MODACRYLIC FIBER Market Research, 2031
The global modacrylic fiber market size 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.
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.
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 in various end use industries. Furthermore, 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 applications, protective clothing in the medical sector, mining, extraction, petrochemicals sectors, and others. They are widely used in the household applications, apparel industry, and in the growing hair care products sector as hair fiber wigs, hair extensions, and others.
Rapid infrastructure development and growing consumer demand for the automotive sector has led to rise in modacrylic fiber production in both, developed and developing economies, such as the U.S., China, and India where modacrylic fiber material are widely used for thermal insulation purposes as they are highly flame, chemical, sunlight, and corrosion-resistant. It is 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 are responsible for the growth of the modacrylic fiber market.
Acrylonitrile monomer is a vital constituent of modacrylic fiber; however, government norms and regulation regarding the use, production, and recyclability of acrylonitrile monomer have hampered the growth of modacrylic fiber market. In addition to this, lack of awareness among people, growing competition in the apparel sector, and rise in prices of raw materials has impacted negatively on the growth of the market. These factors are responsible for the downfall of the modacrylic fiber market growth.
On the contrary, the recyclability of modacrylic fiber reduces the overall raw materials costs by 10-15%, making customers more linear towards purchasing recycled modacrylic fiber material for thermal insulation purposes in various end-use sectors. It is a key factor that is anticipated to offer new opportunities in the global modacrylic fiber market.
The modacrylic fiber market analysis is done on the basis of type, application, and region. Depending on type, the market is divided into medical grade and industrial grade. On the basis of application, it is fragmented into protective apparel, hair fiber, upholstery, modacrylic pile, and others. Region-wise, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
The major companies profiled in the modacrylic fiber market forecast 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.
In 2021, the industrial grade segment was the largest revenue generator, and is anticipated to grow at a CAGR of 3.8% during the forecast period. The factors such as rise in industrialization, urbanization, and growing consumer demand for automotive sector has given the way for growth of modacrylic fiber where it is widely used in the automotive sector for manufacturing of belts, carpets, seat cover, and others. In addition, modacrylic fiber containing protective clothing are good conductor of flame, chemicals spills, and corrosion due to these factors it is extensively used in the oil & gas, extraction, mining, and other industrial sectors. These factors are collectively escalating the growth of this segment in the global market.
In 2021, the apparel segment was the largest revenue generator, and is anticipated to grow at a CAGR of 5.3% during the forecast period. This is attributed to fact that increase in the demand for protective clothing in extraction, mining, and industrial sectors owing to its high flame and corrosion resistant property. Furthermore, rise in demand for branded clothes, increase in fashion consciousness among people, adoption of western culture has witnessed the significant growth for modacrylic fiber in apparel sector. This factor is escalating the growth of modacrylic fiber market in this segment.
The Asia-Pacific modacrylic fiber market size is projected to grow at the highest CAGR of 5.3% during the forecast period in 2021. Owing to rise in industrialization, textile, apparel, upholstery sectors that has enhanced the demand for modacrylic fiber in the Asia-Pacific region. Furthermore, China and Japan has accounted for largest vehicle manufacturing countries in Asia-Pacific region. In addition to this, rise in consumer demand and increase in disposable income among people have surged the demand for modacrylic fiber as it is used for manufacturing of seat covers, and others. These factors are expected to drive the modacrylic fiber market in the Asia-Pacific region.
IMPACT OF COVID-19 ON GLOBAL MODACRYLIC FIBER MARKET
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 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.
MODACRYLIC FIBER Market Report Highlights
Key Market Players
TAEKWANG Industrial Co. Ltd, China National Petroleum Corporation, Formosa Chemicals and Fiber Corporation, Shanghai Changjie Textile Company Limited, Tiajin Glory Tang Co., Ltd, , TenCate Protective Fabrics, Japan Chemical Fibers Association, Zhangjiagang Hengfeng Textile Company Limited, Zhejiang Wangzhuo Knitting Co., Ltd, Aksa AkrilkKimya sanayii A.S.,, kaneka Corporation, Kaneka Corporation, ChinaTexNet.com,, Grupo Kaltex,, TORAY INDUSTRIES, Xinke special textile Co.
The global modacrylic fiber market is expected to exhibit high growth potential. Modacrylic fiber-containing clothes are soft, resilient, chemical resistant, and dimensionally stable, owing to which they are widely used in protective apparel, textile, deep pile clothing, cushioning, and other end-use sectors, which is expected to impact the massive growth on the modacrylic fiber market.
In addition, modacrylic fiber has a flame retardant property, retains shape, and possesses stability properties. Owing to its superior functionalities, modacrylic fiber-containing protective outerwear are widely used in the medical, industrial, and other end-use sectors. Furthermore, the corrosion resistance property of modacrylic fiber enables consumers to use them in both, acidic and basic atmospheres.
Sustained economic growth and the development of the protective apparel sector have surged the popularity of modacrylic fiber.