The N95 masks market is projected to reach US$ 4,925.80 million by 2028 from US$ 1,914.54 million in 2021; it is expected to grow at a CAGR of 14.5% from 2021 to 2028.
Prevalence of COVID-19 and increasing investments and initiatives by market players, and governments drive the growth of the N95 masks market. However, the availability of alternative products is hindering the market growth.
The N95 mask industry is growing at rapid pace in various countries.N95 masks are widely used in a wide range of industries, including pharmaceuticals, biotechnology, healthcare, construction, manufacturing, mining, and oil & gas.
These masks are capable of preventing the entry of micron-size particles into the human respiratory system and oral cavity.As a result, their demand has increased manifolds during the ongoing COVID-19 pandemic.
Such a sudden surge in demand has created a burden on the N95 mask manufacturers across the world.To meet the rising demand, the local, regional, and international manufacturers have scaled up their mask production capacities.
The pandemic has also generated opportunities for start-ups to enter this market and expand their reach. Further, governments of various countries are regulating the prices of the N95 masks to ensure continued public access to these masks and maintain healthy market competition. The N95 mask market players are actively involved in business development activities such as product launches and partnerships.For instance, in July 2020, US-based companies such as 3M, Honeywell, and Prestige Ameritech invested in the domestic production of N95 masks.
In addition, in September 2020, Arvind Limited, one of the largest textile-to-retail conglomerates in India, and ACT Grants partnered to meet the goal of producing ~30 million N95 masks in the following 12 months. Thus, continuous efforts and investments by the market players to address the rising demands by uplifting the production and sales of their products in the domestic and international markets are driving the N95 mask market growth. The N95 masks market is characterized by the presence of various small and big companies.The market players are adopting the strategies such as new product launch, geographic expansion, and technological advancements to increase their market share.
In January 2021, 3M has raised its annual production rate to 2.5 billion N95 respirators, a fourfold rise over 2019. In 2020, the company manufactured 2 billion respirators globally. Similarly, in February 2020, Alpha Pro Tech, Ltd. announced that the company exponentially ramped up the production of its N95 particulate respirator face mask in response to a significant increase in customer demand and level of orders resulting from the outbreak of COVID-19 and the declaration by the World Health Organization of the outbreak as a “public health emergency of international concern.” Thus, the rise in COVID-19 cases globally is driving the N95 masks market growth. Based on product, the N95 masks market is segmented into without exhalation valve and with exhalation valve.In 2021, the without exhalation valve segment accounted for a larger share of the market.
However, the demand for N95 masks with exhalation valve is expected to grow significantly owing to the high efficiency of protection provided during inhalation and exhalation. Various government bodies, such as the WHO, the CDC, and health ministries across several countries are encouraging the usage of such masks to prevent the spread of the virus from an infected individual. Based on distribution channel, the N95 masks market is segmented into offline and online.The offline segment held a larger share of the market in 2021.
However, the online segment is estimated to register a higher CAGR in the market during the forecast period. National Healthcare Service (NHS), Centers for Disease Control and Prevention (CDC) Japan Hygiene Products Industry Association, Center for Global Development (CGD), Australian Bureau of Statistics, World Health Organization (WHO) are among the major secondary sources referred to while preparing the report on the N95 masks market.
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