Global Nanofiber Market value is estimated at 408.70 USD million in 2016. It is expected to reach USD 559.10 million by 2021, showing a compound annual growth rate (CAGR) of 34.8% during the forecast period, 2016-2021.
Nanofiber market is primarily driven by factors such as growing commercialization due to the increasing end-user industrial applications, huge R&D investments for new breakthrough technologies, emerging advanced machinery for nanofiber fabrication and calibration purposes. However, operational restraints in case of scalability and lack of efficient machinery for nanofiber processing provides hindrance to the market growth to an extent.
The market has been divided based on the region into Asia-pacific, North America, Europe, South America and Middle-East & Africa (MEA) regions. Asia-Pacific is expected to be the fastest growing market due to rapid industrialization, coupled with increasing investments in automotive, electronics, and medical industries, in the emerging economies of China, India, South Korea and Singapore. Advancement in science & technology and growing demand from numerous end use industries in the region have led companies to intensify R&D in nanofiber, which in turn, is likely to have a positive impact on the market. Furthermore, increasing application of reinforced carbon fiber in automotive industry, and growing healthcare & biomedical applications of nanofibers will offer numerous opportunities to the global nanofiber market growth.
Global Nanofiber market is segmented on the basis of raw material into carbon, ceramic, composite, glass, metallic and polymeric nanofibers. Further, the market is segmented on the basis of end user industry into mechanical/chemical, energy, electronics, healthcare & biomedical, automotive, aerospace & aviation, defense & security, composites, textile and others such as cosmetics, thermal & acoustic insulation, sensors and other instrumentation. Healthcare & biomedical industry is expected to be the fastest growing segment of global nanofibers market, which is expected to witness a CAGR of XX% during the forecast period. Applications such as drug delivery, wound healing, tissue engineering and barrier textile employs services of nanofibers on a wide scale in healthcare & biomedical industry.
Some of the major companies dominating this market for its products, services, and continuous product developments are Toray, Ahlstrom, Kuraray, Mitsubishi Rayon, Elmarco, Donaldson Co. Inc., Mitsubishi Rayon Co. Ltd. And Nanotech Labs Inc.