The global modacrylic fiber market was valued at $550.0 million in 2021, and is projected to reach $866.4 million by 2031, growing at a CAGR of 4.7% from 2022 to 2031.
Modacrylic fiber is also known as modified acrylic fiber and synthetic acrylic fiber that exhibits less than 85%, but at least 35% of the weight of acrylonitrile monomer fiber. It possesses various functionalities, such as it is a soft material, resilient, has strong tenacity, resistant to heat, chemicals, corrosion, and sunlight, and retentive in shapes. Owing to such properties, it has a wide range of applications. It can withstand high temperatures that make them suitable for thermal insulation and heat stabilization applications in various end-use industries, such as automotive, industrial, medical, mining, extraction, petrochemicals, and others.
The factors such as rise in industrialization, increase in disposable income among people has surged the demand modacrylic fiber. Modacrylic fiber is resistant to flame and corrosion due to which they are widely in petroleum, mining & extraction, and manufacturing plants of chemicals in the form of protective clothing. This is predicted to propel the growth of the modacrylic fiber market.
However, stringent rules and regulations are set by the U.S. National Emission Standards for Hazardous Air Pollutants (NESHAP) on use of acrylonitrile production and recycling issues. In addition to this, lack of awareness among people, growing competition in the protective apparel sector, and rise in prices of raw materials hampered the growth of the market. These factors are responsible for the downfall of the growth of the modacrylic fiber market.
The rapid increase in the population, rise in import and export of luxurious and comfortable wooden furniture, up-gradation in technology, and less investment for an upholstered factory of furniture has led the demand for modacrylic fibers. Modacrylic fibers are highly fire & corrosion resistant and have high durability, thus, are widely used in upholstery sectors in soft furnishings and in cushions. These factors are anticipated to offer remunerative opportunities for the modacrylic fiber market during the forecast period.
The modacrylic fiber market is segmented on the basis of type, application, and region. On the basis of type, the market is categorized into medical grade and industrial grade. On the basis of application, it is divided into protective apparel, hair fiber, upholstery, modacrylic pile, and others. Region-wise, the market is studied across North America, Europe, Asia-Pacific, and LAMEA.
The global modacrylic fiber market profiles leading players such as Aksa AkrilkKimya sanayii A.S., China National Petroleum Corporation, ChinaTexNet.com, Formosa Chemicals & Fiber Corporation , Grupo Kaltex, GT, Japan Chemical Fibers Association, Kaneka Corporation, Shanghai Changjie Textile Company Limited , TAEKWANG Industrial Co. Ltd., TenCate Protective Fabrics, Toray Industries, Inc., Xinke Special Textile Co., Ltd., Zhangjiagang Hengfeng Textile Company Limited, and Zhejiang Wangzhuo Knitting Co., Ltd. The global modacrylic fiber market report provides in-depth competitive analysis as well as profiles of these major players.
Modacrylic fiber is also known as modified acrylic fiber and synthetic acrylic fiber that exhibits less than 85%, but at least 35% of the weight of acrylonitrile monomer fiber. It possesses various functionalities, such as it is a soft material, resilient, has strong tenacity, resistant to heat, chemicals, corrosion, and sunlight, and retentive in shapes. Owing to such properties, it has a wide range of applications. It can withstand high temperatures that make them suitable for thermal insulation and heat stabilization applications in various end-use industries, such as automotive, industrial, medical, mining, extraction, petrochemicals, and others.
The factors such as rise in industrialization, increase in disposable income among people has surged the demand modacrylic fiber. Modacrylic fiber is resistant to flame and corrosion due to which they are widely in petroleum, mining & extraction, and manufacturing plants of chemicals in the form of protective clothing. This is predicted to propel the growth of the modacrylic fiber market.
However, stringent rules and regulations are set by the U.S. National Emission Standards for Hazardous Air Pollutants (NESHAP) on use of acrylonitrile production and recycling issues. In addition to this, lack of awareness among people, growing competition in the protective apparel sector, and rise in prices of raw materials hampered the growth of the market. These factors are responsible for the downfall of the growth of the modacrylic fiber market.
The rapid increase in the population, rise in import and export of luxurious and comfortable wooden furniture, up-gradation in technology, and less investment for an upholstered factory of furniture has led the demand for modacrylic fibers. Modacrylic fibers are highly fire & corrosion resistant and have high durability, thus, are widely used in upholstery sectors in soft furnishings and in cushions. These factors are anticipated to offer remunerative opportunities for the modacrylic fiber market during the forecast period.
The modacrylic fiber market is segmented on the basis of type, application, and region. On the basis of type, the market is categorized into medical grade and industrial grade. On the basis of application, it is divided into protective apparel, hair fiber, upholstery, modacrylic pile, and others. Region-wise, the market is studied across North America, Europe, Asia-Pacific, and LAMEA.
The global modacrylic fiber market profiles leading players such as Aksa AkrilkKimya sanayii A.S., China National Petroleum Corporation, ChinaTexNet.com, Formosa Chemicals & Fiber Corporation , Grupo Kaltex, GT, Japan Chemical Fibers Association, Kaneka Corporation, Shanghai Changjie Textile Company Limited , TAEKWANG Industrial Co. Ltd., TenCate Protective Fabrics, Toray Industries, Inc., Xinke Special Textile Co., Ltd., Zhangjiagang Hengfeng Textile Company Limited, and Zhejiang Wangzhuo Knitting Co., Ltd. The global modacrylic fiber market report provides in-depth competitive analysis as well as profiles of these major players.
KEY BENEFITS FOR STAKEHOLDERS
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the modacrylic fiber market analysis from 2021 to 2031 to identify the prevailing modacrylic fiber market opportunities.
- The market research is offered along with information related to key drivers, restraints, and opportunities.
- Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the modacrylic fiber market segmentation assists to determine the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report includes the analysis of the regional as well as global modacrylic fiber market trends, key players, market segments, application areas, and market growth strategies.
Key Market Segments
By Type
- Medical Grade
- Industrial Grade
By Application
- Protective Apparel
- Hair Fiber
- Upholstery
- Modacrylic Pile
- Others
By Region
- North America
- U.S.
- Canada
- Mexcio
- Europe
- Germany
- France
- U.K.
- Italy
- Spain
- Rest of Europe
- Asia-Pacific
- South Korea
- Australia
- Rest of Asia-Pacific
- China
- Japan
- India
- LAMEA
- Brazil
- Saudi Arabia
- South Africa
- Rest of LAMEA
Key Market Players
- 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
- , TenCate Protective Fabrics
- Kaneka Corporation
- kaneka Corporation
Table of Contents
CHAPTER 1: INTRODUCTION
CHAPTER 2: EXECUTIVE SUMMARY
CHAPTER 3: MARKET OVERVIEW
CHAPTER 4: MODACRYLIC FIBER MARKET, BY TYPE
CHAPTER 5: MODACRYLIC FIBER MARKET, BY APPLICATION
CHAPTER 6: MODACRYLIC FIBER MARKET, BY REGION
CHAPTER 7: COMPANY LANDSCAPE
CHAPTER 8: COMPANY PROFILES
List of Tables
List of Figures
Executive Summary
According to the report, titled, “MODACRYLIC FIBER Market," the modacrylic fiber market size was valued at $550.0 million in 2021, and is estimated to reach $866.4 million by 2031, growing at a CAGR of 4.7% from 2022 to 2031.Modacrylic fibers are synthetic copolymer and modified acrylic fiber that exhibits of less than 85%, but at least 35% of weight of acrylonitrile monomer. Modacrylic fibers are soft, resilient, flame, heat resistant, corrosion resistant, and dimensionally stable which makes it useable for protective apparel, textile, automotive, hair fiber, industrial application, and upholstery
Rapid infrastructure development and increase in demand from the automotive sector has led to a rise in modacrylic fiber production in both, developed and developing economies such as the U.S., China, and India. The modacrylic fiber material are widely used for thermal insulation purposes as they are highly flame, chemical, sunlight, and corrosion-resistant. It is also used as automotive carpets, seat belts, printing process application, and others. In addition, the growing modern theme-based building & construction sector has surged the demand for modacrylic fiber-containing products, such as cushioning in furniture, fur-like carpets, rugs, mattresses, blankets, curtains, and others, which are being used widely in household applications. These factors together act as a major key driver responsible for the modacrylic fiber market growth.
However, modacrylic fiber is made up of from raw materials such as acrylonitrile, vinyl chloride, and others. The hike in prices of raw material has hampered the potential sales of the market. In addition, lack of awareness, lack of knowledge and uses regarding modacrylic fiber, and growing competition has witnessed the significant downfall of market sales.
Furthermore, the toxic nature of modacrylic fiber and availability of antimony toxic constituents are expected to hinder the growth of the modacrylic fiber market.
The rise in population, increase in the disposable income, improvement in standard of living, increase in the baldness and hair fall among people, and growing demand from hair care products has witnessed the significant growth of modacrylic fiber. The modacrylic fiber containing hair care products such hair wigs, hair extensions, and hair fibers are soft, resilient, and resistant to heat, & flame, and retain shapes for long period. This factor is predicted to create remunerative opportunities for the expansion of the modacrylic fiber market.
The modacrylic fiber market is segmented on the basis by type, application, and region. By type, the market is segregated into medical grade and industrial grade. The industrial grade segment dominated the global market, in terms of revenue in 2021. This is attributed to the fact that rise in industrialization, urbanization, and growing consumer demand has witnessed the significant growth for modacrylic fiber where modacrylic fiber containing clothes are widely used as protective clothing in industrial sectors such as mining, extraction, and others. These factors together escalating the overall demand for modacrylic fiber in the industrial grade segment in upcoming years.
By application, the market is fragmented into protective apparel, hair fiber, upholstery, modacrylic pile, and others. The protective apparel segment dominated the global market in 2021. This is attributed to the increasing demand branded and quality clothing, and increase in the fashion consciousness among people where modacrylic fiber materials are highly flame and chemical resistant owing to this it is used as protective clothing in the protective apparel sector.
Region-wise, the modacrylic fiber material market forecast is analyzed across North America, Europe, Asia-Pacific, and LAMEA. The Asia-Pacific modacrylic fiber material market size is projected to grow at the highest CAGR in 2021, owing to rise in industrialization, textile, protective apparel, upholstery sectors that has enhanced the demand for modacrylic fiber materials in the Asia-Pacific. The rise in fashion consciousness and adoption of western culture in both developed and developing economies has driven the growth of modacrylic fiber market in Asia-Pacific region.
Key players operating in the global modacrylic fiber material market analysis include, Aksa AkrilkKimya sanayii A.S., China National Petroleum Corporation, ChinaTexNet.com, Formosa Chemicals & Fiber Corporation, Grupo Kaltex, GT, Japan.Chemical Fibers Association, Kaneka Corporation, Shanghai Changjie Textile Company Limited, TAEKWANG Industrial Co. Ltd., TenCate Protective Fabrics, Toray Industries, Inc., Xinke Special Textile Co., Ltd., Zhangjiagang Hengfeng Textile Company Limited, and Zhejiang Wangzhuo Knitting Co., Ltd.
COVID-19 Analysis
The novel coronavirus is an incomparable global pandemic that has spread to over 180 countries and caused huge losses of lives and the economy around the globe. The modacrylic fiber market has moderate impact due to the wake of the COVID-19 pandemic, owing to the disruptions in the supply chain for various industrial products. The outbreak of COVID-19 resulted in the shutdown of various manufacturing plants for a long period, especially in Europe, Asia-Pacific, and other regions, owing to which manufacturers have faced shortage in labor units, production losses, and rise in awareness regarding worker security, safety, and guidelines by government posed an additional challenge to resume their basic operations in manufacturing units. Furthermore, disruption in the production unit, closure of manufacturing factories, and cutbacks in service sectors lead to disruption in global logistics and supply chain services. In addition, restrictions imposed due to lockdown have declined the growth of construction, protective apparel, textile, upholstery, and other end-use sectors. Moreover, delays in infrastructure investment and complete shutdown of transportation, import and export activities by the air travel industry have hampered the modacrylic fibers market. However, rise in demand for protective apparel, Modacrylic Pile, hair care products sector, furniture sectors, online purchasing, and increasing focus on an escalating economic recovery across the globe have supported the protective apparel, textile, transportation, manufacturing, and other end-use sectors. In addition, as the restrictions imposed due to lockdowns are being lifted in the fourth quarter of the pandemic, building & construction and manufacturing sectors are expected to recover soon owing to the record of production unit in both, developed and developing economies.Key Findings of the Study
- The industrial grade segment is estimated to display the highest growth rate, in terms of revenue, registering a CAGR of 3.8% from 2022 to 2031.
- The protective apparel segment is anticipated to register the highest CAGR of 4.6% during the forecast period.
- Asia-Pacific garnered the highest share of 43.0% in 2021, in terms of revenue, growing at a CAGR of 5.3%.
Companies Mentioned
- 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
- , Tencate Protective Fabrics
- Kaneka Corporation
- Kaneka Corporation
Methodology
The analyst offers exhaustive research and analysis based on a wide variety of factual inputs, which largely include interviews with industry participants, reliable statistics, and regional intelligence. The in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. The primary research efforts include reaching out participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions.
They are also in professional corporate relations with various companies that allow them greater flexibility for reaching out to industry participants and commentators for interviews and discussions.
They also refer to a broad array of industry sources for their secondary research, which typically include; however, not limited to:
- Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
- Scientific and technical writings for product information and related preemptions
- Regional government and statistical databases for macro analysis
- Authentic news articles and other related releases for market evaluation
- Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecast
Furthermore, the accuracy of the data will be analyzed and validated by conducting additional primaries with various industry experts and KOLs. They also provide robust post-sales support to clients.
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Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 247 |
| Published | July 2022 |
| Forecast Period | 2021 - 2031 |
| Estimated Market Value ( USD | $ 550 million |
| Forecasted Market Value ( USD | $ 866.4 million |
| Compound Annual Growth Rate | 4.6% |
| Regions Covered | Global |
| No. of Companies Mentioned | 16 |
