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(IT-NEWSWIRE.COM, November 12, 2019 ) Market Outlook:-
Nanofibers are fibrous materials with diameters in the Nano dimension scale (50- 1000nm). They are created from various materials like polymers, glass and so on and thus have diverse physical properties and application possibilities.
Nanofibers are novel for their large surface area to volume ratio, high porosity, mechanical strength, and functionality compared to microfibers. Nanofibers are widely used in tissue engineering, drug delivery, textiles, filtration systems and in the production of optical sensors.
Electrospinning is the most conversant and commercial method of producing Nano fibers.
Market Dynamics:-
The growth of the biomedical industry, increasing demand for medicines, increasing end-user applications and technological advancements owing to the material’s enhanced properties are some of the salient factors which are responsible for driving the Nanofibers market.
Nanofibers are used in tissue engineering, drug delivery, wound dressings as well as in artificial organ components. They are also used in pigments for cosmetics.
Researchers are developing techniques where nanofibers are eligible in capturing the cancer cells from the bloodstream. According to the World trade statistical review conducted by the World Trade Organization (WTO), the global medical technology market in 2017 was worth USD 430 billion dollars, and this is growing at an annual rate of 4.2% per year.
The global spending on biomedical technology research and development in 2017 was about USD 28 billion. Owing to this fact that, the global biomedical market industry is growing at a rapid pace, this serves as a crucial factor in driving the nanofibers market.
However, high prices of raw materials and lack of technical knowledge about the manufacturing systems are the key aspects which can hamper the growth of the Nanofibers market.
Market Segmentation:-
Based on the product type, the market is segmented as Carbon Nanofibers, Composite Nanofibers, Metallic Nanofibers, Polymeric Nanofibers, Glass Nanofibers, Ceramic Nanofibers, and others.
Low cost of natural polymers and demand for polymer-based nanofibers in the Healthcare and textile industry are key drivers of the polymer Nanofibers segment in the Nanofibers market. Polymer-based Nanofibers are used in the manufacturing of vascular grafts, heart valves, surgical masks, and extracorporeal devices. Massive demand for Polymer based Nanofibers is found in the filtration industry where the use of Nanofibers can achieve high-efficiency filtration.
According to The American Filtration and Separation Society (AFSS), the global industrial filtration market was worth USD 25 billion in 2018 is expected to reach USD 35 billion in 2023. Owing to the growth of the Industrial filtration systems and demand for polymer-based Nanofibers from the health care industry, the polymer Nanofibers segment dominates the segment of Nanofibers market.
Based on the end user application, the market is segmented as textile industry, automotive and aerospace industries, healthcare and biomedical industry, electronics industry, defense industry, and others. The healthcare and biomedical industry is the dominant segment owing to the increasing global demand for medicines and the growth of the biomedical industry.
According to a report by Correo Farmaceutico, the global spending on medicines in the year 2010 was USD 887 billion, and this reached USD 1,135 billion in 2017, and this figure is expected to grow to USD 1,400 billion by 2022. This increasing demand from the biomedical and pharmaceutical fields drives the healthcare industry to dominate the nanofibers market.
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Geographical Trends:-
Geographically, the market is generally divided into North America, Europe, South America, Asia-Pacific and the rest of the world.
The North American region is further segmented into the following areas – the US, Canada, and Mexico. Geographically, the US the dominant segment in the North American nanofibers market owing to its rapidly growing biomedical industry.
According to US Government’s Department of Commerce, the US is the worldwide leader in the biomedical industry with a market value of USD 156 billion and represented 40% of the global biomedical industry in 2017.
This high growth rate of the biomedical industry is coupled with high adoption rates for advanced treatment methods where Nanofibers find their potential use in the areas of tissue engineering and enhanced drug delivery. Thus, North America plays a dominant role in driving the nanofibers market.
Competitive Landscape:-
The major players in nano fibers market incorporate competitive strategies like mergers and acquisitions to retain their position in the market and also contribute to the growth of their companies.
For instance, in October 2018, Mitsubishi Chemical Co has decided to absorb Nippon synthetic company with an aim to expand the profits and drive further, the growth of associated businesses in the Mitsubishi group. Similarly, in August 2018, Teijin Fibers announced its acquisition of Inapal Plasticos SA, a leading automotive composite supplier in Portugal. This acquisition will enhance the expansion of Teijin Fiber’s European automotive business.
New product launches and expansion of facilities are some other vital strategies adopted by most of the companies to contribute to the growth of the company and improve their market growth rate. For instance, in January 2019, Johns Manville announced the expansion of its facility in Ohio which will allow the company to increase the production of its fiberglass production capacity.
Moreover, in December 2018, Dupont Transportation and Advanced Polymers (T&AP) announced the expansion of its high-temperature nylon polymerization facility in Germany. This expansion confirms the company’s strong commitment to addressing the needs of the European Market.
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