Photocatalytic coatings are able to break down airborne volatile organic compounds, harmful bacteria, and dirt particles when exposed to ultraviolet light from sunlight or artificial lighting. They are primarily used on building exteriors to reduce air pollution as well as surfaces that require regular cleaning such as mirrors, glass, tiles and exterior paints. There has been an increased adoption of green buildings that utilize eco-friendly products and systems to minimize energy consumption and environmental impact. Rising environmental concerns paired with government push towards sustainability is compelling construction firms to utilize photocatalytic coatings extensively.

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 Dynamics:

One of the major drivers for the growth of the photocatalytic coating market is the rising demand from the construction industry. According to Oxford Economics, the total construction expenditure is expected to rise by 85% to $15.5 trillion worldwide by 2030. Governments across geographies are incentivizing construction of green buildings through rebates and tax benefits. For instance, in the US, green-certified buildings enjoy property tax deductions up to $1.8 million under the NYC Green Buildings Tax Abatement Program. Photovoltaic coatings assist in qualifying for such green building certifications as they improve indoor air quality and cut maintenance costs by self-cleaning. Additionally, they aid in reducing dependence on fossil fuels required for heating and cooling by enabling passive heating and daylight harvesting. This enhances energy efficiency and brings down operational costs of buildings over the long term.

Segment Analysis

The photocatalytic coating market is segmented based on application, which includes building and construction, automotive, healthcare, and others. Among these, the building and construction segment is expected to dominate the market during the forecast period owing to increasing demand for self-cleaning, anti-pollution, anti-microbial coatings in buildings. Application of photocatalytic coatings helps maintain hygienic surfaces and reduce maintenance costs in commercial as well as residential buildings.

PEST Analysis

Political: Government support in the form of regulations and investment for green construction is expected to drive market growth. For instance, the European Union has set norms to reduce air and water pollution from buildings.

Economic: Increasing construction spending globally coupled with demand for sustainable and eco-friendly building materials present growth opportunities. Also, reduced energy and labor costs for maintenance of coated surfaces stimulates market growth.

Social: Growing awareness about the impact of air and water pollution on health and environment boosts demand. Customers prefer low-maintenance self-cleaning surfaces that promote wellness.

Technological: Innovation in nanotechnology and materials science leads to development of advanced photocatalytic coatings with improved efficiency, higher stability, and self-cleaning properties vital for market growth.

Key Takeaways

The Global Photocatalytic Coating Market Demand  is expected to witness high growth at an estimated CAGR of 24% during the forecast period of 2023 to 2030. The estimated market size for 2023 is US$ 4.25 Billion.

Regional analysis :

Asia Pacific region dominated the global market and is expected to maintain its leading position throughout the forecast period due to rapid infrastructure development and stringent regulations in countries like China and Japan. Growing construction activities in India and Southeast Asian countries further support regional market growth.

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. These companies are focused on developing innovative materials through extensive R&D and strategic partnerships.

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