by Nanofibers are fibers with diameters in nanometers. They have unique properties including high specific surface area, small diameter and high porosity. Due to these properties, nanofibers are used in various applications including air and liquid filtration, biomedical, composites, protective clothes and in energy storage. They provide advantages of being lightweight, absorbent, catalytic and durable. The need for high efficiency filters in various industries like medical, HVAC, automotive fuel systems etc. is driving the demand for nanofibers. They are lightweight and can filter ultrafine particles and aerosols efficiently.
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 key trends:
The major trend in the nanofiber market is the use of electrospinning technique to produce nanofibers. Electrospinning is widely used for manufacturing nanofibers due to its simplicity, versatility and low cost of production. It uses an electrically charged jet of polymer solution or melt to produce fibers with diameters ranging from few nanometers to micrometers. Research is ongoing to understand fiber formation process better and develop new materials that can be electrospun into fibers. This will help scale up production capacities to meet growing demand from applications. Development of new polymers and systems compatible with electrospinning is also expanding range of nanofibers that can be produced.
Porter’s Analysis
Threat of new entrants: Low-moderate capital required and established distribution channels lower the threat of new entrants. However, strong intellectual property rights and superior technology required act as a barrier.
Bargaining power of buyers: Moderate. Large buyers have bargaining power due to the fragmented nature of the industry. However, proprietary technology and differentiated products limits substitutability.
Bargaining power of suppliers: Low. Commoditized raw materials are available from numerous suppliers globally. Hence suppliers have low bargaining power.
Threat of new substitutes: Low-moderate. While alternative nanofiber materials exist, significant R&D required to replicate properties of existing solutions act as a barrier.
Competitive rivalry: High. The industry comprises numerous global and regional players competing on technology, cost, and intellectual property. Aggressive competition expected to drive consolidation.
Key Takeaways
The Global Nanofiber Market Size is expected to witness high growth. 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.
North America region dominates the market currently due to strong presence of key players and high technological advancements. However, Asia Pacific is expected to witness fastest growth owing to growing end-use industries and government support for nanotechnology adoption in countries like China and India. Europe is also expected to grow at a significant rate during the forecast period. Growing demand from automotive, healthcare and electronics sectors especially in Germany, UK, France drives the European nanofiber market.
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 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.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
