April 20, 2024

Photocatalytic Coating Market is Estimated to Witness High Growth Owing to Increasing Demand from Industrial Sectors

They are widely used for air and water purification applications. They can decompose pollutants like NOx, SOx, volatile organic compounds and decompose toxic air pollutants. Photocatalytic coatings are environment-friendly and self-cleaning in nature. They find widespread applications in industrial sectors like hospitality, healthcare and construction to purify indoor air. Increasing health concerns regarding air pollution and demand for energy-efficient self-cleaning surfaces are driving the adoption of photocatalytic coatings worldwide.

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: Key players operating in the Photocatalytic Coatings Market Size  include 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: Rising concerns over indoor air quality offer significant growth opportunities for photocatalytic coating manufacturers. The growing construction sector especially in emerging nations also provides an impetus to market growth. Furthermore, stringent regulations regarding emissions from industrial sectors will further augment demand.

Global expansion: Asia Pacific region particularly China, India and Japan are emerging as lucrative markets driven by rapid industrialization and urbanization. Photocatalytic coating manufacturers are expanding their footprints in these regions through partnerships with local players. European nations are also investing heavily in energy-efficient technologies which will propel regional demand over the forecast period.

Market drivers
The major market driver for the photocatalytic coating market is the increasing demand from industrial sectors. Various industries are adopting photocatalytic coatings for applications like purification of exhaust gases from manufacturing processes and scrubbing devices. They are able to remove gaseous pollutants emitted from industries effectively. This widespread adoption from end-use industries is estimated to fuel market growth over the coming years.

PEST Analysis
Political: The changing regulations regarding emission control and environmental protection by governments across regions favor the growth of photocatalytic coating market. Regulations mandate use of coatings with self-cleaning and air and water purification properties.

Economic: Global economic development and investments in infrastructure development offer increased demand for construction materials with improved functionality like photocatalytic coatings. Rise in disposable income boost spending on aesthetics and multifunctional products.

Social: Increased awareness about health hazards of air and water pollution drives demand for sustainable solutions. The eco-friendly nature and self-cleaning property improve aesthetics and reduce maintenance costs, garnering social acceptance.

Technological: Advances in material science facilitate development of improved photocatalytic formulations with higher reaction rates and efficiencies. Nanotechnology applications enable coatings with enhanced surface area for reactions. Combination with AI expands monitoring and automation scope.

Regions of concentration
The value share of photocatalytic coating market is highly concentrated in Asia Pacific region led by China, Japan and India. This is attributed to presence of major manufacturers, growing construction activities and increasing demand for green buildings with self-cleaning properties. Europe and North America also capture sizable shares of the global market value owing to stringent regulations and awareness levels.

Fastest growing region
Latin America is poised to emerge as the fastest growing regional market for photocatalytic coatings during the forecast period. This is accredited to ongoing infrastructure development projects, urbanization, rising adoption of green construction practices and favorable government initiatives to curb pollution in the region.

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