LONDON, Sept. 20, 2016 /PRNewswire/ -- The global nanofibers market is expected to reach USD 2.89 billion by 2024, according to a new report by Grand View Research, Inc. Technological advancements in the field of nanomaterials, coupled with increasing demand for materials such as carbon, glass, ceramic, and polymeric in various end-use segments, are expected to drive growth over the forecast period. Surging demand for nanotechnology-enabled smart textiles, filtration, tissue engineering & regeneration, wound healing, drug delivery, and biosensors is expected to steer nanofibers market penetration in the medical sector over the next few years.
However, stringent guidelines and standards for manufacturing, handling, and sales of nanomaterials by international agencies such as ISO, NIST, and Nanomaterials Registry may hamper market growth. The nanofibers industry growth may further be restrained by regulations pertaining to the toxicity of metal and carbon-based nanoparticles.
Nanoscale polymer fibers dominated the global demand accounting for 49.2% of total market volume in 2015. Large-scale application of these materials in high-efficiency air filters coupled with increasing usage in medical devices and drug delivery systems especially in the mature economies can be attributed to high penetration.
Further key findings from the report suggest:
The global nanofibers market demand was 1,008 tons in 2015 and is expected to reach 8,886 tons by 2024, growing at a CAGR of 27.7% from 2016 to 2024
The global composite nanoscale materials accounted for 12.5% of the total nanofibers market in 2015 and are anticipated to reach a net worth of USD 373.6 million by 2024. Increasing R&D investments to develop innovative production technologies and adhere to the stringent regulatory framework to steer segment growth.
Cellulose nanofibers are estimated to witness the fastest growth over the next eight years. The segment demand in the U.S. is estimated to grow at a CAGR of 29.6% from 2016 to 2024.
Electronics segment is anticipated to emerge as fastest growing end-use segment and is estimated to reach a net worth of USD 293.1 million by 2024
Asia Pacific is expected to emerge as the fastest growing regional market on account of significant product demand in China, Japan, India, and other South-East Asian countries. China nanofibers demand in the energy sector is anticipated to reach 154.4 tons by 2024 at a CAGR of 28% from 2016 to 2024.
Key industry participants in the market include Donaldson, Elmarco, DuPont, Revolution Fibres, FibeRio, Ahlstrom, Toray, Asahi Kasei, Johns Manville, Jiangxi Xian Cai Nanofibers Technology, Johns Pyrograf Products, eSpin, and MemPro
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