Nanofiber Market to Surpass US$ 3259.5 Mn by 2030

Global nanofiber market was valued at US$ 901.3 Mn in 2022, exhibiting a CAGR of 20.2% over the forecast period (2023 to 2030) to reach US$ 3259.5 Mn by 2030.

Driver

Increasing adoption of new technology for manufacturing nanofibers

Increasing adoption of new technology for manufacturing nanofibers, such as magneto spinning, force spinning, phase separation, and rotary jet spinning technology is projected to drive the market growth. Thus, technological advancement is a significant factor propelling market growth.

Market Opportunities

Growing focus of key players to increase the production capacity of

Growing focus of key players to increase the production capacity of nanofibers to meet the increasing demand from a wide range of industries is projected to serve major growth opportunities. For instance, in September 2021, Matregenix Inc., a California-based technology company, announced the expansion of a new manufacturing facility in Irvine, California. The company installed a new nanofiber production line at its new site and plans to add at least another one by the end of the year.

Market Restraints

Increasing use of antibiotic in aquaculture is due to growing prevalence of bacterial disease is projected to restrict the market growth. The governments of developed countries are taking measures to ban export and import of fish and shrimp from countries that use antibiotics in fish farms. For instance the EU has returned more than 30 containers of shrimp exported from India due to presence of antibiotics. Similarly the US FDA also rejected shrimp shipments from the country due to presence of dangerous levels of antibiotics.

Outbreak of disease across major markets is disrupting the production and supply of seafood. For example, in China, Shrimp production decreased owing to outbreak of diseases as a typhoon in 2017 resulting in flooded Shrimp farms in the country thereby pushing it to import shrimps. This factor is projected to hamper the market growth to some extent

Global Nanofiber Market - Impact of Coronavirus (Covid-19) Pandemic

Negative impact of COVID-19 pandemic on end-user industries is projected to restrict the market growth. For instance, demand for polymeric nanofibers after the pandemic has increased in some end-use industries, such as the healthcare and pharmaceutical industries. However, demand for nanofiber in other end-use industries, such as automotive, aerospace, and defense has been severely impacted by the lockdowns imposed by the government to curb the COVID-19 pandemic. According to the International Organization of Motor Vehicle Manufacturers (OICA), automotive production witnessed a 5.2% decline from 96,869,020 units in 2018 to 92,175,805 units in 2019. Production volume further declined through 2020 to reach 77,621,582 units.

Key Takeaways:

The global nanofiber market was valued at US$ 901.3 Mn in 2023 and is forecast to reach a value of US$ 3259.5 Mn by 2030 at a CAGR of 20.2% between 2023 and 2030.

The polymeric nanofiber segment held dominant position in the global nanofiber market in 2021, accounting for 50.0% share in terms of value, increasing approval and launch of new products is expected to propel growth of the segment during the forecast period.

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https://www.coherentmarketinsights.com/market-insight/nanofiber-market-5129

Market Trends

Increasing use of nanofiber in high-efficiency particulate air (HEPA)

Increasing use of nanofiber in high-efficiency particulate air (HEPA) filters is projected to shape the market growth positively. Electrospun nanofiber-based filter media exhibit high ratio of surface/volume, good interconnectivity of voids, low-pressure drop, and controllable connectivity and morphology. These properties are making it excellent filtering material.

Competitive Section:

Key Companies