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The 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 2023-2030, as highlighted in a new report published by Coherent Market Insights.
The Photocatalytic Coating Market is estimated to witness high growth owing to increased demand for air purification.
Market Overview:
Photocatalytic coating is a thin layer coating applied on building surfaces, glasses and other exterior materials. When exposed to sunlight, the coating initiates a process in which pollutants such as VOCs, NOx, SOx and other airborne pollutants are broken down, thereby purifying the air. Photocatalytic coating helps improve indoor and outdoor air quality. The coating finds applications in exterior walls, roofing tiles, road surfaces, glass, self-cleaning appliances and air/water purification.
Market key trends:
Increased demand from construction industry: Photocatalytic coating finds major application in construction of green buildings and sustainable infrastructure owing to its self-cleaning and air purification properties. Growing construction of green buildings especially in Asia Pacific is expected to drive the demand for photocatalytic coating over the forecast period. Rapid urbanization and focus on reducing pollution levels is further augmenting the market growth.
Porter’s Analysis
Threat of new entrants: The threat of new entrants in the photocatalytic coating market is moderate as the requirement of large capital investments and long gestation periods act as entry barriers. However, established players have economies of scale.
Bargaining power of buyers: The bargaining power of buyers in the photocatalytic coating market is high due to the presence of many manufacturers offering substitutes. Buyers can negotiate for better prices and quality.
Bargaining power of suppliers: The bargaining power of suppliers is moderate owing to the availability of substitutes and differentiated products requirements by manufacturers.
Threat of new substitutes: The threat of new substitutes is moderate as limited alternatives are available that can provide photocatalytic properties for self-cleaning and air purifying activities.
Competitive rivalry: Intense due to global presence of major players.
SWOT Analysis
Strength: High demand for self-cleaning and air purifying coatings from end-use industries. Wide applications in construction and automotive sectors.
Weakness: High raw material and production costs. Limited awareness about advantages.
Opportunity: Growing construction industry in Asia Pacific. Increasing R&D for new product formulations.
Threats: Stringent environmental regulations. Economic slowdowns affecting key end-use industries.
Key Takeaways
The global Photocatalytic Coating Market Share is expected to witness high growth, exhibiting CAGR of 24% over the forecast period, due to increasing demand from the construction industry for self-cleaning façade applications.
Regional analysis: Asia Pacific dominates the global photocatalytic coating market and is expected to maintain its lead over the forecast period. This is attributed to extensive infrastructure development and growing construction industry in China and India. Europe is another major market for photocatalytic coatings backed by 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. They are focused on new product launches and capacity expansions to strengthen their foothold in the market.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc.
