Photocatalytic Coatings Market Forecasted to Attain $1.4 Billion Valuation by 2028
The Photocatalytic Coatings market is projected to grow from USD 0.9 billion in 2023 to USD 1.4 billion by 2028, at a CAGR of 9.7% during the forecast period. Asia Pacific is the largest and fastest-growing Photocatalytic Coatings market in the world. Their environmental friendly nature and low or no VOC emissions wil boost the demand for photocatalytic coatings market.
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Based on type, titanium dioxide photocatalytic coatings is the largest employable segment. Due to its high chemical stability, commercial availability, and excellent catalytic properties, TiO2 has received increasing attention in recent decades, and has revealed its great potential in a wide range of applications ranging from energy conversion and storage to hydrogen production, sensing, and environmental applications. Moreover, the low efficiency of TiO2 in the visible range, has motivated the need of visible light active photocatalysts, addressing to different approaches, including hybrid nanostructured materials (coupling TiO2 with other semiconductors materials), doping with atoms such as metals or N, and combination of TiO2 nanostructures with different allotropes of carbon.
Based on end-use industry, Building and construction is the largest segment. The use of photocatalytic coatings in building and construction aims to enhance sustainability, improve air quality, reduce energy consumption, and promote cleaner and healthier environments. Some common applications of photocatalytic coatings in this end-use industry include building facades, roofs and pavements, glass surfaces, interior surfaces, infrastructure and public spaces, HVAC systems, etc. It is essential to consider different factors like proper maintenance, surface quality, and the specific environmental conditions of the building to ensure the optimal performance of these coatings.
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Mitsubishi Chemical Corporation (Japan), Kon Corporation (US), Saint-Gobain (France), USA Nanocoat (US), and Green Millennium (US) are the key players in the global Photocatalytic Coatings market. These top five players together accounted for a share of 50-55% of the total Photocatalytic Coatings market, while the rest was secured by small and medium-sized enterprises in 2022.
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