The nanofiber market was valued at US$ 409.14 million in 2019 and is projected to reach US$ 3,309.58 million by 2028; it is expected to grow at a CAGR of 31.2% from 2020 to 2028.
Nanofiber is a fiber with a diameter less than 1 µm. These fibers help boost filtration efficiency with a relatively slight decrease in permeability. Rapid pace of industrialization, growing commercialization of nanofiber products with increasing industrial applications, continuous efforts in technological innovations, and rise in R&D investments are among the significant factors contributing to the nanofiber market growth.
In 2019, Asia Pacific was the largest market for nanofibers. APAC is home to many developing countries that are witnessing high growth in their manufacturing sector; the region has become a global manufacturing hub. Among China’s evolution into a high-skilled manufacturing hub, other developing countries such as India, South Korea, Taiwan, and Vietnam are attracting several businesses that are in quest to relocate their low- to medium-skilled manufacturing facilities to neighboring countries having lower labor cost. The governments of these countries are also welcoming such businesses by improving investment ideas or by encouraging foreign direct investments (FDIs).
The COVID-19 has been adversely affecting economies and industries in various countries due to government-imposed lockdowns, travel bans, and business shutdowns. The chemical & materials is one of the major industries suffering serious disruptions in the form of supply chain breaks, technology events cancellations, and office shutdowns. The shutdown of various plants and factories in North America, Europe, Asia Pacific, South America, and the Middle East and Africa has restricted the global supply chain and disturbed the manufacturing activities, delivery schedules, and product sales. Furthermore, various companies have already predicted possible delays in product deliveries and slump in future sales of their products. The travel bans imposed by countries in Europe, Asia, and North America are hindering the business collaborations and partnerships opportunities. In addition to these restrictions, limited availability of working professionals and lowered production levels due to social distancing measures are the factors hampering the activities in the chemical & materials industry, as well as various markets related to it. Many countries are now resuming to normalcy, whereas many are experiencing second wave of the outbreak. In addition, due to vaccination drives, the situation is likely to change in the coming months.
Global Nanofiber Market
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Market Insights
Rapid Pace of Industrialization and Need to Reduce Harmful Emissions from Industrial Plants
The global manufacturing sector is rapidly expanding as more and newer regions are investing in the adoption of manufacturing plants in their localities. As per the China Federation of Logistics and Purchasing (CFLP), the purchasing managers index (PMI) of the global manufacturing sector was 55.1 in October 2017, while it was 55.9 in September 2017; however, the index is overall at its peak in these months. The PMI index was ~53.5 since the beginning of 2017, signifying a sturdy recovery of the manufacturing sector in developed countries, increasing industrial advancements in emerging economies, and intensifying commodities prices in the global market. The proliferating manufacturing sector is expected to embrace technological advancements to gain competitive advantage by enhancing plant productivity as well as by keeping updates regarding the changes in customer preferences. The manufacturing sector is presently in the middle of a technological renaissance, which is changing the outlook and processes of the modern factory. However, the magnification of operations of various industries is also contributing to the environmental hazards, especially in the heavily industrialized cities. Heavy industrialization is also affecting the health of the population residing in proximity to these businesses through toxic emissions.
Material Insights
Based on material, the nanofiber market is segmented into polymeric nanofiber, carbon nanofiber, ceramic nanofiber, glass nanofiber, and others. The carbon nanofiber segment led the nanofiber market with the largest share in 2020. Carbon Nanofibers are made by the elimination of non-carbon elements from the synthetic polymers and biopolymers at extremely high temperatures. In the floating catalyst method of carbon nanofiber manufacturing, various metals in the powdered or support forms are used as catalytic entities. Foils, gauzes, and wires, etc., are other catalysts used in the production of nanofibers. Carbon nanofibers exhibit high discontinuity and compatibility, among other physical properties, and are also highly graphitic. They have excellent mechanical properties with high electrical and thermal conductivity. The application areas for carbon Nanofibers include thermoplastics, elastomers, thermosets, ceramics, elastomers, and metals. Also, owing to their high tensile strength, and thermal and electrical conductivity, carbon nanofibers are also widely used in orthopedic, dental, and tissue engineering scaffolds.
Application Insights
Based on application, the nanofiber market is segmented into industrial air filtration, defense & security, consumer goods & textiles, electronic components, power & energy, healthcare & life sciences, chemical & environment, and others. The healthcare & life sciences segment led the market with the largest share in 2020. Biodegradable materials used in nanofiber are most suitable for the medical and healthcare industries. Further, the integration of additives allows multifunctionality of these nanofibers. As their structure and size can be controlled, they can be used in tissue engineering. A few of the major applications of nanofibers in life sciences and pharmaceuticals industries include drug deliver, wound healing, tissue engineering, and barrier textiles.
Nanofiber Market, by Material – 2019and 2028
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Nanofiber Market: Strategic Insights
Market Size Value in US$ 409.14 Million in 2019 Market Size Value by US$ 3,309.58 Million by 2028 Growth rate CAGR of 31.2% from 2020-2028 Forecast Period 2020-2027 Base Year 2020
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Nanofiber Market: Strategic Insights
| Market Size Value in | US$ 409.14 Million in 2019 |
| Market Size Value by | US$ 3,309.58 Million by 2028 |
| Growth rate | CAGR of 31.2% from 2020-2028 |
| Forecast Period | 2020-2027 |
| Base Year | 2020 |
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Key players in the nanofiber market include Ahlstrom-Munksjo; Asahi Kasei Corporation; Donaldson Company, Inc.; DuPont; Nanofibers Solution LLC, Inc.; Toray Industries, Inc.; Espin Technologies; Elmarco S.R.O.; Mempro Ltd.; and Revolution Fibers Ltd. The major companies in the market are focused on strategies such as mergers and acquisitions, and product launches to broaden their geographic presence and consumer base. For instance, in 2018, Donaldson introduced innovative system to make gas turbine filter selection easier for the operators to select replacement air filters, developing laboratory tests to quantify pulse recovery rate and water tightness.
Report Spotlights
- Progressive industry trends in the global nanofiber market to help players develop effective long-term strategies
- Business growth strategies adopted by companies operating in developed and developing markets
- Quantitative analysis of the global nanofiber market from 2017 to 2027
- Estimation of demand for nanofibers across various industries
- PEST analysis to illustrate the efficacy of buyers and suppliers operating in the industry to predict market growth
- Recent developments to understand the competitive market scenario and nanofiber demand
- Market trends and outlook coupled with factors driving and restraining the growth of the Nanofiber market
- Enlightening strategies that underpin commercial interest about global nanofiber market growth, to facilitate decision-making process
- Nanofiber market size at various nodes of market
- Detailed overview and segmentation of the nanofiber market, along with the industry dynamics
- Nanofiber market size in various regions with promising growth opportunities
Nanofiber Market, by Material
- Polymeric Nanofiber
- Carbon Nanofiber
- Ceramic Nanofiber
- Glass Nanofiber
- Others
Nanofiber Market – By Application
- Industrial Air Filtration
- Consumer Goods & Textiles
- Electronic Components
- Defense & Security
- Power & Energy
- Healthcare & Life Sciences
- Chemicals & Environment
- Others
Company Profiles
- Ahlstrom-Munksjo,
- Asahi Kasei Corporation
- Donaldson Company, Inc.
- DuPont
- Nanofibers Solution LLC, Inc.
- Toray Industries, Inc.
- Espin Technologie
- Elmarco S.R.O.
- Mempro Ltd.
- Revolution Fibers Ltd.
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Material and Application
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
Australia, Brazil, Canada, China, France, Germany, India, Italy, Japan, Mexico, ROE, Saudi Arabia, South Africa, Spain, United Arab Emirates, United Kingdom, United States
Frequently Asked Questions
The major players operating in the global nanofiber market are Ahlstrom-Munksjo, Asahi Kasei Corporation, Donaldson Company, Inc., DuPont, Nanofibers Solution LLC, Inc., Toray Industries, Inc., Espin Technologies, Elmarco S.R.O., Mempro Ltd., and Revolution Fibers Ltd.
In 2019, Asia Pacific contributed to the largest share in the global nanofiber market. The improving infrastructure, rising domestic consumption and lower costs are some of the factors attracting manufacturing companies in these countries. The development of manufacturing hub creates the demand for nanofibers to be used for a diverse range of purposes. Several governments have taken initiatives such as Made in China 2025, and Make in India, among others to propel the growth of manufacturing sector which further supports the growth of nanofibers market.
Polymeric nanofibers are generated from naturally or artificially synthesized polymers. Natural polymers include collagen, silk fibroin, cellulose, gelatin, chitosan and polysaccharides. While synthetic polymers include nylon, polyacrylonitrile, polystyrene, polycarbonate, Polyethylene terephthalate (PET), and water-soluble polymers. These fibers possess high specific area, excellent porosity and better flexibility in surface functionalities. They find enormous applications in various domains such as filtration, material reinforcements, energy storage, sensor devices and others. The growing demand from energy, water, chemicals, pharmaceutical, biotechnology, and food & beverage industries are expected to drive the market for polymer nanofibers across the globe. Apart from this, they are utilized in bone tissue engineering applications in the medical sector which further fueling the demand for polymer nanofiber globally.
The List of Companies - Global Nanofiber Market
- Ahlstrom-Munksjo
- Asahi Kasei Corporation
- Donaldson Company, Inc
- DuPont
- Nanofibers Solution LLC, Inc.
- Toray Industries, Inc
- Espin Technologies
- Elmarco S.R.O.
- Mempro Ltd.
- Revolution Fibers Ltd.
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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