The global nanofiber market was valued at US$ 409.14 million in 2019 and is projected to reach US$ 3,309.58 million by 2027; it is expected to grow at a CAGR of 31.2% from 2020 to 2027.
Nanofiber is a fiber with a diameter less than 1 µm.These fibers help boost filtration efficiency with a relatively slight decrease in permeability.
Rapid pace of industrialization, growing commercialization of nanofiber products with increasing industrial applications, continuous efforts in technological innovations, and rise in R&D investments are among the significant factors contributing to the nanofiber market growth.
Based on material, the nanofiber market is segmented into polymeric nanofiber, carbon nanofiber, ceramic nanofiber, glass nanofiber, and others.The carbon nanofiber segment led the nanofiber market with the largest share in 2020.
Carbon Nanofibers are made by the elimination of non-carbon elements from the synthetic polymers and biopolymers at extremely high temperatures.In the floating catalyst method of carbon nanofiber manufacturing, various metals in the powdered or support forms are used as catalytic entities.
The application areas for carbon nanofibers include thermoplastics, elastomers, thermosets, ceramics, elastomers, and metals. Also, owing to their high tensile strength and high thermal and electrical conductivity, they are widely being used in orthopedic, dental, and tissue engineering scaffolds.
Based on geography, the nanofiber market is segmented into North America, Europe, Asia Pacific (APAC), South America, and Middle East & Africa (MEA).Asia Pacific led the market with the largest share in 2020.
The region consists of many developing countries that are witnessing high growth in their respective manufacturing sectors.It has become a global manufacturing hub with presence of diverse manufacturing industries.
Among China’s evolution into a high-skilled manufacturing hub, other developing countries such as India, South Korea, Taiwan, and Vietnam are gathering the attention of several companies that are willing to relocate their low- to medium-skilled manufacturing facilities to neighboring countries, especially to those countries that have lower labor costs.Further, the governments of these countries are making developments to improve investment ideas.
China, the largest manufacturing hub, is experiencing a rise in the country’s labor cost owing to the aging population. This has resulted in the shift in focus of manufacturing companies to Southeast Asian countries. The improving infrastructure, rising domestic consumption, and lower operating costs are among the factors attracting international manufacturing companies to these countries. The development of manufacturing hub boosts the demand for nanofibers that can be used in a diverse range of applications.
The COVID-19 has been adversely affecting economies and industries in various countries due to government-imposed lockdowns, travel bans, and business shutdowns.The chemical & materials is one of the major industries suffering serious disruptions in the form of supply chain breaks, technology events cancellations, and office shutdowns.
The shutdown of various plants and factories in North America, Europe, Asia Pacific, South America, and the Middle East and Africa has restricted the global supply chain and disturbed the manufacturing activities, delivery schedules, and product sales.Furthermore, various companies have already predicted possible delays in product deliveries and slump in future sales of their products.
The travel bans imposed by countries in Europe, Asia, and North America are hindering the business collaborations and partnerships opportunities.In addition to these restrictions, limited availability of working professionals and lowered production levels due to social distancing measures are the factors hampering the activities in the chemical & materials industry, as well as various markets related to it.
Many countries are now resuming to normalcy, whereas many are experiencing second wave of the outbreak. In addition, due to vaccination drives, the situation is likely to change in the coming months.
Ahlstrom-Munksjo; Asahi Kasei Corporation; Donaldson Company, Inc.; DuPont; Nanofibers Solution LLC, Inc.; Toray Industries, Inc.; Espin Technologies; Elmarco S.R.O.; Mempro Ltd.; and Revolution Fibers Ltd are among the major players operating in the global nanofiber market.
The overall nanofiber market size has been derived in accordance with to both primary and secondary sources.To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market.
Also, multiple primary interviews have been conducted with industry participants to validate the data, as well as to gain more analytical insights into the topic. The participants typically involved in this process include industry experts such as VPs, business development managers, market intelligence managers, and national sales managers—along with external consultants such as valuation experts, research analysts, and key opinion leaders—specializing in the nanofiber market.
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Gross Domestic Product
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