New York, Oct. 12, 2021 (GLOBE NEWSWIRE) -- N95 Masks Market: Key Insights
According to our new research study on “N95 Masks Market to 2028 – Global Analysis and Forecast – by Product, Distribution Channel, End User, and Geography,” the N95 Masks Market Size is projected to reach US$ 4,925.80 million by 2028 from US$ 1,914.54 million in 2021; it is expected to register a CAGR of 14.5% during 2021–2028.
N95 Masks Market: Competition Landscape and Key Developments
3M Company; Kimberly-Clark Corporation; Medline Industries, Inc.; Cardinal Health Inc; Ansell Limited; ALPHA PRO TECH, LTD.; Honeywell International Inc.; The Gerson Company; Medisca Inc.; and Moldex-Metric are among the key companies operating in the N95 masks market. Leading market players are focusing on the launch of new products, expansion, and diversification of market presence and acquisition of new customer base, thereby tapping prevailing business opportunities.
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In January 2021, 3M has raised its annual production rate to 2.5 billion N95 respirators, a fourfold rise over 2019. In 2020, the company manufactured 2 billion respirators globally.
In September 2020, Moldex- Metric, Inc., a manufacturer of N95 masks, planned to open a new manufacturing facility in Wilson County. Moldex-Metric, Inc. planned to take over an existing building in Lebanon and build an additional distribution center on the 21-acre site creating 220 job opportunities.
In 2020, North America dominated the global N95 masks market. The growth of the market is majorly defined by the increasing investments and initiatives by market players and governments. The N95 mask market players are actively involved in business development activities such as product launches and partnerships. For instance, in July 2020, US-based companies such as 3M, Honeywell, and Prestige Ameritech invested in the domestic production of N95 masks. In addition, in September 2020, Arvind Limited, one of the largest textile-to-retail conglomerates in India, and ACT Grants partnered to meet the goal of producing ~30 million N95 masks in the following 12 months. Thus, continuous efforts and investments by the market players to address the rising demands by uplifting the production and sales of their products in the domestic and international markets are driving the N95 mask market growth.
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The COVID-19 pandemic has disrupted the socioeconomic conditions of various countries across the world. The N95 mask market players are actively involved in business development activities such as product launches and partnerships. In the North American region, the US was profoundly affected by the outbreak of the COVID-19 pandemic. The country has marked the highest number of positive patients. Across the nation, various healthcare research centers were working only for research on COVID 19 therapeutics. There has been a tremendous rise in the demand for N95 masks. To tackle this shortage, regulatory agencies such as USFDA have given revised guidelines regarding the PPE. The existing players are ramping up the production and supply chain for the N95 masks in the region. However, in the scenario, various counterfeit N95 masks of the branded companies are being marketed. The government has issued an alert regarding the same. For instance, Health Canada issued a warning regarding counterfeit 3M N95 respirators/masks. The availability of alternate products has caused ideal stocks of N95 masks in the US manufacture’s storehouses. The COVID19 has a positive impact on the N95 mask market in the region
Companies operating in the non-PPE markets have started investing in the PPE production businesses to support the effective supply of products such as respiratory masks. The PPE manufacturing companies are focusing on expanding their business in developing countries. In August 2020, Honeywell International Inc. launched an N95 mask production unit in its Fulgaon facility in India, with a major aim to supports frontline healthcare workers, emergency responders, and government organizations during the COVID-19 pandemic. The company targeted to reach the maximum production capacity of ~2 million masks per month. Further, in response to the burgeoning demand in the general population, many local mask producers are coming up with innovative and low-cost products. They are also engaging in other business activities supporting the scaling up of production capacities, such as the supply of raw materials. Moreover, governments have started strictly regulating the pricing and stocking of the N95 masks to avoid unethical business practices. Thus, developing economies in regions such as Asia Pacific, the Middle East, South America, and Africa hold huge potential for the growth of the N95 mask market.
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N95 Masks Market: Segmental Overview
The N95 masks market, by product, is segmented into without exhalation valve and with exhalation valve. In 2021, the without exhalation valve segment is likely to hold a larger share of the market, by product. However, the with exhalation valve segment is expected to grow at a faster rate during the forecast period owing to the high efficiency of protection provided during inhalation and exhalation.
Based on distribution channel, the N95 masks market is segmented into offline and online. In 2021, the offline segment is likely to hold a larger share of the market. In addition, the online segment is also expected to grow at a faster rate during the coming years owing to the advantages it offers.
Based on end user, the N95 masks market is segmented into construction, manufacturing, healthcare, mining, oil and gas, and others. In 2021, the construction segment is likely to hold the largest share of the market, by end user. In addition, the healthcare segment is expected to grow at the fastest rate during the coming years.
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