In the wake of industrial development for fulfilling the requirement of various goods generated by the much expected rise in population, the associated markets are experiencing a demand upsurge which resonates with the modacrylic fiber market growth. Modacrylic fibers – a form of acrylic fiber and much like polyester staple fiber find applications in a gamut of markets that include hair fiber, upholstery & household, pile, and industrial fabrics.
Hair loss has become a common occurrence in men across the world, which is increasing the demand for hair fiber, and therefore, the modacrylic fiber market is gaining traction from the same.
As of 2018, the modacrylic fiber market size was evaluated at $660.7 million, and it will increase at a CAGR of 3.12% during the forecast period 2019-2025.
Fiber Apparel and Protective Apparel Segment of the Modacrylic Fiber Market to Grow at a CAGR of 2.89% through to 2025:
The protective clothing market witnessed trade worth $11.36 billion in 2018, and the value was increased by 7% as compared to 2017. This evinces the scope for modacrylic fiber market players in the protective apparel segment.
This segment is going to witness an increment during the forthcoming years because of the emphasis on safety in various industries. Moreover, the pharmaceutical, oil & gas, and chemical industries are going to observe growth by 2030 in order to fulfill the sustainable development goals (SDGs) of the United Nations (UN). This is coupled with the fact that safety has become to paramount aspect of industries owing to the threat to incidents and accidents. It will generate demand for protective clothing, which in turn, will lead to an expansion in the modacrylic fiber market size in this segment.
Owing to the abundance of industries in APAC, the modacrylic fiber market experienced rich opportunities in the region. APAC had the maximum modacrylic fiber market share of 56% in 2018.
In the forthcoming years, the pharmaceutical industry will be booming in India as its growth is a prime target of pharma vision 2020. Furthermore, Indian oil & gas production sector is expanding significantly which will create a myriad of opportunities for the protective apparel market, which in turn, will support the modacrylic fiber market players.
Top 10 Modacrylic Fiber Market Companies:
Companies with maximum modacrylic fiber market share that are striving to expand geographically are Kaneka Corporation, Fushun Rayva Fibre Co., Ltd., Formosa Chemicals & Fibre Corporation, Tianjin GT New Material Technology Company Limited, Fushun Huifu Fire Resistant Fibre Company Limited, Zhangjiagang Hengfeng Textile Company Limited, Nantong Xufeng Textile Industrial Company Limited, Shanghai Changjie Textile Company Limited, Jiangsu Blue Peacock Chemical Fibre Co., Ltd., and Zhejiang Wangzhuo Knitting Co., Ltd.
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