Modacrylic Fiber Market Size
| Study Period | 2019 - 2029 |
| Market Size (2024) | USD 560.16 Million |
| Market Size (2029) | USD 666.58 Million |
| CAGR (2024 - 2029) | 3.54 % |
| Fastest Growing Market | Middle East and Africa |
| Largest Market | Asia Pacific |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Modacrylic Fiber Market Analysis
The Modacrylic Fiber Market size is estimated at USD 560.16 million in 2024, and is expected to reach USD 666.58 million by 2029, growing at a CAGR of 3.54% during the forecast period (2024-2029).
Declined raw material supply during COVID-19 had impacted the production of modacrylic fiber. However, the surging textile industry after the pandemic propelled the demand for the modacrylic fiber industry.
- One of the main factors driving the market is the growing demand for modacrylic fiber for use in protective apparel.
- However, an EPA regulation on the use of residual monomers in modacrylic fiber is expected to hinder the growth of the market studied.
- Growing demand for modacrylic fiber as hair fiber is likely to act as an opportunity for the market studied in the coming years.
- The Asia-Pacific region is expected to dominate the market with the largest consumption from countries, such as China and India.
Modacrylic Fiber Market Trends
This section covers the major market trends shaping the Modacrylic Fiber Market according to our research experts:
Growing Demand for Modacrylic Fiber for Use in Protective Apparel
- Modacrylic fiber is a manufactured fiber in which the fiber-forming substance is any long-chain synthetic polymer composed of less than 85% but at least 35% by weight of acrylonitrile units.
- Modacrylic fiber is widely used in high-performance protective clothing, such as firefighting turnout gear, because the material possesses flame resistance combined with other desirable textile properties, such as durability and a good hand feel.
- Technological advancements in the artificial fur industry have encouraged fashion designers, retailers, and apparel manufacturers to shift from animal fur to synthetic fur, such as faux fur, for manufacturing their products.
- The Occupational Safety and Health Administration has developed regulations to provide flame-retardant apparel or clothing to employees who are exposed to the hazards of flames or electric arcs in the work premises.
- The growing oil and gas industry in the United States, China, and other countries is likely to boost the demand for protective apparel. In the oil sector, operators are required to wear fire protection uniforms in oil extraction stations, both offshore and on land, in oil refining plants, or in the hydrocarbon distribution.
- The United States is the world's top producer of oil and natural gas. It produces 75% of its crude oil supply and 90% of its natural gas supply domestically. By 2021, it is producing about 11 million barrels of crude oil per day. It is expected to reach 12.4 million barrels per day by 2023, which would surpass the record high set in 2019.
- Hence, owing to the above-mentioned factors, the application of modacrylic fiber in protective apparel is likely to dominate the market during the forecast period.
The Asia-Pacific Region is Expected to Dominate the Market
- The Asia-Pacific region is expected to dominate the market for modacrylic fibers during the forecast period. The rising demand for hair fiber, along with the growing population in developing countries, like China and India, is expected to drive the demand for modacrylic fiber in this region.
- Modacrylic fibers are utilized in the production of doll hair, wigs, and extensions. Modacrylic fiber wigs make up a significant share of the worldwide hair fiber business and are the second most popular wig material after natural hair. According to the US International trade commission, China, Indonesia, and India are significant exporters of hair wigs across the globe. From the total production, about 30% of the wigs are sold in China while the rest are exported, particularly to the United States, European and African countries.
- Furthermore, the strong growth in the textile industry coupled with the changing lifestyle and rising consumer purchasing power has propelled the demand for modacrylic fibers. According to the National Bureau of Statistics (NBS) of China, from January to May 2022, retail sales in the China apparel sector were valued at RMB 509.30 billion (USD 75.83 billion).
- China is the top producer of fabrics that are utilized in various segments of fabric applications, along with being the leading exporter of upholstered furniture in the world. The country accounted for more than half of the global textile and clothing production, as well as more than 30% of worldwide apparel exports.
- Owing to the above-mentioned factors, the market for modacrylic fibers in the Asia-Pacific region is projected to grow significantly during the study period.
Modacrylic Fiber Industry Overview
The global market is partially fragmented in nature with only a few major players dominating the market. Some of the major companies are Aditya Birla Management Corporation Pvt. Ltd, Kaneka Corporation, Formosa Plastics Corporation, Aksa Akrilik Kimya Sanayi A艦, and Taekwang Industrial Co. Ltd., among others (not in any particular order).
Modacrylic Fiber Market Leaders
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Kaneka Corporation
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Aditya Birla Management Corporation Pvt. Ltd.
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Formosa Plastics Corporation
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Aksa Akrilik Kimya Sanayii A.艦.
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Taekwang聽Industrial Co. Ltd.
*Disclaimer: Major Players sorted in no particular order
Modacrylic Fiber Market News
- Recent developments pertaining to the market studied will be covered in the final report.
Modacrylic Fiber Market Report - Table of Contents
1. INTRODUCTION
1.1 Study Assumptions
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Drivers
4.1.1 Growing Demand for Modacrylic Fiber for Use in Protective Apparel
4.1.2 Other Drivers
4.2 Restraints
4.2.1 EPA Regulations on Use of Residual Monomers in Modacrylic Fiber
4.2.2 Other Restraints
4.3 Industry Value Chain Analysis
4.4 Porter's Five Forces Analysis
4.4.1 Threat of New Entrants
4.4.2 Bargaining Power of Buyers
4.4.3 Bargaining Power of Suppliers
4.4.4 Threat of Substitute Products
4.4.5 Degree of Competition
5. MARKET SEGMENTATION (Market Size in Value)
5.1 Application
5.1.1 Protective Apparel
5.1.2 Hair Fiber
5.1.3 Industrial Fabric
5.1.4 Modacrylic Pile
5.1.5 Upholstery and Household
5.1.6 Other Applications
5.2 Geography
5.2.1 Asia-Pacific
5.2.1.1 China
5.2.1.2 India
5.2.1.3 Japan
5.2.1.4 South Korea
5.2.1.5 Rest of Asia-Pacific
5.2.2 North America
5.2.2.1 United States
5.2.2.2 Canada
5.2.2.3 Mexico
5.2.3 Europe
5.2.3.1 Germany
5.2.3.2 United Kingdom
5.2.3.3 France
5.2.3.4 Italy
5.2.3.5 Rest of Europe
5.2.4 South America
5.2.4.1 Brazil
5.2.4.2 Argentina
5.2.4.3 Rest of South America
5.2.5 Middle-East and Africa
5.2.5.1 Saudi Arabia
5.2.5.2 South Africa
5.2.5.3 Rest of Middle-East and Africa
6. COMPETITIVE LANDSCAPE
6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
6.2 Market Share**/Ranking Analysis
6.3 Strategies Adopted by Leading Players
6.4 Company Profiles
6.4.1 Kaneka Corporation
6.4.2 Aditya Birla Management Corporation Pvt. Ltd
6.4.3 Formosa Plastics Corporation
6.4.4 Aksa Akrilik Kimya Sanayi A艦
6.4.5 Dralon
6.4.6 Grupo Kaltex SA de CV
6.4.7 Pasupati Acrylon Ltd
6.4.8 Japan Industrial Co. Ltd
6.4.9 Fushun Rayva Fiber Co. Ltd
6.4.10 China Petrochemical Corporation
6.4.11 FCFA
6.4.12 Jiangsu Jinmao International E-Commerce Co. Ltd
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
7.1 Growing Demand for Modacrylic Fiber as Hair Fiber
7.2 Other Opportunities
Modacrylic Fiber Industry Segmentation
Modacrylic fibers are made from resins that are copolymers of acrylonitrile and other materials, such as vinylidene chloride, vinyl chloride, or vinyl bromide. These materials are added to the fiber to give it better flame-retardant properties. The Modacrylic fiber market is segmented by application and geography. By application, the market is segmented into protective apparel, hair fiber, industrial fabric, modacrylic pile, upholstery and household, and other applications. The report also covers the market size and forecasts for the modacrylic fiber market in 16 countries across the major regions. For each segment, the market sizing and forecasts have been done based on revenue (USD million).
| Application | |
| Protective Apparel | |
| Hair Fiber | |
| Industrial Fabric | |
| Modacrylic Pile | |
| Upholstery and Household | |
| Other Applications |
| Geography | |||||||
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Modacrylic Fiber Market Research FAQs
How big is the Modacrylic Fiber Market?
The Modacrylic Fiber Market size is expected to reach USD 560.16 million in 2024 and grow at a CAGR of 3.54% to reach USD 666.58 million by 2029.
What is the current Modacrylic Fiber Market size?
In 2024, the Modacrylic Fiber Market size is expected to reach USD 560.16 million.
Who are the key players in Modacrylic Fiber Market?
Kaneka Corporation, Aditya Birla Management Corporation Pvt. Ltd., Formosa Plastics Corporation, Aksa Akrilik Kimya Sanayii A.艦. and Taekwang聽Industrial Co. Ltd. are the major companies operating in the Modacrylic Fiber Market.
Which is the fastest growing region in Modacrylic Fiber Market?
Middle East and Africa is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in Modacrylic Fiber Market?
In 2024, the Asia Pacific accounts for the largest market share in Modacrylic Fiber Market.
What years does this Modacrylic Fiber Market cover, and what was the market size in 2023?
In 2023, the Modacrylic Fiber Market size was estimated at USD 541.01 million. The report covers the Modacrylic Fiber Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Modacrylic Fiber Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Modacrylic Fiber Industry Report
The Global Modacrylic Fiber Market is segmented by various applications, including protective apparel, hair fiber, industrial fabric, modacrylic pile, upholstery and household, and other applications. This market analysis covers different geographical regions such as Asia-Pacific, North America, Europe, South America, and the Middle-East and Africa. The market overview provides insights into the market size, market share, and market trends, highlighting the industry size and industry statistics.
The industry reports indicate a positive market outlook, supported by a detailed industry analysis and industry research. The market forecast suggests a significant market growth, driven by the increasing demand in various applications. The industry information includes a comprehensive market review and market segmentation, offering a clear picture of market leaders and market value.
The market data and market predictions are crucial for understanding the industry outlook and industry trends. The report example and report pdf provide a detailed market report and market research, essential for research companies and stakeholders. The industry sales and growth rate reflect the market dynamics, ensuring a thorough understanding of the market forecast and market growth.
Overall, the industry overview and industry trends highlight the potential for market growth, supported by extensive industry research and market analysis. The market leaders and market segmentation provide valuable insights into the market value and market predictions, making this industry report a valuable resource for understanding the Global Modacrylic Fiber Market.
