(MENAFN- EIN Presswire) EINPresswire/ -- Wide application of modacrylic fibers in upholstery, textile, automotive, apparel, pile, and various other industries drives the growth of the global modacrylic fiber market. The rise in baldness due to hair fall in people led to a huge demand for hair care products, which will open new vistas of growth for the global market. Based on region, the Asia-Pacific contributed toward the highest market share in 2021.

The global modacrylic fiber market garnered revenue worth $550.0 million in 2021, and is predicted to hit $866.4 million by 2031, registering a CAGR of 4.7% from 2022 to 2031. The market research study provides a detailed analysis of changing industry trends, top-most segments, value chain analysis, key investment business scenarios, regional space, and competitive space. The study is a key information source for giant players, entrepreneurs, shareholders, and owners in generating new strategies for the future and taking steps to enhance their market position.

Segment Overview:

The report offers detailed segmentation of the global modacrylic fiber market based on the type, application, and region. It provides an in-depth analysis of every segment and sub-segment in tables and figures through which consumers can derive a conclusion about market trends and insights. The market report analysis aids organizations, investors, and entrepreneurs in understanding which sub-segments are to be tapped for achieving huge growth in the years ahead.

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On basis of application, the protective apparel segment held the largest share in 2021, contributing nearly two-fifths of the overall share of the global modacrylic fiber market. Moreover, this segment is predicted to account for the highest market share by 2031. However, the hair fiber segment is also anticipated to record the highest growth with a CAGR of nearly 5.6% during the forecast timeline. The report also provides an overall analysis of segments such as the upholstery, modacrylic pile, and others.

In terms of the type, the industrial grade segment contributed the largest market share in 2021, accounting for nearly two-thirds of the overall share of the global modacrylic fiber market. Moreover, this segment is predicted to retain its leadership position during the forecast timespan. In addition, the industrial grade segment is set to record the fastest CAGR of nearly 4.9% from 2022 to 2031. The report also provides an overall analysis of segments such as the medical grade.

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Based on region, the Asia-Pacific contributed towards the highest market share in 2021, accounting for more than two-fifths of the global modacrylic fiber market share. Moreover, the region is predicted to contribute majorly toward the global market share in 2031. In addition, the Asia-Pacific modacrylic fiber market is also anticipated to register the highest CAGR of 5.3% during the forecast period. The research also analyzes regions including LAMEA, Europe, and North America.

Key Players:

Leading players in the global modacrylic fiber market analyzed in the research include Aksa AkrilkKimya sanayii A.S., Zhangjiagang Hengfeng Textile Company Limited, China National Petroleum Corporation, ChinaTexNet, Toray Industries, Inc., Formosa Chemicals & Fiber Corporation, Grupo Kaltex, GT, Japan Chemical Fibers Association, TenCate Protective Fabrics, Kaneka Corporation, TAEKWANG Industrial Co. Ltd., Shanghai Changjie Textile Company Limited, Xinke Special Textile Co., Ltd., and Zhejiang Wangzhuo Knitting Co., Ltd.

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The report evaluates these major participants in the global modacrylic fiber industry. These participants have executed a slew of key business strategies such as the expansion of regional and customer base, product development, strategic collaborations, and joint ventures for expanding product widths in the global markets. The market research report supports the performance monitoring of each segment, positioning of each product in respective segments, and the impact of new technology and product launches on the overall market size.

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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Wilmington, Delaware. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

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