The face mask market is projected to grow from USD 737 million in 2019 to USD 22,143 million in 2021 and then reduce to USD 3,021 million by 2025. The projected CAGRs for these periods are 448.1% between 2019 to 2021 and an overall CAGR of -48.9% from 2020 to 2025. The major reason for the growth of the face mask market between 2019 to 2021 is the outbreak of the COVID-19 pandemic. Other factors driving the growth of the face mask market between 2020 to 2025 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.
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Companies such as The 3M Company (US), Honeywell International Inc. (US), Kimberly-Clark (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.
The 3M Company is the leading player in the global face mask market, in terms of production capacity and the geographical presence. In May 2020, The 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).
Another important player in the global face mask market is Honeywell International Inc.
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’s response 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.
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COVID-19 Impact on the Global Face mask Market
The pandemic is estimated to have a huge positive impact pandemic has positive impact on the global face mask market. This is mainly because of the increasing demand for face masks, as they prevent or slow down the transmission of life-threatening COVID-19 infections. Also, face masks have been employed as a public and personal health control measure against the spread of SARS-CoV-2. Their use is intended as personal protection against infection and as source control to limit transmission of the virus in a community or healthcare setting. The various impacts of COVID-19 are as follows:
- According to the World Health Organization, mask production needs to be increased by 40% to meet global demand. As the pandemic has spread to over 213 countries, governments across the world are restricting exports of masks to fulfill domestic demand through increased production. This has resulted in shortages in countries that depend on imports. Thus, to meet the rising demand for masks, many companies worldwide are making efforts to increase the production of face masks.
- As of early May 2020, 88% of the world’s population lived in countries that recommended or mandated the use of masks in public; more than 75 countries had mandated the use of masks.
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