June 17, 2024

Photocatalytic Coating Market is Estimated to Witness High Growth Owing to Increased Adoption of Photocatalytic Products for Air and Water Purification

The photocatalytic coating market comprises coatings that utilize photoactive materials like titanium dioxide that accelerate chemical reactions such as oxidation when illuminated by photons from ultraviolet light, visible light or infrared radiation. These coatings are applied to various surfaces to develop self-cleaning, anti-fogging, antimicrobial and air purifying properties. They find wide usage in architectural applications and on air and water treatment equipment for purification purposes.

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.
Key opportunities in the market include growing demand for self-cleaning surfaces and green building materials. Advancements in photocatalytic materials and coating technologies are leading to enhanced purification efficiencies and wider industrial applications.
Technological advancements like the development of visible light responsive photocatalysts and nanostructured photocatalytic films have increased the viability of photocatalytic coatings for indoor air and water treatment.

Market drivers
Strict regulations regarding waste water treatment and quality are also boosting the usage of photocatalytic technologies in water treatment plants. Rapid urbanization and growing construction activities especially in Asia Pacific are expected to generate significant opportunities for photocatalytic coatings in building facades and interior applications.

Current Challenges in Photocatalytic Coating Market

The Photocatalytic Coatings Market Size  is currently facing challenges due to the COVID-19 pandemic. The lockdown and social distancing measures implemented globally led to the closure of several end-use industries such as construction and automotive which are major application areas for photocatalytic coatings. This decline in demand negatively impacted the market growth in 2020. Another challenge is the availability of substitute products like thermal spray coatings and plasma spray coatings which can perform similar functionalities at relatively lower costs. Photocatalytic coatings also have a limitation in terms of types of substrates they can be applied on which restricts their end-use scope. High material and production costs also make photocatalytic coatings less competitive compared to conventional coating systems.

SWOT Analysis
Strength: Photocatalytic coatings offer self-cleaning and air purifying properties without requiring any external intervention. They are more durable and environment-friendly than conventional coatings.
Weakness: High material and production costs limit the large-scale adoption. Photocatalytic activity gets reduced over time requiring maintenance/replacement.
Opportunity: Growing construction industry in Asia Pacific and Middle East regions is expected to drive the demand. Increasing environmental regulations regarding air pollution can boost the market.
Threats: availability of cheaper substitute products pose competition. Economic slowdowns impact the end-use industries negatively affecting the demand.

Geographical Regions with Highest Market Share
The Asia Pacific region currently holds the largest share of the global photocatalytic coating market in terms of value. This is attributed to the growing construction industry and rapid urbanization activities in major countries like China and India which are driving the demand for self-cleaning and air purifying building materials. The North America and European markets also have a significant presence owing to stringent environmental policies and awareness about indoor air quality.

Fastest Growing Regional Market
The Middle East region is projected to be the fastest growing regional market for photocatalytic coatings during the forecast period from 2024 to 2030. This is due to the ongoing large-scale infrastructure development projects across GCC countries for sectors like transportation, healthcare, education, logistics, etc. Extensive construction of smart cities and commercial buildings incorporating advanced material technologies will drive the consumption of photocatalytic coatings in MEA region.

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