Hyderabad, July 19, 2023 (GLOBE NEWSWIRE) -- According to a new market research report titled “Modacrylic Fiber Market Report (2023-2028),” the market is estimated at USD 541.01 million in 2023. It is expected to register a CAGR of 3.54% during the forecast period.
Modacrylic fibers are created from resins that are copolymers of acrylonitrile and other materials, such as vinylidene chloride, vinyl chloride, or vinyl bromide. These materials are mixed with the fiber to give it flame-retardant properties. The booming textile industry after the pandemic has propelled the demand for the modacrylic fiber industry. The primary factor driving the market is the growing demand for modacrylic fiber in protective apparel.
Report Summary:
| Report Attribute | Details |
| Market Size (2023) | USD 541.01 million |
| Market Size (2028) | USD 643.79 million |
| CAGR (2023-2028) | 3.54% |
| Study Period | 2018-2028 |
| Forecast Units | Value (USD million) |
| Largest Market | Middle East & Africa |
| Fastest Growing Market | Asia-Pacific |
| Report Scope | Market Dynamics, Revenue Forecast and Segmentation, Competitive Landscape and Recent Developments, Market Growth, Future Opportunities, and Trends |
| Key Market Drivers | Strengthening demand for modacrylic fiber for use in protective apparel. |
| Expanding demand for modacrylic fiber as hair fiber. |
Who are the Top Companies in the Modacrylic Fiber Market?
The modacrylic fiber market is partially fragmented in nature, with only limited major players dominating the market.
The significant players holding the modacrylic fiber market are:
- Kaneka Corporation
- Aditya Birla Management Corporation Pvt. Ltd
- Formosa Plastics Corporation
- Aksa Akrilik Kimya Sanayi AŞ
- Dralon
- Grupo Kaltex SA de CV
- Pasupati Acrylon Ltd
- Japan Industrial Co. Ltd
- Fushun Rayva Fiber Co. Ltd
- China Petrochemical Corporation
- FCFA
- Jiangsu Jinmao International E-Commerce Co. Ltd
Other Reports That Might Be of Your Interest:
- Global Acrylic Fiber Market Report - The global acrylic fiber market is estimated at USD 2.73 billion in 2023 and is expected to decline to USD 2.43 billion by 2028.
- Nanofiber Market Report - The nanofiber market is expected to register a CAGR of more than 15% during the forecast period.
Key Highlights from the Modacrylic Fiber Market Report:
Growing Demand for Modacrylic Fiber for Use in Protective Apparel
- Modacrylic fiber is widely used in high-performance protective clothing. The material is flame resistant and has other desirable textile properties, such as durability and a good hand feel.
- Technological innovations in the artificial fur industry have encouraged fashion designers, retailers, and apparel manufacturers to move from animal fur to synthetic fur, such as faux fur.
Asia-Pacific Region Expected to Dominate the Market
- The APAC region is expected to dominate the modacrylic fibers market during the forecast period. The expanding demand for hair fiber, along with the spreading population in developing countries such as China and India, is expected to drive the demand for modacrylic fiber.
- China is the leading producer of fabrics utilized in various segments of fabric applications, along with being the leading exporter of upholstered furniture worldwide. It accounted for over half of the global textile and clothing production and more than 30% of worldwide apparel exports.
Mordor Intelligence has Segmented the Modacrylic Fiber Market Based on Application and Geography:
- By Application
- Protective Apparel
- Hair Fiber
- Industrial Fabric
- Modacrylic Pile
- Upholstery and Household
- Other Applications
- By Geography
- North America
- United States
- Canada
- Mexico
- Europe
- United Kingdom
- Germany
- France
- Italy
- Rest of Europe
- Asia-Pacific
- China
- India
- Japan
- South Korea
- Rest of Asia-Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of Middle East & Africa
- North America
In a nutshell, the Mordor Intelligence market research report is a must-read for start-ups, industry players, investors, researchers, consultants, business strategists, and all those who are looking to understand this industry. Get a glance at the Modacrylic Fiber Market Report (2023-2028).
Mordor Intelligence constantly tracks industry trends. Some relevant market reports from the analysts that might be of interest to you:
- Viscose Staple Fiber Market Report - The viscose staple fiber market is projected to register a CAGR of over 4% during the forecast period.
- Polyester Staple Fiber Market Report – The polyester staple fiber market is expected to register a CAGR of over 4% during the forecast period.
- Global Fiber-reinforced Polymer (FRP) Composites Market Report - The global fiber-reinforced polymer (FRP) composites market is expected to register a CAGR of over 4.5% during the forecast period.
About Mordor Intelligence:
Mordor Intelligence is a market intelligence and advisory firm. At Mordor Intelligence, we believe in predicting butterfly effects that have the potential to change or significantly impact market dynamics.
Our market research reports are comprehensive and provide exclusive data, facts and figures, trends, and the industry’s competitive landscape.
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