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Light Powered Catalyst Market will grow at highest
pace owing to increasing adoption of green technologies
Light powered catalysts, also known as photocatalysts, are
materials that accelerate and drive photoreactions when exposed to light. They
are commonly used in air and water purification, self-cleaning, renewable
energy generation, and environmental remediation due to their sustainability
and green attributes. Photocatalysts help harness the sun's energy to drive
various oxidation-reduction reactions that remove volatile organic compounds
from the air, inactivate harmful microbes in water, and degrade organic
pollutants in soil and water. The need for green technologies that reduce emissions
and promote sustainable development has spurred greater use of photocatalytic
materials in recent years.
The Global
Light Powered Catalyst Market is estimated to be valued at US$ 4.78 Bn in 2024
and is expected to exhibit a CAGR of 12% over the forecast period 2024 to 2031.
Key Takeaways
Key players operating in the Light Powered
Catalyst Market Companies are Albemarle Corporation, Johnson Matthey, BASF SE, Chevron
Phillips Chemical Company LLC, Clariant AG, Dorf Ketal Chemicals (I) Pvt. Ltd.,
Dow Chemical Company, Evonik Industries AG, ExxonMobil Corporation, W.R. Grace
and Co., Haldor Topsoe, UOP (a Honeywell company), SABIC, Linde AG, Mitsubishi
Chemical Corporation, Shell Catalysts & Technologies, Air Products and
Chemicals, Inc., Huntsman Corporation, and Kraton Corporation. The market is
witnessing increasing demand from applications such as air and water treatment
as industries and governments focus on reducing carbon footprint. Technological
advancements involve development of new photocatalytic materials with improved
activity, selectivity and stability under visible light for effective
utilization of solar energy.
Market Trends
Growing awareness about environmental protection: Strict emission norms and
increasing public concern about air and water pollution have boosted demand for
green technology solutions in industries as well as municipal corporations.
Photocatalysts are rapidly replacing conventional pollutant removal methods
owing to their sustainable characteristics.
Rising investments in renewable energy: With the global focus shifting to
non-fossil fuel sources of energy, investment in the development of
technologies for solar hydrogen generation using photocatalysts is on the rise.
Several projects involving the production of hydrogen fuel through
water-splitting under sunlight using catalysts are being implemented.
Market Opportunities
Development of application-specific photocatalysts: While titanium dioxide
remains the most widely used photocatalytic material, further product
innovation holds promise. Advances in catalysis design and nanotechnology could
facilitate creation of catalysts tailored for industries like construction,
textiles, food processing etc.
Integration into consumer products: Self-cleaning surfaces and air/water
purifiers developed using photocatalytic coatings present an opportunity to
expand the market into the consumer sector. Partnerships between catalyst
producers and consumer goods companies may aid commercialization.
COVID-19 Impact on Light Powered
Catalyst Market Growth
The COVID-19 pandemic has severely impacted the Light
Powered Catalyst Market Demand. During the initial phases of the
pandemic, industries such as chemicals, transportation, construction were
operating at low capacities due to lockdown measures imposed by governments
globally. This led to a decrease in demand for light powered catalysts from end
use industries.
However, as lockdown restrictions eased in late 2020 and 2021, production and
supply chain activities resumed gradually. This provided some impetus for
market recovery. Nevertheless, disruptions caused by second and third waves of
the pandemic in various regions slowed down the growth momentum. Issues with
labor shortage, rising input costs also posed challenges for key players.
Moving forward, as market players adapt to the 'new normal' of conducting
business, the demand is projected to increase steadily. Governments across
major economies are implementing initiatives to drive economic revival. This
will boost manufacturing activities in the coming years and drive the
consumption of light powered catalysts. Manufacturers are also focusing on
innovations to develop environment-friendly and cost-effective product
variants. Such measures are expected to aid the market in gaining pace and
surpassing pre-COVID levels by 2024.
Europe Light Powered Catalyst Market
In terms of value, Europe currently holds the largest share of over 30% in
the global light powered catalyst market. Countries such as Germany, United
Kingdom, France, Italy are major European consumers. This is attributed to
extensive operations of prominent end user industries like chemicals,
transportation, energy & power among others in the region. Supportive
government policies regarding green technologies adoption is also fueling
market growth.
Moreover, presence of leading catalyst manufacturers has made Europe an
important production base globally. The region is witnessing surge in demand
for specialty catalysts used in renewable fuel production, environmental
protection. Rise of green building construction aligned to European Green Deal
is another driver of catalyst demand.
Asia Pacific Fastest Growing Region
Asia Pacific is poised to register fastest growth in the light powered
catalyst market during the forecast period. This is due to rapid industrialization
and infrastructure development taking place across China, India, ASEAN
countries. Growing urbanization rate coupled with economic expansion is
boosting end user applications such as polymers, petroleum refining.
Availability of affordable raw materials and labor is attracting investments by
major catalyst players in the region. Furthermore, supportive policies by
regional governments to reduce carbon footprint will garner more future
opportunities for novel sustainable catalyst adoption in Asia Pacific.
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Powered Catalyst Market
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Author:
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