In terms of revenue, the global nanofibers market is expected to reach 5865.3 Million by 2028, growing at a Compound Annual Growth Rate (CAGR) of 24.7% from 2022 to 2028. Higher adoption of low-cost polymers for producing nanocomposites coupled with the shifting consumer as well as product trends are factors projected to drive the market growth.
- Polymer nanofibers in the product type segment held a significant market share in 2021. Factors such as e ease of access with the low cost of several synthetic and natural polymers are major factors driving high demand in the market. Additionally, the versatile compatibility of these products with the electrospinning technique is expected to boost market demand.
- In the application segment electronics sub-segment is having a substantial CAGR. This growth is due to the ease of fabrication coupled with low operating costs. Nanofibers have significant prominence as a building block in electronic products.
- North America is the largest regional segment. The rising need for recyclable & sustainability of products and growth of end-use industries such as automotive, packaging, and electrical are factors driving the regional market.
Some of the key players in the nanofibers market include - eSpin Technologies Inc., Teijin Limited, TORAY INDUSTRIES INC., Hollingsworth and Vose Company, NIPPON PAPER INDUSTRIES CO. LTD., FibeRio Technology Corporation, Ahlstrom Corporation, DuPont, Asahi Kasei, Donaldson Filtration Solutions, Elmarco, Johns Manville Corporation, Jiangxi Xian Cai Nanofibers Technology Co., Ltd., Johns Pyrograf Products, Inc. (PPI), Revolution Fibers, and MemPro
Major technological advancements in the field have resulted in new and innovative manufacturing methods, like force spinning, magneto spinning, phase separation, rotary jet spinning, and melt-blown technology. Some players in the market such as FibeRio, RevolutionFibres, Elmarco, Donaldson, Finetex EnE, Nanopareil, Sigma Aldrich, are focusing on their Research with heavy investments for developing new manufacturing technologies. Thus, technological advancement is a major factor promoting industry growth.
Asia Pacific is anticipated to have the fastest growth during the forecast period. The ongoing R&D activities and increasing nanoscale material use in the medical field are contributing to regional market growth. Europe is also expected to grow at a considerable CAGR during the forecast period. The main European markets such as Germany, the U.K., Italy, and France tend to have a high demand for polymer nanofibers in the field of biomedicine, nano-safety, energy storage, and agriculture.