Continuous Research & Development Activities In Nanotechnology Creating Lucrative Opportunities For Photocatalyst Suppliers: Fact.MR Report
Rockville, MD, Aug. 08, 2024 (GLOBE NEWSWIRE) — According to a new study compiled by skilled analysts at Fact.MR, revenue from the global photocatalyst market is projected to reach US$ 4.15 billion in 2024 and further ascend to US$ 10.28 billion by the end of 2034.
Research and development efforts, a key trend in the photocatalyst market, are creating new applications and are contributing to continuous technological advancements. Nanotechnology is advancing steadily, leading to the emergence of new photocatalysts. When materials are processed at the nanoscale, the photocatalyst’s surface area and activity rise, increasing light absorption and the pace at which the reaction proceeds. Due to this reason, new photocatalyst systems with improved performance characteristics are being developed. These systems are needed for various applications, including the production of renewable energy, cleaning the environment, and complex chemical reactions.
The East Asia region is forecasted to hold a leading position in the global market over the next ten years. Industrialization has been posing more environmental problems such as contamination of the air and water. To lessen these environmental issues, countries such as China, japan, and South Korea are making significant investments in photocatalyst research and development.
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Key takeaways from market study:
- Global demand for photocatalysts is projected to increase rapidly at 9.5% CAGR from 2024 to 2034.
- The North American market is estimated at a value of US$ 1.19 billion in 2024.
- East Asia is projected to account for 38.4% of the global market share by 2034.
- Sales of photocatalysts in Japan are projected to reach US$ 1.01 billion by the end of 2034.
- The market in the United States is set to reach US$ 885.8 million in 2024.
- The South Korean market is forecasted to expand at 11.9% CAGR through 2034.
- Based on form, powder photocatalysts are projected to hold a 24.6% market share in 2024.
“Focus on R&D to create advanced, more efficient photocatalytic materials suitable for a wider range of applications will be the way forward for companies in this business space,” says a fact.mr analyst
Leading players driving innovation in the photocatalyst market:
J.s.r corporation; tipe inc.; daicel miraizu ltd.; nanoptek corp.; titanpe technologies, inc.; tronox holdings plc; toshiba materials co. Ltd.; toto ltd.; kon corporation; cristal; kronas worldwide, inc.; showa denko k.k.; sakai chemical industry co., ltd.
Powder form of photocatalyst gaining attention worldwide
End users are mostly favoring powder forms of photocatalysts over granules and solutions due to their ease of use and adaptability in a wide range of applications. Compared to granules, powder form provides a larger surface area for reactions, improving the photocatalytic processes’ efficiency. It is simple to add this powder form to various materials and systems such as coatings, composites, and catalytic filters. This has made it possible for it to be widely used in numerous environmental and industrial applications.
Additionally, compared to other forms that call for certain handling precautions and special containment, powder is usually easier to handle, manage, and transport. This adaptability helps explain why powered photocatalysts are becoming more popular for use in commercial and industrial settings.
Photocatalyst industry news:
- Samsung electronics launched the bespoke cube Air Infinite line in March 2023, a new version of their high-end air purifier including a redesigned filter that requires less frequent replacement. The most notable feature of this model is the infinite line filter. A washable sterilization dust collection filter and a photocatalytic deodorization filter built especially for air purification and deodorization make up the infinite line filter.
- The first high-end humidifier from Japanese technology company Kaltech, which specializes in photocatalytic technology intended to purify food, water, and air, was introduced on January 5, 2023, at the consumer electronics show in Las Vegas. The luxurious Yuragi Junsui Premier, which uses photocatalytic technology to remove contaminants, was introduced for sale in the us.
- The ‘photocatalytic purification coating technology innovation platform’ was formally established in July 2023 by Nippon paint (china) co., ltd., ecnu (East China Normal University), and ecust (East China University of Science and Technology).
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More valuable insights on offer:
Fact.MR, in its new offering, presents an unbiased analysis of the photocatalyst market, presenting historical demand data (2019 to 2023) and forecast statistics for 2024 to 2034.
The study divulges essential insights into the market based on form (powder, solution, granules), material (titanium dioxide, zinc oxide), and application (self-cleaning, air purification, water purification), across seven major regions of the world (north america, western europe, eastern europe, east asia, latin america, south asia & pacific, and mea).
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