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 2027.
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.
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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.
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.
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.
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