NANOFIBER MARKET ANALYSIS

Global Nanofiber Market was valued at US$ 901.3 Mn in 2022, exhibiting a CAGR of 20.2%, over the forecast period (2023 to 2030) to reach US$ 3259.5 Mn by 2030.

COVID-19 Impact on Global Nanofiber Market

The COVID-19 pandemic has had an impact on the nanofiber market globally. While there has been instability in the market during the pandemic, it is gradually growing post-pandemic. The pandemic has adversely affected economies and industries in various countries, leading to government-imposed lockdowns, travel bans, and business disruptions. However, the market is expected to recover and continue to grow in the coming years . 

Global Nanofiber Market- Drivers

• Growing demand from pharmaceutical and medical industry: Growing demand for medical and pharmaceutical industry is driving growth of the nanofiber market. In healthcare industry, nanofibers are mainly used as a tool for drug delivery systems for various diseases. Delivery of drugs is an area of concern for the majority of researchers working in this field. The smaller size of nanofiber makes it an ideal drug carrier for delivering the drug to the appropriate site in the body. Nanofibers are effective in delivering medicines directly to internal tissues. These nanofibers can be used as bandages or sutures that ultimately dissolve into the body. For instance, China is anticipated to contribute around 25% of the income to the global healthcare sector in 2030. The need for nanofiber for drug delivery, tissue engineering, stem cell therapy, and wound healing is anticipated to rise as a result.
• Increasing demand for face mask & PPE kits: Emergence of infectious disease, such as COVID-19, has created demand for (Personal Protective Equipment) PPE kits, face or surgical masks, and N95 respirators. A majority of traditional N95 masks use polypropylene microfibers. Most nanofiber masks are also made of polypropylene The electro spinning processes of the nanofibers allow for additional benefits. This factor is propelling the growth of the nanofiber market.

Global Nanofiber Market- Restraints

• Challenges associated with bulk production of carbon nanofibers: Challenges associated with the bulk production of carbon nanofibers is a prime factor expected to hinder the market growth. High toxicity associated with the nanofiber can have harmful effects on human health, which is expected to restrict the market growth of the global nanofiber marketCounterbalance: The main health effects of carbon nanofiber on human health are decreased cell viability, production of oxidative stress, DNA damage, apoptosis, and induction of inflammatoty responses. The several efforts in reducing the harmful effects on human health and environment is a vulnerable one and many researchers are carrying on a number of researches to study the nanotoxicity and its interaction with the molecules.

Global Nanofiber Market- Segmentation

Figure 1: Global Nanofiber Market Value Share (%), By Product Type, 2021

On the basis of product type in 2022, the polymer nanofiber segment has accounted for the largest market share of 50% in terms of value.

Global Nanofiber Market- Opportunities

• Growing investment in research & development activities in the field of cellulosic nanofibers: Growing investment in research & development activities in the field of cellulosic nanofibers is expected to bring lucrative growth opportunities over the forecast period. For instance, in May 2022, South Korea's southern province was selected to carry out a US$ 7.9 million state project, to build a research and development center for cellulose nanofiber, a nano scale fiber material made from plant materials.
• Emerging application of nanofiber in tissue engineering, medical implant devices, drug delivery systems, water & air filtration, and protective clothing: Emerging application of nanofiber in tissue engineering, medical implant devices, drug delivery systems, water & air filtration, and protective clothing is projected to provide potential growth opportunities. Moreover, other factors, such as ease of fabrication and low operating cost of nanofiber,  is witnessing significant demand as a building block in electronic products. Thus, this factor is propelling the market growth.

Global Nanofiber Market- Trends

• Growing trend of recyclable packaging material across wide range of manufacturing industries: Growing trend of recyclable packaging material across wide range of manufacturing industries due to environmental concerns is expected to uplift the market growth. Moreover, automotive, packaging, and electrical & electronics industries are looking forward to adopt recyclable packaging material, due to strict regulation pertaining to packaging materials. This will favour the market growth of nanofibers.

Global Nanofiber Market - Regional Insights

North America held a dominant position in the global nanofiber market in 2022, accounting for 38% share in terms of volume, followed by Asia Pacific and Europe, respectively .

Figure 2: Global Nanofiber Market Value Share (%), By Region, 2021

Global Nanofiber Market- Key Developments

• In April 2021, Teijin Limited a Japanese chemical, pharmaceutical and information technology company, developed a new technology to mass produce a new version of NANOFRONT nanofibers
• In January 2021, Pardam, s.r.o. (Ltd) is a company producing high quality nanofibrous materials, developed and started producing the world's first nanofiber FFP3 respirator. Pardam focuses on the research and development of nanofibers, their application, and, their use in the commercial sphere.
• In July, 2022 – DuPont an American multinational chemical company first formed in 1802 by French-American chemist and industrialist Éleuthère Irénée du Pont de Nemours, announced it has committed to setting science-based targets to reduce greenhouse gas (GHG) emissions in line with the Science Based Targets initiative (SBTi), a partnership between CDP, the UN Global Compact, World Resources Institute (WRI) and the World Wide Fund for Nature (WWF).
• In September 2022, DuPont de Nemours, Inc. and Rogers Corporation provided the following update on regulatory approval of the pending merger of Rogers and Cardinalis Merger Sub, Inc., a wholly owned subsidiary of DuPont, which was previously expected to close in the third quarter of 2022.

Global Nanofiber Market- Key Players

Major players operating in the global nanofiber market include Applied Sciences Inc., Argonide Corporation, CHUETSU PULP & PAPER CO. LTD, Donaldson Company Inc., DuPont, Esfil Tehno AS, eSpin Technologies Inc., Hollingsworth & Vose Company, IREMA-Filter GmbH, Japan Vilene Company Ltd, LIME, Merck KgAA, Nanofiber Solutions, NanoLayr Limited, NANOVAL GmbH & Co. KG, NIPPON PAPER INDUSTRIES CO. LTD, PARDAM s.r.o., SAPPI LTD, SNC Fibers, SPUR AS, TEIJIN LIMITED, TORAY INDUSTRIES INC., and US Global Nanospace Inc

*Definition: Nanofiber is the term used to describe tiny strands of material that are created using various techniques. Nanofiber has been around for centuries. In the 17th century, William Gilbert observed the behaviour of a fluid that was influenced by an electric field. The synthesis of nanofibers can be accomplished using three different techniques.