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Global Modacrylic Fibre Market to Grow at a CAGR of 4% During the Forecast Period of 2022-2027, Driven by the Rising Demand for Safety Apparel

According to a new report by EMR titled, ‘Global Modacrylic Fibre Market Report and Forecast 2022-2027’, the global market for modacrylic fibre is expected to grow at a CAGR of 4% in the forecast period of 2022-2027.

The Asia Pacific region holds a significant share of the modacrylic fibre industry owing to the rising use of the fibre in various industrial applications. As the region is witnessing rapid industrialisation, the demand for safety apparel is significantly surging, hence driving the market for modacrylic fibre. Various governments in the region are increasingly providing safety apparel to workers to enhance their safety, which is driving the market growth. The robust growth of the textile industry in countries like Vietnam, India, China, and Bangladesh, among others, is leading to a surge in demand for modacrylic fibre, which is propelling the market growth. The rise of the fashion industry in the region is increasing the use of modacrylic fibre in synthetic fur, thereby significantly contributing to the growth of the market.

Kaneka Corporation (TYO: 4118), one of the leading companies in the market, announced in August 2019 that it was expected to exhibit at the Japan-Africa Business Forum & EXPO Japan Fair. The company was projected to showcase materials for hair accessory products. It was estimated to exhibit Kanekalon, a modacrylic fibre range that is extensively used in artificial hair and is popular among African women. Along with this, the company also showcased Kaneka Biodegradable Polymer PHBH as well as See-Through PV Modules. Moreover, it would attempt to contribute to various solving African issues in the fair. By exhibiting Kanekalon, the company was projected to demonstrate materials necessary for hair accessory products and expand upon the idea of mental wellness through beauty. Such developments are propelling the growth of the market.

Market Analysis by Application and Region:

  • The market, on the basis of application, can be divided into protective apparel, hair fibre, upholstery and household, pile (synthetic fur), and industrial fabrics, among others.
  • The regional markets for modacrylic fibre include North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

Key Findings of the Report:

  • The increasing use of modacrylic fibre in the utility, energy, and petrochemical sectors owing to its flame-resistant properties is augmenting the market growth.
  • The market is being driven by the durability and easy dyeability of modacrylic fibre, which, in turn, is increasing its use in protective apparel.
  • The rising demand for synthetic fur in the textile industry is leading to a surge in the use of modacrylic fibre, thereby fuelling the growth of the market.
  • The introduction of various stringent regulations regarding fur sales by governments across the world and the growing concerns regarding animal cruelty are augmenting the market for modacrylic fibre.

Key Offerings of the Report:

  • The EMR report gives an overview of the global market for modacrylic fibre for the periods (2017-2021) and (2022-2027).
  • The report also offers the historical (2017-2021) and forecast (2022-2027) markets for the applications and major regions of modacrylic fibre.
  • It assesses the regional price trends for the (2017-2021) and (2022-2027) periods. 
  • The market report also analyses the trade data by covering the major importing and exporting countries. 
  • The report analyses the market dynamics, covering the key demand and price indicators in the market, along with an assessment of the SWOT and Porter’s Five Forces models.

The major players in the global modacrylic fibre market are Kaneka Corporation, Aksa Akrilik Kimya Sanayii A.S, and Zhangjiagang Hengfeng Textile Co.,Ltd , among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.

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Expert Market Research (EMR) is a leading market research and business intelligence company, ensuring its clients remain at the vanguard of their industries by providing them with exhaustive and actionable market data through its syndicated and custom market reports, covering over 15 major industry domains. The company's expansive and ever-growing database of reports, which are constantly updated, includes reports from industry verticals like chemicals and materials, food and beverages, energy and mining, technology and media, consumer goods, pharmaceuticals, agriculture, and packaging.

EMR leverages its state-of-the-art technological and analytical tools, along with the expertise of its highly skilled team of over 100 analysts and more than 3000 consultants, to help its clients, ranging from Fortune 1000 companies to small and medium sized enterprises, easily grasp the expansive industry data and help them in formulating market and business strategies, which ensure that they remain ahead of the curve.

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