The face mask market is projected to grow from USD 0.8 billion in 2018 to USD 52.7 billion in 2021 and then reduce to USD 3.0 billion by 2027. The CAGRs for these periods are 309.8% between 2018 to 2021 and an overall CAGR of -34.5% from 2022 to 2027. The major reason for the growth of the face mask market between 2018 and 2021 is the outbreak of the COVID-19 pandemic. Other factors driving the growth of the face mask market include the rise in consumer awareness pertaining to the importance of face masks as a preventive measure during the COVID-19 pandemic, and the surge in social media marketing to encourage a positive attitude towards wearing masks.
The growing economies in China and India and the growth and improvement in healthcare infrastructure in Southeast Asian countries are the major factors driving this market. Apart from this, the rising geriatric population in countries like Japan, growing per capita income, increasing investments in the healthcare industry, expansion of private sector hospitals to rural areas, and rapid economic growth are also supporting this market.
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Companies such as 3M Company (US), Honeywell International Inc. (US), Kimberly-Clark Corporation (US), Owens & Minor, Inc. (US), and Cardinal Health, Inc. (US), fall under the winners’ category. These are leading players in the face mask market, globally. These players have adopted the strategies of expansions, agreements, contracts, partnerships, acquisitions, and collaborations, to fulfill the rising demand for face masks on the regional as well as global levels.
3M Company is the leading player in the global face mask market, in terms of production capacity and geographical presence. In May 2020, 3M Company announced the expansion of its facility located in Aberdeen, South Dakota (US). The expansion includes the addition of 120,000 sq. ft. in order to enhance the N95 production capacity of the facility. The purpose of the expansion is to fulfill the two contracts that the company acquired from the US Department of Defense (DoD).
In May 2020, Honeywell International Inc. announced the establishment of a new production line for manufacturing FFP2 and FFP3 disposable face masks at its Newhouse site in Scotland, UK. This line is expected to have a production capacity of around 4.5 million FFP2 and FFP3 disposable face masks per month. The purpose of this expansion is to help the UK Government respond to the COVID-19 outbreak. Furthermore, under this expansion, the company will offer 70 million SuperOne face masks over the next 18 months. The masks will be distributed by the Department of Health and Social Care to the UK’s National Health Service (NHS) and social care settings in order to protect frontline workers.
In November 2020, Owens & Minor, Inc. increased its production and invested in its capacity to provide frontline workers with procedure masks and N95 respirators. There has been over a 1000% increase in N95 production at three Americas locations, including additional manufacturing assets in Del Rio, Texas, and Lexington, N.C.
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