are also lucrative markets driven by green building mandates and consumer sensitivity.
- Key players operating in the photocatalytic coating market are Mitsubishi Chemical Corporation, KoN Corporation, PPG Industries, Inc., Photocatalytic Coatings Ltd, Alpha Coatings, KRONOS Worldwide, Inc., Saint-Gobain, PURETi Group, LLC, Sto SE & Co. KGaA, and Eco Active Solutions. Leading players are focusing on new product launches with advanced materials and competitive pricing to increase their market share.
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