Modacrylic Fiber Market To Grow At Aggressive CAGR Of 4.7% To Reach USD 794.21 Million By 2029 | Exactitude Consultancy

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Luton, Bedfordshire, United Kingdom, Feb. 24, 2023 (GLOBE NEWSWIRE) -- Exactitude Consultancy, the market research and consulting wing of Ameliorate Digital Consultancy Private Limited has completed and published the final copy of the detailed research report on the Modacrylic Fiber Market.

The global modacrylic fiber market is expected to grow at 4.7% CAGR from 2023 to 2029. It is expected to reach above USD 794.21 million by 2029 from USD 550 million in 2022.

Modacrylic fiber is a flame-resistant, synthetic copolymer synthesized from acrylonitrile and other polymers, in tow and staple form. These copolymer fibers are strong, soft, resilient, and dimensionally stable. They are commercially used for various applications such as apparel linings, paint-roller covers, scatter rugs, carpets, work clothing, and as hair in wigs. Modacrylic fibers are widely employed in high-performance protective clothing such as firefighting turnout gear owing to their high degree of flame resistance. They can be molded, stretched, and embossed into special shapes, due to their low softening temperatures. Furthermore, they are commonly utilized in protective clothing, upholstery, drapery, bedding, and carpet industries. The combination of flame retardancy and low density is also useful in furnishings, draperies, and outdoor fabrics.

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Recent developments

Kaneka Corporation announced to establish a new modacrylic fiber manufacturing plant at Pahang State, Malaysia. This expansion helped the company to expand its presence in the APAC region.

Growth Factors:

• Increasing demand from the apparel industry for flame-resistant fabrics
• Growing use of modacrylic fiber in insulation materials
• Rising demand for nonwoven fabrics made from modacrylic fibers
• Increasing popularity of modacrylic fiber as a replacement for traditional woolen fabrics
• Proliferation of new applications for modacrylic fibers in automotive, construction, and other industries

Market Trend

• Development in Technologies across the Globe
• Rising Adoption of Urban Lifestyle

Market Drivers

• Increasing Applications of Modacrylic Fiber in Fashion Designers, Retailers, and Apparel Manufacturers
• Rising Industrialization and Changing Lifestyle are the Major Factors Drive the Market Growth

Opportunities

• Growing Demand for Modacrylic Fiber from Various End-Users can create Opportunities for Market Growth

Restraints

• Volatile Raw Material Prices
• Problems Related to High Contact with Modacrylic Fiber

Challenges

• Stringent Regulations on the Production of Modacrylic Fiber

APAC is expected 39% to be the fastest-growing Modacrylic Fiber market.

The Asia-Pacific area has seen a development in the industrialization of the textile, garment, and upholstery sectors, which has increased demand for modacrylic fiber. In addition, China and Japan are the main car-producing nations in the Asia-Pacific area. Additionally, as modacrylic fiber is used to make seat coverings among other things, there is a surge in demand due to rising consumer demand and rising disposable income among people. These elements are anticipated to fuel the Asia-Pacific market for modacrylic fiber.

The U.S. Market is Estimated at $177.8 Million, While China is Forecast to Grow at 3.4% CAGR

The Modacrylic Fibers market in the U.S. is estimated at US$177.8 Million in the year 2022. China, the world`s second largest economy, is forecast to reach a projected market size of US$141.4 Million by the year 2029 trailing a CAGR of 3.4% over the analysis period 2023 to 2029. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 0.3% and 1.2% respectively over the 2023-2029 period. Within Europe, Germany is forecast to grow at approximately 0.7% CAGR.

Report Coverage & Details:

Report Coverage	Details
Forecast Period	2023­–2029
Base Year	2022
Market Size in 2022	USD 550 million
Market Size in 2029	USD 794.21 million
CAGR	4.7%
No. of Pages in Report	132
Segments Covered	Type, Application, and Region.
Drivers	Massive use of modacrylic fiber materials in the production of hair fiber and various other clothes.
Wide application of modacrylic fibers in upholstery, textile, automotive, apparel, pile, and various other industries.
High thermal stability, corrosion resistance, and huge strength have enhanced the utilization of modacrylic fibers in thermal insulation.
Opportunities	Rise in baldness due to hair fall in people leads to a huge demand for hair care products.
Restraints	Surge in the costs of raw materials such as vinyl chloride and acrylonitrile and the toxic nature of the product.

Modacrylics have a lot of advantages that we can summarize as follows:

• Extremely flame resistant
• The possibility to blend with all kinds of non-FR fibres in order to enhance the properties such as strength and comfort
• Within blends, it scores high at comfort
• Durable to wash
• Best price/quality ratio on the market of inherent FR fibres

Modacrylic Fiber Market Players

The Modacrylic Fiber market key players include Aksa AkrilkKimya sanayii A.S., China National Petroleum Corporation, ChinaTexNet.com, Formosa Chemicals and Fiber Corporation, Grupo Kaltex, Japan Chemical Fibers Association, Shanghai Changjie Textile Company Limited, TAEKWANG Industrial Co. Ltd, TORAY INDUSTRIES, Xinke special textile Co., Zhangjiagang Hengfeng Textile Company Limited, Zhejiang Wangzhuo Knitting Co., Ltd, Tiajin Glory Tang Co., Ltd, Kaneka Corporation, TenCate Protective Fabrics, Kaneka Corporation, kaneka Corporation

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Key Market Segments: Modacrylic Fiber Market

Modacrylic Fiber Market by Type, 2023-2029, (USD Million), (Kilotons)

• Medical Grade
• Industrial Grade

Modacrylic Fiber Market by Application, 2023-2029, (USD Million), (Kilotons)

• Protective Apparel
• Hair Fiber
• Upholstery
• Modacrylic Pile
• Others

Modacrylic Fiber Market: Market Dynamics

Modacrylic fibers are fire resistant, although they burn when exposed to fire but they do not melt. Due to this property modacrylic fibers are used in manufacturing of firefighting suits and other related fire-resistant clothing. Increasing demand for such fire-resistant clothing is expected to in-turn, drive the growth of Modacrylic fiber market during the forecast period.

Moreover, modacrylic fibers can be stretched and molded in desired shapes or forms, thus increasing their applications in many areas. Modacrylic fibers are relatively stronger, softer and stable. Owing to this, they are used in carpets, apparel linings and wigs.

Increasing demand for these is, thus, expected to boost the growth of modacrylic fiber market during the assessment period. Furthermore, modacrylic fibers are chemically stable. Due to this property, they are used in many industrial filtration applications.

Key Question Answered

• What is the current size of the Modacrylic Fiber market?
• What are the key factors influencing the growth of Modacrylic Fiber?
• What are the major applications for Modacrylic Fiber?
• Who are the major key players in the Modacrylic Fiber market?
• Which region will provide more business opportunities for Modacrylic Fiber in the future?
• Which segment holds the maximum share of the Modacrylic Fiber market?

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About Exactitude Consultancy

Exactitude Consultancy is a market research & consulting services firm which helps its client to address their most pressing strategic and business challenges. Our market research helps clients to address critical business challenges and also helps make optimized business decisions with our fact-based research insights, market intelligence, and accurate data.

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