The Photoactive Materials Market Size was valued at USD 830.0 Mn in 2023 and is predicted to reach USD 1,379.7 Mn by 2031 at a 6.8% CAGR during the forecast period for 2024-2031.
Photoactive materials refer to substances that can change themselves or their electromagnetic section's features in response to illumination. The latest advances in photoactive substances for rooftop solar panels include organic-inorganic perovskites formed with ultra-thin, extremely portable, adaptable properties and simultaneously thinner, multifaceted tiny sheets. Because more people are using sunshine for energy, the photoactive materials industry is seeing an increase in earnings. The development of sunlight has become more expensive because of the depletion of energy resources and increasing consciousness of carbon emissions. The necessity for photosensitive materials has consequently expanded. Furthermore, the demand for long-lasting and environmentally friendly manufacturing materials is anticipated to be the primary driver of the photoactive materials market's growth rate. The photoactive materials market is expected to experience expansion due to rising environmental consciousness and more stringent regulations about sustainable construction materials.
However, the market growth is hampered by the highly competitive criteria for the safety and health of the photoactive materials business and the item's incapacity to stop fog in conditions with significant temperature swings or elevated humidity photoactive materials because of competition from readily available photoactive alternatives, such as carbon and glass fibers, may slow the market's expansion. The strength of photoactive is lower than that of carbon or glass fiber composites. If this keeps up, the global photoactive market will stay the same. Declining demand from various end-use industries is one-way COVID-19 has impacted the global demand for photoactive. The epidemic's most severe and immediate effects have been felt in the building and construction industry, which is a big user of photoactive. The worst-hit industry is the construction industry. Because of this, the demand for photoactive has dropped significantly.
Competitive Landscape
Some of the Major Key Players in the Photoactive Materials Market are
- DKC (Kyung-In Synthetic Corporation)
- Merck KGaA
- DuPont
- Solenis
- BASF SE
- Teijin Limited
- Micron Technology, Inc.
- Evergy Solar
- First Solar
- Nano Dimension
- Other Prominent Players
Market Segmentation:
The photoactive materials market is segmented based on material type, application, and end-use. Based on material type, the market is segmented into organic photoactive materials and inorganic photoactive materials. The market is segmented by application into photovoltaics, medical devices, sensors and detectors, optoelectronics, consumer electronics, automotive, industrial processes, and others. The market is segmented by end-use into electric & electronics, energy, pharmaceuticals, consumer goods, industrial, and others.
Based On The Application, The Optoelectronics Segment Is Accounted As A Major Contributor To The Photoactive Materials Market
The optoelectronics segment held a significant global market share in 2023. Many optoelectronic uses utilize electronic gadgets that combine optics and electronics, including dark lasers, communications light-emitting fiber optic LED lighting illumination, photodiodes, and solar energy cells. The primary uses for photodetectors are generating electricity, chemical-biological evaluation, interaction, and surveillance.
Pharmaceuticals Segment To Witness Growth At A Rapid Rate
The pharmaceutical industry uses the bulk of photoactive materials because humans transport and consume pharmaceuticals. They represent the most significant link in a logistics chain. Entire supervision of every stage of the supply chain is required to ensure that the medications are appropriately supplied to the final user, especially in countries like the US, Germany, the UK, China, and India.
In The Region, The North American Photoactive Materials Market Holds A Significant Revenue Share
The North American photoactive materials market is expected to register the highest market share in revenue in the near future. This can be attributed to the fast urbanization and accompanying increase in consumption opportunities, primarily responsible for the region's burgeoning middle class, which fuels the region's photoactive materials market. In addition, Asia Pacific is projected to increase in the global photoactive materials market due to technological advancements and affluence. Firms are flocking to the nations in the area with the sweet spot for low production costs and high demand.
Recent Developments:
- In October 2023, BASF India Limited was happy to share that its dispersion plants in India—one in Dahej and the other in Mangalore—have been REDcert2 certified. Achieving the REDcert2 level, an independent third-party audit process, is a major accomplishment for these factories in India and BASF's sustainability and environmental stewardship efforts.
- In July 2024, Merck agreed to sell Worldwide Innovative Materials International Enterprises Ltd.'s global Interface Coatings division for € 665 million in cash. Merck will use the total revenue from the divestiture to fortify its strategically important fundamental operations.
Photoactive Materials Market Report Scope
|
Report Attribute |
Specifications |
|
Market Size Value In 2023 |
USD 830.0 Mn |
|
Revenue Forecast In 2031 |
USD 1,379.7 Mn |
|
Growth Rate CAGR |
CAGR of 6.8% from 2024 to 2031 |
|
Quantitative Units |
Representation of revenue in US$ Mn, Volume (Tons) and CAGR from 2024 to 2031 |
|
Historic Year |
2019 to 2023 |
|
Forecast Year |
2024-2031 |
|
Report Coverage |
The forecast of revenue, the position of the company, the competitive market structure, growth prospects, and trends |
|
Segments Covered |
By Material Type, By Application, By End-use |
|
Regional Scope |
North America; Europe; Asia Pacific; Latin America; Middle East & Africa |
|
Country Scope |
U.S.; Canada; U.K.; Germany; China; India; Japan; Brazil; Mexico; France; Italy; Spain; South East Asia; South Korea |
|
Competitive Landscape |
DKC (Kyung-In Synthetic Corporation), Merck KGaA, DuPont, Solenis, BASF SE, Teijin Limited, Micron Technology, Inc., Evergy Solar, First Solar, and Nano Dimension, and other prominent companies. |
|
Customization Scope |
Free customization report with the procurement of the report and modifications to the regional and segment scope. Particular Geographic competitive landscape. |
|
Pricing And Available Payment Methods |
Explore pricing alternatives that are customized to your particular study requirements. |
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