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 coatings are functional coatings that use the process of photocatalysis to induce chemical reactions. They have self-cleaning and air purifying properties. These coatings are applied on building facades, roofs, windows, pavements and other exterior surfaces of buildings to reduce air pollution and keep surfaces clean. They oxidize organic and inorganic pollutants from air and surface through a photocatalytic process when activated by sunlight or artificial light.
Market Dynamics:
The rising demand from the construction industry is estimated to be a major driver for the photocatalytic coating market growth over the forecast period. Photocatalytic coatings find widespread application in green buildings, owing to their self-cleaning and air purifying properties. They help reduce maintenance cost and improve aesthetics of buildings. Furthermore, growing environmental concerns regarding air pollution and emphasis on sustainable construction are also fueling the demand for these coatings globally. Rapid urbanization in developing nations has accelerated construction activities, which in turn is boosting the market. In addition, support from various government initiatives and regulations regarding green buildings is positively impacting the market.
SWOT Analysis
Strength: Photocatalytic coatings offer self-cleaning and air purifying properties that reduce maintenance costs. They are environmentally friendly as they help reduce harmful pollutants. The advanced nanotechnology used makes the coatings highly durable and long-lasting.
Weakness: Higher initial costs of photocatalytic coatings compared to conventional coatings. Dependence on sunlight for activation increases reaction times.
Opportunity: Growing construction industry especially in Asia Pacific is promoting demand for advanced building materials. Increasing public awareness about health issues arising from air pollution is driving demand for purifying coatings.
Threats: Availability of cheaper conventional coatings acts as a restraint. Slow adoption rate due to lack of consumer awareness about benefits of photocatalytic coatings.
Key Takeaways
The global Photocatalytic Coating Market Share is expected to witness high growth, exhibiting CAGR of 24.% over the forecast period, due to increasing construction activities across the globe. Rapid urbanization and growth of the building industry are major drivers for market growth.
Regional analysis: Asia Pacific dominates the global market and is expected to grow at a highest CAGR during the forecast period. Rising building construction in China, India to accommodate growing populations will drive the regional market. Japan accounts for a major share of Asia Pacific due to high concentration of key players.
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. Mitsubishi Chemical Corporation is a leading player due to its wide product portfolio and global presence.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
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