N95 Masks Market Size, Trends and Growth Analysis by 2027

The N95 masks market is anticipated to grow significantly, reaching an estimated US$ 4,925.80 million by 2028, up from US$ 1,914.54 million in 2021. This growth represents a compound annual growth rate (CAGR) of 14.5% from 2021 to 2028.

The surge in demand for N95 masks is primarily driven by the ongoing prevalence of COVID-19, alongside increased investments and initiatives from both market players and government entities. However, the presence of alternative protective products poses a challenge to the market's expansion.

The N95 mask sector is experiencing rapid growth across various nations. These masks are extensively utilized in multiple industries, including pharmaceuticals, biotechnology, healthcare, construction, manufacturing, mining, and oil & gas. Their ability to filter out micron-sized particles from the air makes them essential for protecting the respiratory system and oral cavity. Consequently, the demand for N95 masks has skyrocketed during the COVID-19 pandemic, placing immense pressure on manufacturers worldwide to meet this unprecedented demand. In response, local, regional, and international manufacturers have significantly increased their production capacities. The pandemic has also opened doors for startups to enter the market and broaden their reach. Furthermore, governments in numerous countries are regulating N95 mask prices to ensure public access and foster healthy competition within the market.

Market players in the N95 mask industry are actively engaging in business development strategies, including product launches and partnerships. For example, in July 2020, several US-based companies, such as 3M, Honeywell, and Prestige Ameritech, made substantial investments in domestic N95 mask production. Additionally, in September 2020, Arvind Limited, a leading textile-to-retail conglomerate in India, collaborated with ACT Grants to produce approximately 30 million N95 masks over the next year. These ongoing efforts and investments by market players to enhance production and sales capabilities in both domestic and international markets are propelling the growth of the N95 mask sector.

The N95 masks market is characterized by a diverse range of companies, from small enterprises to large corporations. To increase their market share, these players are implementing strategies such as launching new products, expanding geographically, and advancing technology. For instance, in January 2021, 3M raised its annual production capacity to 2.5 billion N95 respirators, marking a fourfold increase compared to 2019. In 2020, the company produced 2 billion respirators globally. Similarly, in February 2020, Alpha Pro Tech, Ltd. announced a significant ramp-up in the production of its N95 particulate respirator face masks in response to a dramatic rise in customer demand due to the COVID-19 outbreak, which the World Health Organization declared a "public health emergency of international concern." Thus, the global increase in COVID-19 cases continues to drive the growth of the N95 masks market.

The N95 masks market is categorized based on product type into two segments: those without exhalation valves and those with exhalation valves. In 2021, the segment without exhalation valves held a larger market share. However, the demand for N95 masks equipped with exhalation valves is projected to grow significantly due to their superior protective efficiency during both inhalation and exhalation. Various health organizations, including the World Health Organization (WHO), the Centers for Disease Control and Prevention (CDC), and health ministries in several countries, are advocating for the use of these masks to mitigate the spread of the virus from infected individuals.

In terms of distribution channels, the N95 masks market is divided into offline and online segments. The offline segment dominated the market in 2021, but the online segment is expected to experience a higher CAGR during the forecast period.

Key secondary sources utilized in the preparation of the report on the N95 masks market include the National Healthcare Service (NHS), Centers for Disease Control and Prevention (CDC), Japan Hygiene Products Industry Association, Center for Global Development (CGD), Australian Bureau of Statistics, and the World Health Organization (WHO).