Global Modacrylic Fiber Market Size study & Forecast, by Application (Protective Apparel, Hair Fiber, Upholstery & Household, Pile-Synthetic/Fake fur, Industrial Fabrics) and Regional Analysis, 2022-2029

Global Modacrylic Fiber Market Size study & Forecast, by Application (Protective Apparel, Hair Fiber, Upholstery & Household, Pile-Synthetic/Fake fur, Industrial Fabrics) and Regional Analysis, 2022-2029

Global Modacrylic Fiber Market is valued at approximately USD 717.7 million in 2021 and is anticipated to grow with a healthy growth rate of more than 3.08% over the forecast period 2022-2029. Modacrylic fiber is a synthetic fiber that is made from acrylonitrile and other chemicals. It is a type of copolymer that has properties similar to those of acrylic and modacrylic fibers. Modacrylic fibers are known for their flame-retardant properties, making them suitable for use in a variety of applications, such as protective clothing for firefighters, military personnel, and industrial workers. Modacrylic fibers are also used in the production of faux fur, carpets, upholstery, and other home furnishings. They are soft, lightweight, and resistant to sunlight, mildew, and chemicals. The market demand is primarily driven by the factors such as the increasing demand for flame-resistant clothing and textiles, the rising safety standards in various industries and the growing demand in the construction industry.

In addition, the increasing crude oil consumption and production along with the growing apparel sector are acting as major driving factors for market growth. According to the U.S. Energy Information Administration, global liquid fuel consumption increased from an average of 99.4 million barrels per day in 2022 to 100.9 million barrels per day in 2023. In 2022, global liquid fuels production averaged over 100 million barrels per day and it is predicted to increase by 1.6 million barrels per day in both 2023 and 2024. Similarly, according to the National Bureau of Statistics (NBS) of China, retail sales in the Chinese clothing sector were valued at USD 75.83 billion from January to May 2022. Hence, the growing consumption and production of liquid fuels along with the increasing growth of the apparel industry are propelling the demand for modacrylic fiber in the global market. Furthermore, the increasing incidents of fires and explosions and the rising demand for flame-resistant clothing in the automotive and crude oil extraction industry are presenting lucrative opportunities for market growth over the forthcoming years. However, competition from other flame-resistant fibres is restricting the market growth over the forecast period of 2022-2029.

The key regions considered for the Global Modacrylic Fiber Market study include Asia Pacific, North America, Europe, Latin America, and Rest of the World. Asia Pacific dominated the market in terms of revenue due to the rising demand for safety apparel such as fire-resistant clothing and the increasing population in the region. Whereas, the Middle East and Africa are also expected to grow at the highest growth rate over the forecasting period. Factors such as growing demand for modacrylic fiber as hair fiber to be used in wigs, increasing demand in various industries such as crude oil and gas, construction and automobile and rising safety standards in various industries are burgeoning the market growth in the forecasting years.

Major market players included in this report are:
Taekwang Industry Co, Ltd.
Formosa Plastics Corporation, U.S.A.
Kaneka Corporation
Aditya Birla Management Corporation Pvt. Ltd.
Aksa Akrilik Kimya Sanayii A.Ş.
Tianjin GT New Material Technology Co., Ltd.
Zhangjiagang Hengfeng Textile Co., Ltd.
Japan Industrial Solutions Co., Ltd.
Grupo Kaltex
SHANGHAI CHANGJIE TEXTILES CO., LTD.
Recent Developments in the Market:
 In January 2023, Kaneka Corporation, a Japanese international chemical and synthetic fibres manufacturing company, announced its expansion of GMP manufacturing capacity for mRNA in Kaneka Eurogenetec S.A., a wholly owned group company in Europe.


Global Modacrylic Fiber Market Report Scope:
Historical Data 2019-2020-2021
Base Year for Estimation 2021
Forecast period 2022-2029
Report Coverage Revenue forecast, Company Ranking, Competitive Landscape, Growth factors, and Trends
Segments Covered Application, Region
Regional Scope North America; Europe; Asia Pacific; Latin America; Rest of the World
Customization Scope Free report customization (equivalent up to 8 analyst’s working hours) with purchase. Addition or alteration to country, regional & segment scope*

The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within countries involved in the study.

The report also caters detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, it also incorporates potential opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players. The detailed segments and sub-segment of the market are explained below:

By Application:
Protective Apparel
Hair Fiber
Upholstery & Household
Pile (Synthetic/Fake fur)
Industrial Fabrics

By Region:
North America
U.S.
Canada
Europe
UK
Germany
France
Spain
Italy
ROE
Asia Pacific
China
India
Japan
Australia
South Korea
RoAPAC
Latin America
Brazil
Mexico
ROLA
Rest of the World

Companies Mentioned
Taekwang Industry Co, Ltd.
Formosa Plastics Corporation, U.S.A.
Kaneka Corporation
Aditya Birla Management Corporation Pvt. Ltd.
Aksa Akrilik Kimya Sanayii A.Ş.
Tianjin GT New Material Technology Co., Ltd.
Zhangjiagang Hengfeng Textile Co., Ltd.
Japan Industrial Solutions Co., Ltd.
Grupo Kaltex
SHANGHAI CHANGJIE TEXTILES CO., LTD.

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