Asia-Pacific Nanofiber Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)

The Asia-Pacific nanofiber market is estimated to witness a significant growth, at an estimated CAGR of around 25%, over the forecast period. Major factor driving the market studied is the increasing demand in filtration technology. On the flipside, the lack of sensitive instrumentation to calibrate properties of nanofibers is expected to hinder the growth of the market studied.

• The healthcare and biomedical segment dominated the market, and is likely to grow during the forecast period, owing to the growing application in the field of medical, pharmaceuticals, and life science and the increasing investments in the healthcare industry.
• Increasing R&D and high-potential market for cellulosic nanofibers are likely to act as an opportunity in the future.
• China accounted for the largest market share and is expected to continue domination during the forecast period.

Key Market Trends

Healthcare and Biomedical Segment to Dominate the Market Demand

• The healthcare and biomedical industry is the largest contributor to the growing demand of nanofibers, across the region.
• Applications, such as drug delivery, wound healing, tissue engineering, and barrier textile employs services of nanofibers on a wide scale in the healthcare and biomedical industry.
• In drug delivery applications, nanofiber membrane from biopolymers is widely used as a bioactive material or drug carrier.
• Nanofiber layers produced from biopolymers (chitosan, gelatin, collagen, polycaprolactone, etc., or combinations of these materials) can also be used as a wound dressing for significant support of the wound healing process.
• These materials also act as possible substrates for growing cells. Nanofibers also act as an effective barrier for microorganism penetration (viruses, bacteria, and molds).
• Hence, all such market trends are expected to drive nanofibers demand for medical applications in the region during the forecast period.

China to Dominate the Market

• China has one of the largest healthcare sectors across the world. The country’s 13th five-year plan prioritizes health and innovation, which is expected to increase investments in the medical device manufacturing sector, during the forecast period. This, in turn, is expected to raise the production of high-tech medical devices to treat chronic and age-related diseases in the country.
• The Chinese aircraft industry depicted significant growth over the years. According to Boeing, China is estimated to require around 7,600 new commercial aircraft, valued at USD 1.2 trillion, over the next two decades.
• Foreign investment in China has also been extended into the aviation sector, which is projected to register a CAGR of 6%, owing to China’s geographical location, which provides easy access to the industrial goods markets in the neighboring countries, as well as, other countries globally, making it a major access point for manufacturers and suppliers.
• China is the largest manufacturer of automobiles in the world. The country’s automotive sector has been shaping up for product evolution, with the country focusing on manufacturing products, in order to ensure fuel economy, and to minimize emissions (owing to the growing environmental concerns due to mounting pollution in the country).
• Due to all such factors, the market for nanofiber in the country is expected to have a steady growth during the forecast period.

Competitive Landscape

The Asia-Pacific nanofiber market is partially consolidated in nature. The major companies include Mitsubishi Chemical Corporation, Hollingsworth & Vose, KURARAY CO., LTD., TEIJIN LIMITED, and TORAY INDUSTRIES, INC., among others.

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