Nanofibers are fibers with diameters ranging from 50 to 500 nanometers that have excellent mechanical, optical and electrochemical properties. They can be produced from polymers, carbon, ceramics and composites using electrospinning or meltblowing processes. Nanofibers are finding applications in various industries including water treatment, air filtration, textiles, medicine and more due to their large effective surface area per unit mass. In water treatment plants, nanofiber based membrane filters are used for microfiltration and ultrafiltration to remove bacteria, viruses and other contaminants. In the air filtration industry, nanofiber based filters are utilized in air purifiers, face masks and HVAC systems to capture ultra-fine particles, allergens and pollutants.
The global nanofiber market is estimated to be valued at US$ 901.3 Mn in 2023 and is expected to exhibit a CAGR of 5.8% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
Growing demand from water treatment and air filtration industries: Rising industrialization and globalization have led to increasing levels of water and air pollution worldwide. As mentioned earlier, nanofibers offer an effective solution with their large surface area to volume ratio and porous structure. Their use in water filters, air purifiers and masks is growing rapidly due to stringent regulations regarding cleanup of industrial wastewater and improved indoor/outdoor air quality. This rising demand from water treatment and air filtration applications is expected to drive the nanofiber market during the forecast period.
Segment Analysis
The nanofiber market is dominated by the electronics segment, which holds around 30% share. Nanofibers find wide application in the electronic industry for producing lightweight and highly durable components. Within electronics, demand is highest from batteries separators, photovoltaics, and OLEDs as nanofibers deliver improved efficiency and lifespan to these products. The medical segment is another fast growing segment, projected to expand at around 7% CAGR during the forecast period. Nanofibers help develop advanced wound dressings, scaffolds for tissue engineering, and filtration media for medical devices in this segment.
PEST Analysis
Political: Government regulations regarding environmental safety and product quality influence the nanofiber market. Developed economies have stringent norms around nanomaterial usage.
Economic: Growth of end-use industries such as electronics, medical devices, and automotive supports demand for nanofibers which deliver performance and cost advantages. However, high R&D costs related to nanofiber production impede market growth.
Social: Increased public awareness about environmental protection andrecycling drives the incorporation of nanofibers made from renewable resources in various products.
Technological: Continuous innovations to develop low-cost and high-output nanofiber production techniques through electrospinning and meltblowing expand commercial applications of nanofibers. New areas like protective clothing and water treatment also emerge.
Key Takeaways
The Global Nanofiber Market Size is expected to witness high growth over the forecast period supported by rising consumption in electronics, medical, and water filtration applications. The global nanofiber market is estimated to be valued at US$ 901.3 Mn in 2023 and is expected to exhibit a CAGR of 5.8% over the forecast period 2023 to 2030.
The Asia Pacific region currently dominates the market owing to presence of leading nanofiber producers such as Toray Industries and Teijin in countries like Japan, China, and South Korea. Countries like China and South Korea are emerging as global leaders in nanofiber production infrastructure to meet the rising local demand.
Key players
Key players operating in the nanofiber market are Applied Sciences Inc., Argonide Corporation, CHUETSU PULP & PAPER CO. LTD, Donaldson Company Inc., DuPont, Esfil Tehno AS, eSpin Technologies Inc., Hollingsworth & Vose Companym, 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. Key players focus on introducing novel production techniques to reduce costs.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
