The demand for photocatalysts in diverse industrial applications has been rising due to their eco-friendly nature. The increasing demand for low-VOC-content paints and coatings has boosted the use of photocatalysts as they eliminate atmospheric pollutants such as volatile organic compounds (VOCs). Owing to greater convenience, the use of photocatalysts in powder form has also been rising. Additionally, the use of photocatalysts in water treatment to degrade residual dyes in the paper and textiles industries has emerged as a key factor contributing to the expansion of the photocatalyst market. In this promising industrial landscape, prominent players in the market are likely to chase novel RD initiatives, setting the stage for next-level product differentiation, cross-collaboration, and innovation. During the forecast period, this lucrative business scenario will unlock fruitful outcomes for stakeholders of market.
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Rising Demand for TiO2, and Powder Form Opens New Revenue Streams in Photocatalyst Market
The demand for titanium dioxide (TiO2) photocatalysts is anticipated to rise in the coming years. By altering its crystal structure and converting TiO2 into a fine powder, the photocatalysis properties undergo great improvement, including enhanced hydrophilic and decomposition abilities. This has driven the adoption of TiO2 in various energy and environmental applications due to its high stability, ecological safety, improved photoactivity, and low cost. Furthermore, downstream formulators have been increasingly using photocatalysts in powder form due to ease of handling, stable particle distribution, low oxygen levels, and the assurance of purity. This emerging trend is set to positively influence the use of powdered photocatalysts in 3D printing, hydrogen power generation, and other manufacturing processes, generating new revenue streams in the photocatalyst market.
Key Vendors in Photocatalyst Market Develop Advanced Photocatalysts amid Growing Use in Heavy Industries
On a global scale, investments in cutting-edge technologies have witnessed a positive trend. Innovations in areas such as water cleaning, antibacterial treatment, eco-friendly paints and coatings, and air purification have created profitable prospects in the photocatalyst market. In response to the ongoing technological advancements, several companies have invested in RD in the field of photocatalysis. These efforts aim to harness the basic properties of photocatalysts to develop advanced versions of existing products and explore new applications. These experimentation and product development endeavours, spearheaded by leading universities, companies, and research institutes, are predicted to open new windows of opportunity for manufacturers in the photocatalyst market. Moreover, as manufacturers engage in open innovation, the photocatalyst market is predicted to observe sustained business growth.
Extensive Use of Photocatalysts in End-use Industries Makes Asia Pacific’s Photocatalyst Market the Leader
The Asia Pacific is set to play a vital role in the growth of the global photocatalyst market due to the increasing use of photocatalysts in end-use industries, favourable macroeconomic conditions, and robust technological innovation. Within APAC, the demand for photocatalysts is fueled by the growing need for coatings and paints in the automotive, packaging, and construction industries. The increasing pollution levels in Japan, China, and India are also driving the adoption of cost-effective air purification systems based on photocatalyst technology. The cumulative force of these factors is expected to provide an optimistic outlook for APAC’s photocatalyst market.
Prominent Market Players
Major players in the photocatalyst market include Kronos Worldwide Inc., The Chemours Company, Venator Materials PLC, Lomon Billions, JSR Corporation, Tronox Holdings PLC, Ishihara Sangyo Kaisha Ltd., and TOTO Corporation.
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