February 29, 2024
Nanofiber Market

The global nanofiber market Growth Accelerated by Rising Demand From Medical Industry

Nanofibers are fibers with diameters less than 1000 nanometers produced using nanotechnology. They have a very large surface area to volume ratio and are widely used in medical, industrial and environmental applications such as protective clothing, transparent films, energy storage, water treatment, and others. Nanofibers are known for their ultrathin fiber morphology, porosity, flexibility, and lightweight nature which makes them suitable for various medical applications such as wound dressing, drug delivery, and tissue engineering.

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 2031, as highlighted in a new report published by Coherent Market Insights.

Market key trends:
The rising demand from the medical industry is one of the major trends driving the growth of the nanofiber market. Nanofibers are increasingly being used in medical applications such as wound dressings, tissue scaffolds, and drug delivery due to their tiny fiber diameter and extremely high surface area to volume ratio. Their morphological similarity to natural extracellular matrix (ECM) provides an ideal environment for cell attachment, growth, and proliferation. Furthermore, nanofibers can serve as carriers of various active pharmaceutical ingredients (APIs), antibacterial agents, proteins and genes for drug delivery and regenerative medicine applications. The growing demand from the medical industry is expected to boost the demand for nanofibers during the forecast period.

Segment Analysis
The global nanofiber market is dominated by the polymer nanofiber segment. Polymer nanofibers can be easily produced using electrospinning technology. They have widespread applications in areas such as filtration, biomedical, and composites due to properties like high surface area to volume ratio and small diameter. The biomedical sub-segment accounts for the major share as nanofibers are used in products such as wound dressings, implants and scaffolds for tissue engineering due to their ability to mimic extracellular matrix.

Key Takeaways
The Global Nanofiber Market Growth is expected to witness high growth over the forecast period owing to increased investments in research & development activities. 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 2031.

North America currently holds the largest share and is expected to maintain its dominance due to presence of major nanofiber producers and research institutions in the region promoting innovations in nanofibers. Asia Pacific is likely to be the fastest growing market attributed to rising healthcare expenditure, increasing industrialization and substantial technological advancements in China, India and other developing Asian countries.

Key players operating in the nanofiber market are Applied Sciences Inc., Argonide Corporation, CHUETSU PLASTIC CO., LTD., eSpin Technologies, FibeRio Technology Corp., Johns Manville, Toray Industries, Inc., Donaldson Company, Finetex EnE, Inc., DuPont, and 3DOM Filament. Major players are focusing on new product launches, partnerships and investments to strengthen their market presence.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it