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| Photocatalytic Coating Market Share |
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 Overview:
Photocatalytic coating is a thin layer coating solution that exhibits strong
photocatalytic properties when exposed to light irradiation, especially UV
light. It helps decompose and eliminate organic dirt, odors, bacteria, viruses,
and other contaminants from various surfaces. These self-cleaning and
anti-microbial coatings find widespread adoption in construction for
applications like exterior wall cladding, roofing, tiles, glasses etc. They
help maintain the aesthetic appeal of infrastructures as well as provide
hygienic living conditions by eliminating microbial growth on outer building
surfaces exposed to sunlight. The photcatalytic properties also aid in reducing
air pollution by decomposing nitrogen oxide and decomposing smog and volatile
organic compounds.
Market key trends:
One of the key trends driving the photocatalytic coating market growth is the
surging construction and infrastructure development activities across both
developed and developing regions. According to data, the global construction
industry is expected to grow at 3.8% annually till 2030. The reviving economy is
fueling investments in commercial real estate and transport infrastructures.
This is translating to higher demand for anti-pollution and self-cleaning
construction materials like photocatalytic coatings.
The second major trend is the stringent regulations regarding air pollution
control. Many cities and countries are imposing strict norms to reduce nitrogen
oxide emissions from vehicles and infrastructures. This is propelling the
replacement of older construction materials with innovative solutions like photocatalytic
coatings that can aid in smog decomposition.
Furthermore, ongoing research and development activities to enhance the
efficiency of photocatalytic coatings through titanium dioxide modifications
and immobilization techniques will support the market growth over the forecast
period.
Porter’s Analysis
Threat of new entrants: Low capital requirements and established industry
players make threat of new entrants low in the Photocatalytic Coating Market.
Bargaining power of buyers: Buyers have moderate bargaining power due to
availability of substitutes and differentiated product offerings from various
manufacturers.
Bargaining power of suppliers: A few major players control the supply of raw
materials used in photocatalytic coatings, giving them strong bargaining power
over manufacturers.
Threat of new substitutes: Potential threat from new substitutes like UV
protective coatings, but patented coating technologies act as barrier.
Competitive rivalry: Intense competition among key players to gain market share
through product innovation and partnerships.
Key Takeaways
The global Photocatalytic
Coating Market Share is expected to witness high growth, exhibiting 24%
CAGR over the forecast period, due to increasing demand from construction
industry. The market size for 2023 is estimated to be US$ 4.25 Bn.
Regional analysis: Asia Pacific dominates the global market and is expected to
continue its dominance, growing at a higher pace owing to surge in construction
activities in China and India. Europe follows APAC in terms of market share due
to stringent regulations regarding green buildings.
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 leads the market with its
diversified product portfolio and global presence.
Read More: https://www.ukwebwire.com/photocatalytic-coating- market-share-scope-and-size/