The COVID-19 pandemic has impacted negatively on the economies of several countries around the world. The companies in the N95 mask market are heavily involved in business development efforts like product launches and alliances. The huge demand for N95 Masks in pandemic is initiating responses for increased production of these masks. Among other things, these responses take the form of increased investments and initiatives by market players and governments. The N95 masks segment is expected to grow at a faster rate from 2021 to 2028 since the reliance on masks as effective protective means from Covid is expected to remain strong for some years to come, notwithstanding the vaccinations being done.
This demand is expected to push the N95 masks market value at massive $4926 million in next 7 years.
Competitive Landscape: Leading market players are concentrating on the introduction of new products, the development and diversification of their market presence, and the acquisition of new client-base to capitalise on current business prospects.
Impact and Global Analysis with Strategic Insights & Inputs: 3M increased its annual production pace to 2.5 billion N95 respirators in January 2021, a fourfold increase over 2019. By 2020, the company will have produced 2 billion respirators around the world. Moldex- Metric, Inc., a maker of N95 masks, plans to open a new production facility in Wilson County in September 2020. Moldex-Metric, Inc. planned to take over an existing building in Lebanon and construct a new distribution centre on the 21-acre site, resulting in the creation of 220 jobs. The global N95 masks market was dominated by North America in 2020. The rising investments and initiatives by industry players and governments are defining the market's growth. The companies in the N95 mask market are heavily involved in business development efforts like product launches and alliances. For example, 3M, Honeywell, and Prestige Ameritech, all based in the United States, invested in the domestic production of N95 masks in July 2020. In addition, Arvind Limited, one of India's major textile-to-retail conglomerates, and ACT Grants collaborated in September 2020 to meet a goal of producing 30 million N95 masks in the next 12 months. As a result, the N95 mask market is growing as a result of market players' ongoing efforts and investments to meet rising demand by increasing production and sales of their goods in both domestic and foreign markets. Rhysley Pvt Ltd, another major player in the global N95 masks market, also ramped up its production to meet the domestic and global demands.
Various healthcare research centres across the country were solely focused on COVID 19 medicines. The demand for N95 masks has increased dramatically. To address the scarcity, regulatory authorities such as the USFDA have issued new PPE standards. In the region, existing businesses are scaling up production and supply chains for N95 masks. However, different counterfeit N95 masks from branded companies are being sold in this scenario.
The administration has issued a warning in this regard. Health Canada, for example, has issued a warning about fraudulent 3M N95 respirators and masks. The availability of alternative alternatives has resulted in excellent stockpiles of N95 masks in the warehouses of US manufacturers. The COVID-19 has a favourable impact on the region's N95 mask market.
Companies in non-PPE markets have begun to engage in PPE manufacturing operations to ensure the effective supply of products such as respiratory masks. PPE manufacturers are concentrating their efforts on extending their operations in developing areas. Honeywell International Inc. opened an N95 mask manufacturing facility in Gurgaon, India, in August 2020, to assist frontline healthcare workers, emergency responders, and government agencies during the COVID-19 pandemic.
The company aimed to produce 2 million masks per month at its maximum capacity. In addition, several local mask companies are coming up with creative and low-cost goods in response to the growing demand from the general public. They are also involved in other commercial activities that assist the expansion of production capacities, such as raw material supply.
Furthermore, to minimise unethical commercial activities, governments have been strictly regulating the selling and supply of N95 masks. As a result, growing economies in the Asia Pacific, the Middle East, South America, and Africa have enormous potential for the N95 mask industry to grow.
The market for N95 masks is divided into two categories: without exhalation valve and with exhalation valve. In terms of product, the without exhalation valve category is expected to have a greater proportion of the market in 2021. However, due to the high efficiency of protection offered during inhalation and exhalation, the exhalation valve sector is predicted to increase at a quicker rate throughout the projection period.
The N95 masks market is divided into offline and online segments based on the distribution channel. The offline category is expected to have a bigger share of the market in 2021. Furthermore, due to the benefits it provides, the digital segment is likely to boost at a quicker rate in the coming years.
The N95 masks market is segmented into construction, manufacturing, healthcare, mining, oil and gas, and others, depending on the end-user use. By end-user, the construction segment is expected to command the most share of the market in 2021. Furthermore, the healthcare industry is predicted to increase at the fastest rate in the next couple of years.