CLEVELAND, June 26, 2020 /PRNewswire/ -- Demand for meltblown nonwovens is forecast to grow 6.3% per year through 2024 to $6.71 billion, according to a new Freedonia Group analysis. Gains will be boosted by a short-term demand spike in 2020 due to surging demand for personal protective equipment (PPE) amid the COVID-19 pandemic:
- Demand for meltblown nonwovens used in the production of masks and respirators is forecast to more than double in 2020 due to surging demand for these products amid the pandemic.
- Prices of meltblown nonwovens that are needed for masks have rapidly increased due to the surge in demand for the specific types of meltblown that can be used for this application.
To meet soaring global demand and help markets renormalize, meltblown nonwovens producers are expanding capacity to prevent the shortfalls seen at the onset of the pandemic from happening again.
Despite short-term boost, growth through 2024 will be similar to that of the 2015-2019 period
Longer term, however, market trends are expected to mostly renormalize by 2024, though countries are likely to retain some higher production to replenish stockpiles and to serve an expected higher use rate as mask use becomes more common among those suffering from minor illnesses around the world (as is already typical in major Asian metropolitan areas).
Pricing for meltblown nonwovens is also expected to return to a relatively normal growth pattern by 2024 as demand returns to more sustainable levels and supply chains face less pressure. Nevertheless, a certain amount of upward pressure on global prices will remain as suppliers set up production capacity in North America and Europe, which lack China's cost advantages in economies of scale and labor.
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SOURCE The Freedonia Group