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Nanofiber market to grow at 24.12 per cent CAGR during 2016-20

Between 2016-20 the global nanofiber market is expected to grow as the production system is forecast to show improvement with the vendors striving to achieve economy of scale and reduce the breakeven point. Many solution providers such as FibeRio technology, Elmarco are coming up with improved technology and new techniques, showcasing their capabilities to provide comprehensive nanofiber solutions.

According to analysts, the global nanofiber market will grow at a CAGR of 24.12 per cent during the period 2016-2020. The increased adoption of nanofibers in technical textile is the primary growth driver for this market. Technical textiles that include nonwovens make up around 25 per cent of the global fiber consumption and have huge demand in areas like medical devices, water purification, and responsive fibrous system.

During 2015, the filtration application segment dominated the market with a market share of around 59 per cent. However, the electronics application segment is expected to see the highest CAGR during the forecast period. Material cost is an important market driver of nanofiber in electronics application. Nanofibers have a structural advantage such as enhanced conductivity over other materials and are being used as deposits on the pre-patterned SiO2 substrate in field effect transistor (FET). These transistors and other logic circuits find huge application in the electronics sector.