Photocatalyst Market to Reach $5.23 Billion by 2027 | CAGR

11.2% | Reports And Data

• Rapid industrialization and the growing awareness for air and water purification are the drivers for the growth of the market
• Market Size – USD 2.32 Billion in 2019, Market Growth - CAGR of 11.2%, Market Trends –High demand from self-cleaning applications

NEW YORK, June 10, 2020 /PRNewswire/ -- The global Photocatalyst market is forecast to reach USD 5.23 Billion by 2027, according to a new report by Reports and Data. The growing demand for photocatalysts as a self-cleaning material in the construction industry due to their low maintenance cost is expected to stimulate growth.

Currently, the industry is in its infancy, with few manufacturers. Japan is expected to lead the industry due to the rapid adoption of technology. Besides, the high R&D investments linked to the product, coupled with several patents by Japanese researchers, are key factors contributing to the steady growth. The industry was dominated by TiO2 (Titanium dioxide) photocatalysts due to early research on this product. However, manufacturing sector initiatives to develop innovative photocatalyst materials using zinc oxide (ZnO) and cadmium sulfide (CdS) are likely to replace the existing material and result in the market growth over the forecast period.

Request free sample of this research report at: https://www.reportsanddata.com/sample-enquiry-form/3180

The product can break down organic compounds, making them suitable for air purification and water treatment applications. Also, in building and construction, technology, thanks to its self-cleaning mechanism, acts as a barrier against dust and stains, which should propel growth over the next eight years. A high initial investment in commercial photocatalyst manufacturing coupled with proprietary technology over existing technology by manufacturers and researchers, should be the main barriers for new entrants. However, a vast scope in R&D for the development of innovative technologies should force new players to invest in the business.

The COVID-19 impact:

Increasing consumer needs for air and water purification due to growing awareness towards hygiene because of COVID-19 are going to propel demand soon. But supply chain disruptions and production shutdowns have resulted in a downgraded outlook for the Self-Cleaning in the construction industry segment, which is a significant market for Photocatalyst application, which will have short-term impacts on market sales that could have lasting effects. While the industry expects things to return to near normal state well before the end of 2020, negative demand shock caused by the crisis is likely to last.