MODACRYLIC FIBER Market Expected to Reach $866.4 Million by 2031—Allied Market Research

According to a new report published by Allied Market Research, titled, “MODACRYLIC FIBER Market," The modacrylic fiber market size was valued at $550.0 million in 2021, and is estimated to reach $866.4 million by 2031, growing at a CAGR of 4.7% from 2022 to 2031.

Modacrylic fibers are synthetic copolymer and modified acrylic fiber that exhibits of less than 85%, but at least 35% of weight of acrylonitrile monomer. Modacrylic fibers are soft, resilient, flame, heat resistant, corrosion resistant, and dimensionally stable which makes it useable for protective apparel, textile, automotive, hair fiber, industrial application, and upholstery

Rapid infrastructure development and increase in demand from the automotive sector has led to a rise in modacrylic fiber production in both, developed and developing economies such as the U.S., China, and India. The modacrylic fiber material are widely used for thermal insulation purposes as they are highly flame, chemical, sunlight, and corrosion-resistant. It is also 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 together act as a major key driver responsible for the modacrylic fiber market growth.

However, modacrylic fiber is made up of from raw materials such as acrylonitrile, vinyl chloride, and others. The hike in prices of raw material has hampered the potential sales of the market. In addition, lack of awareness, lack of knowledge and uses regarding modacrylic fiber, and growing competition has witnessed the significant downfall of market sales.

Furthermore, the toxic nature of modacrylic fiber and availability of antimony toxic constituents are expected to hinder the growth of the modacrylic fiber market.

The rise in population, increase in the disposable income, improvement in standard of living, increase in the baldness and hair fall among people, and growing demand from hair care products has witnessed the significant growth of modacrylic fiber. The modacrylic fiber containing hair care products such hair wigs, hair extensions, and hair fibers are soft, resilient, and resistant to heat, & flame, and retain shapes for long period. This factor is predicted to create remunerative opportunities for the expansion of the modacrylic fiber market.

The modacrylic fiber market is segmented on the basis by type, application, and region. By type, the market is segregated into medical grade and industrial grade. The industrial grade segment dominated the global market, in terms of revenue in 2021. This is attributed to the fact that rise in industrialization, urbanization, and growing consumer demand has witnessed the significant growth for modacrylic fiber where modacrylic fiber containing clothes are widely used as protective clothing in industrial sectors such as mining, extraction, and others. These factors together escalating the overall demand for modacrylic fiber in the industrial grade segment in upcoming years.

By application, the market is fragmented into protective apparel, hair fiber, upholstery, modacrylic pile, and others. The protective apparel segment dominated the global market in 2021. This is attributed to the increasing demand branded and quality clothing, and increase in the fashion consciousness among people where modacrylic fiber materials are highly flame and chemical resistant owing to this it is used as protective clothing in the protective apparel sector.

Region-wise, the modacrylic fiber material market forecast is analyzed across North America, Europe, Asia-Pacific, and LAMEA. The Asia-Pacific modacrylic fiber material market size is projected to grow at the highest CAGR in 2021, owing to rise in industrialization, textile, protective apparel, upholstery sectors that has enhanced the demand for modacrylic fiber materials in the Asia-Pacific. The rise in fashion consciousness and adoption of western culture in both developed and developing economies has driven the growth of modacrylic fiber market in Asia-Pacific region.

Key players operating in the global modacrylic fiber material market analysis 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.

COVID-19 analysis

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 findings of the study

• The industrial grade segment is estimated to display the highest growth rate, in terms of revenue, registering a CAGR of 3.8% from 2022 to 2031.
• The protective apparel segment is anticipated to register the highest CAGR of 4.6% during the forecast period.
• Asia-Pacific garnered the highest share of 43.0% in 2021, in terms of revenue, growing at a CAGR of 5.3%.