Portland, OR, Aug. 22, 2022 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, 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. The report displays an in-depth quantitative analysis of the market from 2022 to 2031 and guides investors in allocating funds to the rapidly evolving industry.
Report Coverage & Details:
| Report Coverage | Details |
| Forecast Period | 2022–2031 |
| Base Year | 2021 |
| Market Size in 2021 | $550.0 Million |
| Market Size in 2031 | $866.4 Million |
| CAGR | 4.7% |
| No. of Pages in Report | 247 |
| Segments Covered | Type, Application, and Region. |
| Drivers | Massive use of modacrylic fiber materials in the production of hair fiber and various other clothes. |
| Wide application of modacrylic fibers in upholstery, textile, automotive, apparel, pile, and various other industries. | |
| High thermal stability, corrosion resistance, and huge strength have enhanced the utilization of modacrylic fibers in thermal insulation. | |
| Opportunities | Rise in baldness due to hair fall in people leads to a huge demand for hair care products. |
| Restraints | Surge in the costs of raw materials such as vinyl chloride and acrylonitrile and the toxic nature of the product. |
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Covid-19 Scenario
• The COVID-19 pandemic adversely impacted the expansion of the global modacrylic fiber market, due to disruptions in supply chain activities across the globe.
• Shutdown of various manufacturing units across the globe for the elongated period during the COVID-19 pandemic led to low production of modacrylic fibers, thereby hindering the global market growth.
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.
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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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.
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.
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.com, 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.
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 Portland, Oregon. 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.
Pawan Kumar, the CEO of Allied Market Research, is leading the organization toward providing high-quality data and insights. We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
