Although the coronavirus outbreak had caused an unanticipatedly high growth in the masks market, it will not immediately fall to nothing in the "post"-COVID era. Read on to see why.
LONDON, March 29, 2022 /PRNewswire/ -- The unprecedented outbreak of coronavirus caused a surge in demand for essential medical devices for the prevention from COVID-19, which caused a large and rapid growth in the face mask market and N95 mask markets. As the pandemic comes under control, with an increase in mass vaccination campaigns, the demand for PPE, and specifically N95 respirators and surgical masks, is likely to return to more 'normal', pre-pandemic levels. However, this could be further in the future than anticipated, as many countries in the world including Australia, Italy, Botswana, Switzerland are experiencing a surge in COVID-19 cases due to the emergence of the new Omicron variant.
Added to this, given how quickly health services found themselves lacking in PPE, it is likely that in future they will be better prepared and hold more stock of PPE so it is more readily available when required. Also, the gradual easing of supply constraints for masks, the rapid development of activities concerning the provision of vaccines for COVID-19, government approvals for vaccinations, and the restart of regular hospital activities across the globe are expected to offer huge potential for masks during the forecast period.
The global masks market size is expected to grow from $12.37 billion in 2021 to $13.46 billion in 2022 at a compound annual growth rate (CAGR) of 8.8%. The global N95 respirators and other surgical masks market size is then expected to grow to $18.1 billion in 2026 at a CAGR of 7.7%.
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Nanotechnology and Masks
Nanotechnology is widely being used by N95 respirators and other surgical masks companies to increase the functionality of the masks. Nanotechnology is the manipulation of matter on an atomic, molecular, and supramolecular scale. It uses various chemical active groups to capture naturally occurring nanoparticles such as viruses to utilize a very larger specific surface area, thus improving the efficiency of the respirator. This technology is also being used by mask manufacturing companies to maintain filtering capabilities of the mask even after washing.
Regional Outlook
Asia Pacific has the largest masks N95 respirators and other surgical masks market share, accounting for 51.0% of the global market in 2021. It was followed by North America, Western Europe and the other regions. Going forward, as per TBRC's face mask market and surgical mask market research, the fastest growing regions in the masks market will be Asia Pacific and the South America.
Key Players And Their Strategies
The global masks (N95 respirators and other surgical masks) market is moderately fragmented, with a large number of regional players operating in the market. The top ten competitors in the masks market made up to 16.48% of the total market in 2021. Major players in the market include Honeywell International Inc., BYD Co. Ltd., The 3M Company, Intco Medical Technology Co. Ltd., Unicharm Corporation.
Player-adopted strategies in the masks (N95 respirators and other surgical masks) industry includes expansion of existing production facilities, establishment of new production facilities, strategic agreement with raw material providers or suppliers, and innovative product launches.
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