The nanofiber market is expected to register a CAGR of more than 25% during the forecast period (2021-2026

New York, June 16, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Nanofiber Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)" - https://www.reportlinker.com/p06095492/?utm_source=GNW
In Q1 2020, the total global production of motor vehicles was 55,091 units which are 29.3% lower than Q1 2019, which stood at 77,951 units. The motor vehicle production in Q2, 2020 was 99,414 units that are 39.5% lower compared to Q2 2019, which was around 164,423 units. A similar negative impact has been seen in other end-user industries such as aerospace and defense, chemicals, etc. However, on the other hand, nanofibers are used in the manufacturing of face masks. With the increase in the application of face masks amid pandemic, the companies have also announced to increase their production, due to which the demand for nanofiber has been increased. For instance, since January 2020, 3M doubled the production of N95 respirators to 1.1 billion per year at its global manufacturing facilities, including in Asia, Europe, and the United States. 3M also announced to double its capacity again to 2 billion per year within the next 12 months.

- Over the long term, the major factor driving the growth of the market studied is the increasing demand from the medical and pharmaceutical industries.
- On the flip side, the difficulty in a shift of carbon nanofibers from lab scale to plant scale due to small size and complexity and the lack of sensitive instrumentation to calibrate properties of nanofibers is one of the major stumbling blocks in the growth of the studied market.
- The healthcare and biomedical segment dominated the market, and it is likely to grow during the forecast period, owing to the growing application in the field of medical, pharmaceuticals, and life science and the increasing investments in the healthcare industry, especially in the Asia-Pacific and the Middle Eastern countries.
- The increasing R&D and high-potential market for cellulosic nanofibers are likely to provide opportunities for the studied market during the forecast period.
- Asia-Pacific dominated the market across the world, where the demand for nanofibers is majorly driven by the increasing application and demand from industries, such as electronics, energy, aerospace, healthcare, and defense.

Key Market Trends
The Healthcare and Biomedical Segment to Dominate the Market Demand

- The healthcare and biomedical industry is the largest contributor to the growing demand for nanofibers globally.
- Applications such as drug delivery, wound healing, tissue engineering, and barrier textile employ services of nanofibers on a wide scale in the healthcare and biomedical industry.
- In drug delivery applications, nanofiber membrane from biopolymers is widely used as a bioactive material or drug carrier.
- Nanofiber layers produced from biopolymers (chitosan, gelatin, collagen, polycaprolactone, etc., or combinations of these materials) can also be used as a wound dressing for significant support of the wound healing process.
- These materials also act as possible substrates for growing cells. Nanofibers also act as an effective barrier for microorganism penetration (viruses, bacteria, and molds).
- North America has been substantially investing in R&D in the field of biomedical. The Asia-Pacific and Middle Eastern countries have been increasing investments into the healthcare sector.
- In 2019, the healthcare expenditure in the United States accounted for 17% of the GDP, Switzerland accounted for 12.1% of its GDP, and Germany’s Health care expenditure stood at around 11.7% of the national GDP. These expenditures of developed countries are a good sign for the healthcare market, and in turn, will increase the market for nanofibers.
- Due to COVID-19, the manufacturing of masks has been increased around the world, which has positively influenced the nanofiber market. The masks made with nanofibers are manufactured using the process called electrospinning which makes the masks more breathable, and this has increased the scope for the nanofibers market in the healthcare and biomedical segment.
- Hence, all such market trends are expected to drive nanofibers’ demand for healthcare applications during the forecast period.

Asia-Pacific to Dominate the Market

- Asia-Pacific dominated the global market share. The increasing demand from industries like the healthcare, aerospace and defense, energy, and automotive industries has been driving the growth of the studied market.
- Due to high price competition in developed markets and the growth of the generic drug market, many pharmaceutical companies are focusing on ASEAN countries, as they hold huge potential for the pharmaceutical industry.
- In India, the government’s initiative, “Pharma Vision 2020”, aims to make the country a global leader in end-to-end drug manufacturing, which has been attracting huge investments into the domestic pharmaceutical industry.
- Japan is one of the largest producers of electronics, aircraft, and energy equipment. Japan is involved in manufacturing the F-35A next-generation fighter jet and other military aircraft and strengthening the foundation of aerospace manufacturing in the country. Commercial aircraft production is increasing in the last couple of years, owing to the increasing cargo demands.
- According to JIETA, Japan Electronics and Information Technology Industries Association, the smartphones and IT sales are declined by 5% to JPY 35,200 billion due to the lockdown and government restriction, but positive growth of 3% is anticipated in 2021 with the valuation to reach JPY 36,300 billion.
- China leads in the global production of electronics. Owing to the growing electronic production and the increasing application of semiconductors, the government has set a goal for the semiconductor industry to reach USD 305 billion in output by 2030.
- South Korea is one of the major exporters of electronics and automotive. Thus, with the growing domestic and foreign demand for their electronic products and vehicles, market players have been increasing their industrial output in the country.
- Hence, all such prevailing market trends are expected to drive the demand in the nanofiber market in the region during the forecast period.

Competitive Landscape
The nanofiber market is a partially fragmented market, where numerous players hold an insignificant share of the market to affect the market dynamics individually. Some of the noticeable players in the market include eSpin Technologies Inc., Teijin Limited, TORAY INDUSTRIES INC., Hollingsworth and Vose Company, and NIPPON PAPER INDUSTRIES CO. LTD.

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