May 18, 2024
Global Nanofibers Market

Nanofibers Market Fuel Growth Through Novel Applications

The nanofiber market is in tremendous growth driven by their increasing utilization across diverse industries. Nanofibers offer enhanced efficiency and miniaturization opportunities due to their submicron diameter and high surface-to-volume ratio. They find wide usage in water filtration, air filtration, biomedical & healthcare, and energy storage. Nanofibers enable lightweight and high-performing filter media for removal of fine particles and microbes from air and water. They also act as efficient wound dressings and scaffolds in tissue engineering owing to their biomimetic properties. Furthermore, carbon and other composite nanofibers exhibit high strength-to-weight ratio making them viable for reinforced composites and lithium-ion batteries.

The Global Nanofiber Market is estimated to be valued at US$ 1038.3 Mn in 2024 and is expected to exhibit a CAGR of 7.9% over the forecast period 2024 to 2030.

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 Companym, 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.

The growing demand for efficient filtration media from water treatment and air filtration industries is fueling the Global Nanofiber Market Growth. Nanofiber filters demonstrate high efficiency in removal of contaminants and microorganisms. Their small fiber diameter allows development of very thin yet highly effective filters.

Globally, Asia Pacific accounted for the largest share in the nanofiber market due to large production capacities in countries like Japan, China and South Korea. However, North America and Europe are also expanding substantially supported by escalating usage of nanofibers in healthcare, energy, and consumer goods.

Market key trends

One of the key trends enabling the nanofiber market growth is their increasing utilization in lithium-ion batteries. Carbon nanofibers are being widely evaluated as anode materials in lithium-ion batteries due to their high surface area and electrical conductivity. They provide batteries with enhanced energy density, power capability and cycle life. Furthermore, composites of carbon nanofibers with silicon or tin can accommodate large volume changes during charge-discharge cycles improving stability. This is spurring research on nanofiber integrated lithium-ion batteries with industrial applications ranging from consumer electronics to electric vehicles.

Porter’s Analysis
Threat of new entrants: Low capital requirements to enter the nanofiber market has increased threat of new entrants. However, established players have strong brand recognition and economies of scale which make entry difficult.

Bargaining power of buyers: Buyers have moderate bargaining power due to availability of substitutes. However, uniqueness of nanofiber properties provide some advantages to producers.

Bargaining power of suppliers: Suppliers of raw materials for nanofiber production have low bargaining power as raw materials are commonly available from multiple sources.

Threat of new substitutes: Threat of substitutes is low as nanofibers provide unique advantages over alternatives. However, continuous research may lead to newer innovative substitutes.

Competitive rivalry: The nanofiber market is highly fragmented with presence of numerous global and regional players. Intense competition exists based on product quality, price and performance.

Geographical Regions

North America dominates the nanofiber market and holds around 35% of global market share in terms of value. This is attributed to extensive R&D spending and widespread application of nanofibers in healthcare and energy sectors across US and Canada.

Asia Pacific region is poised to be the fastest growing market during forecast period driven by increasing demand from countries like China, India, Japan and South Korea. Growing industrialization and manufacturing industries have boosted nanofiber adoption in the region.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it