July 24, 2024

Photocatalytic Coating Market Driven By Rising Awareness Regarding Air Pollution

Photocatalytic coatings are self-cleaning and air-purifying coatings that are applied on substrates including glass, ceramic, metals, and concrete surfaces. These coatings utilize a photocatalytic process when activated by sunlight or artificial ultraviolet light that breaks down organic dirt and pollutants deposited on the coated surface. Photocatalytic coatings find wide applications in construction to keep building exteriors clean and reduce air pollution. They are used on roofing materials, window panes, external plasters, tiles, and other architectural components. The self-cleaning and air-purifying properties of these coatings help lower outdoor and indoor maintenance costs while improving indoor air quality. In addition, photocatalytic coatings provide anti-microbial and anti-fungal properties that inhibit the growth of mold, mildew, and bacteria.

The global 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 key trends:

One of the key trends in the photocatalytic coating market is the development of coatings that can be activated by both UV light and visible light. Conventional photocatalytic coatings require ultraviolet light for activation. However, visible light activated coatings can harness a larger part of the solar spectrum for photocatalysis. Players are focusing on doping photocatalytic materials like titanium dioxide with metals or non-metals to extend their activation range to the visible light region. These multifunctional visible light activated coatings are gaining popularity for applications in self-cleaning glass, exterior walls, purification of indoor air, and water remediation. Their ability to be activated by ambient light expands commercialization opportunities for photocatalytic coatings.

Porter’s Analysis

Threat of new entrants: The threat of new entrants in the photocatalytic coating market is moderate as it requires significant capital and technical expertise to enter this market. Many existing players have established themselves for a long period of time in this market making it difficult for new players.

Bargaining power of buyers: The bargaining power of buyers is moderate as there are many established brands providing photocatalytic coatings. Buyers can choose from various product and price options offered by these brands.

Bargaining power of suppliers: The bargaining power of suppliers is moderate as raw materials required to manufacture photocatalytic coatings are available from multiple sources globally. Established suppliers have maintained long term relations with key buyers in this market.

Threat of new substitutes: The threat of substitutes is low as photocatalytic coatings provide unique properties like self-cleaning, air purification, antimicrobial which are difficult to achieve with substitutes. Existing substitutes also cannot efficiently mimic all functionalities of photocatalytic coatings.

Competitive rivalry: The competitive rivalry in the market is high owing to presence of many global brands providing similar product offerings. Companies focus on new product innovations, pricing strategies and partnerships to gain competitive edge.

Key Takeaways

The Global Photocatalytic Coating Market Demand is expected to witness high growth over the forecast period. The increasing demand from construction industry for self-cleaning building exteriors is driving the market. The global 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.

Regional analysis –

 

Asia Pacific region dominates the global photocatalytic coating market and is expected to grow at the fastest rate during the forecast period. Increased construction activities along with rising consumer awareness regarding health benefits are driving the market in countries like China and India.

Key players –

 

Key players operating in the photocatalytic coating market are Mitsubishi Chemical Corporation, PPG Industries, Inc., KRONOS Worldwide, Inc., Sto SE & Co. KGaA, and Eco Active Solutions. These players are focusing on new product launches with advanced functionalities to strengthen their market position. For instance, in 2021, PPG Industries launched a photocatalytic exterior paint that can remove pollutants from the air on exposure to sunlight.

Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it