The light powered catalyst market is witnessing significant growth owing to rising demand for faster renewable sources of energy. Light powered catalysts facilitate photocatalytic conversion of solar energy to produce clean hydrogen fuel from water splitting. Hydrogen is considered as one of the most promising renewable energy carriers to replace fossil fuels. Light powered catalysts such as titanium dioxide and cadmium sulfide are used in photocatalytic production of hydrogen.
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 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 growing demand for renewable energy from solar and wind sources is propelling the light powered catalyst market. Photocatalytic hydrogen production using light powered catalysts offer a sustainable method of generating green hydrogen at large scale. Various countries are investing heavily in building hydrogen infrastructures to store and transport hydrogen for wide applications.
Globally, Asia Pacific dominates the light powered catalyst market owing to rapid industrialization and growing energy needs in countries such as China and India. Additionally, government efforts to develop hydrogen energy infrastructure and utilize renewable resources for energy production are fueling market growth in the region. North America and Europe are also witnessing significant expansion on account of stringent environmental regulations and focus on clean energy.
Market Key Trends
Development of highly active and stable photocatalysts is one of the key drivers seen in the Light Powered Catalyst Market Share. Significant research is underway to design cost-effective photocatalysts with superior light absorption and separation of photogenerated charge carriers. For instance, composites of semiconductors coupled with co-catalysts such as graphene and metal nanoparticles have shown enhanced photocatalytic activity. Ongoing nanotechnology applications for synthesizing nanostructures of photocatalysts is another emerging trend in the industry.
Porter’s Analysis
Threat of new entrants: The threat of new entrants is moderate as the capital required for setting up a new catalyst manufacturing plant is high. However, the technology used is not unique.
Bargaining power of buyers: The bargaining power of buyers is high as the Light Powered Catalyst Market sees numerous global players operating. Buyers can negotiate on price and choose from various product offerings.
Bargaining power of suppliers: The bargaining power of suppliers is moderate as key raw materials like precious metals are limited in sources globally. However, established players have long-term contracts with suppliers.
Threat of new substitutes: The threat of new substitutes is low as catalysts have limited substitutes for their end-use applications. Continuous research is being done to improve catalyst performance.
Competitive rivalry: The competitive rivalry is high due to the presence of numerous global and regional players competing on pricing, product differentiation, and customer service. Players focus on expanding their product portfolios and global footprint through acquisitions and partnerships.
Geographical Regions by Value
The North American region accounts for the largest share of the global Light Powered Catalyst Market in terms of value, owing to the presence of major catalyst manufacturers and rapid adoption in refineries and petrochemical plants.
Fastest Growing Geographical Region
The Asia Pacific region is expected to witness the fastest growth during the forecast period due to the increasing industrial activities, expanding refining capacity, and rising energy demand in major economies like China and India.