Nanofibers are ultrafine fibers synthesized from materials such as polymers, metals, or ceramics with diameters ranging from 50 to 1000 nanometers. They can be produced through electrospinning and offer various advantages over conventional fibers, such as high specific surface area, oxygen permeability, bio-compatibility, and thermal insulating properties. Nanofibers find applications in filters, biomedical & life sciences, energy storage, and textiles among others.
The global nanofiber market is estimated to be valued at US$ 1038.3 Mn in 2023 and is expected to exhibit a CAGR of 7.9% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
Rising Adoption of Nanotechnology: Nanotechnology finds application across various industries such as healthcare, electronics, energy and environment due to benefits offered by nanomaterials at nano-scale level. Increasing R&D investments by governments and companies in nanotechnology is expected to boost the demand for nanofibers during the forecast period.
Application in filtration industry: Nanofibers are widely used in filters for air and water purification and exhibits high filtration efficiency and porosity. Increasing air and water pollution levels globally is anticipated to drive the demand for nanofiber based filtration products.
Segment Analysis
- Membrane filters sub segment dominates the nanofiber market accounting for over 30% share. This is because membrane filters find wide application in water filtration and air purification.
- The medical sub segment is growing at the fastest pace on account of increasing usage of nanofibers in wound care dressings, implants and drug delivery.
PEST Analysis
Political: Greater funding and initiatives for nanotechnology research by governments globally is boosting the market.
Economic: High demand from end use industries and growing healthcare spending is fueling the market growth.
Social: Increasing health awareness and environmental concerns are positively impacting the adoption of nanofiber products.
Technological: Continuous innovations in manufacturing processes to produce nanofibers commercially and reduce costs is propelling the market forward.
Key Takeaways
The Global Nanofiber Market Growth is expected to witness high growth over the forecast period of 2024 to 2031 on account of increasing applications in various end use industries. The global nanofiber market is estimated to be valued at US$ 1038.3 Mn in 2023 and is expected to exhibit a CAGR of 7.9% over the forecast period 2024 to 2031.
The Asia Pacific region dominates the market and is expected to maintain its lead position during the forecast period. China accounts for over 40% of the APAC market owing to presence of major nanofiber manufacturers. The Asia Pacific region contributes to more than 35% of the global revenue led by China, South Korea and Japan. This is owing to the rising demand from membrane filters and textile industries in the region. Growing health awareness is also driving the demand for nanofiber in medical applications.
Key players related content comprises
Key players operating in the nanofiber market are Applied Sciences Inc., Argonide Corporation, CHUETSU PULP & PAPER CO., LTD., Donaldson Company, DuPont, eSpin Technologies, Finetex EnE, Johns Manville, nanoTechLabs Inc., TORAY INDUSTRIES, INC.. Applied Sciences Inc. holds around 10-12% market share owing to its strong presence across countries like the US, Germany and China.
For more details on the report, Read- https://www.ukwebwire.com/nanofiber-market-growth-demand-share-analysis/
Get more insights on this topic: https://techaxen.com/forging-an-ancient-metals-forming-process-still-thriving-in-modern-times/
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