The photocatalytic coating market has been witnessing steady growth over the past few years owing to its rising adoption across various end-use industries including construction, automotive, and textiles among others. Photocatalytic coatings are applied as thin films on surfaces to provide both self-cleaning and air/water purification properties. When illuminated with UV light from either natural or artificial sources, the coating initiates a photocatalytic reaction that removes dirt, pollutants, bacteria, and other microrganisms. They provide an eco-friendly and low-maintenance solution for surfaces as they kill microbes and keep surfaces clean without the need for chemical detergents or cleaning.
The Global photocatalytic coating market is estimated to be valued at US$ 4.9 Mn in 2024 and is expected to exhibit a CAGR of 6.5% over the forecast period 2024 to 2030.
Key takeaways
Key players operating in the photocatalytic coating market are OMEGA Engineering, Siemens AG, Servomex, Thermo Fisher Scientific Inc., Kusam – Meco, Aeroqual, Horiba Ltd., Fortive Corporation, PCE Holding GmbH, CEM Corporation, Vaisala, Teledyne Technologies Inc. The increasing awareness regarding health hazards of indoor and outdoor pollution has been fueling the demand for innovative air and water purification technologies. Photocatalytic coatings have emerged as an effective solution to purify indoor air by decomposing volatile organic compounds and neutralizing airborne pathogens. The global construction industry is increasingly adopting photocatalytic exterior coatings and paints for self-cleaning benefits which is supporting the market growth. Various companies are focusing on expanding their geographical presence across major developing markets to tap the immense untouched market potential.
Market key trends
BuildingIntegrated Photovoltaics (BIPVs) integrated with Photocatalytic Coatings Market Size is one of the key emerging trends in the market. The BIPV photocatalytic coating system works on the principle of generating electricity from solar energy during the day along with purifying surrounding air by decomposing pollutants. It provides a unique solution by combining photovoltaic and photocatalytic properties into a single system. With the rapid commercialization of BIPV technology, the demand for integrated photocatalytic coatings is expected to witness strong growth over the coming years.
Porter's Analysis
Threat of new entrants: The new entrants face barriers of entry like high initial investment in setting up new manufacturing unit and R&D facilities. Bargaining power of buyers: The buyers have moderate bargaining power due to presence of several established players offering substitutes. Bargaining power of suppliers: The suppliers have low to moderate bargaining power as there are several substitutes available in the market. Threat of new substitutes: The threat of substitutes is moderate as there are substitutes available but photocatalytic coating has its own advantage over substitutes. Competitive rivalry: The industry has high competitive rivalry among key established players leading to pricing pressures.
Geographical Regions
North America region accounts for the largest share in the global photocatalytic coating market in terms of value owing to stringent environmental and health related regulations. Asia Pacific region is expected to witness fastest growth over forecast period of 2024 to 2030. Factors such as growing construction industry, industrialization and urbanization in countries like China and India are expected to drive the demand.
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