The global modacrylic fiber market size was US$ 550.0 million in 2021. The global modacrylic fiber market size is estimated to reach US$ 831.5 million by 2030, growing at a compound annual growth rate (CAGR) of 4.7% during the forecast period from 2022 to 2030.
Modacrylic fiber is also known as synthetic acrylic fiber and modified acrylic fiber which indicates less than 85%, but at least 35% of the weight of acrylonitrile monomer fiber. It contains various functionalities, such as resilient, soft material, strong tenacity, chemicals, resistance to heat, corrosion, and sunlight, and retentive structures which create a wide range of properties in various end-use industries. In addition, it can resist high temperatures, making them suitable for heat stabilization and thermal insulation applications in various end-use industries, such as industrial applications, automotive, mining, extraction, petrochemical sector, protective clothing in the medical sector, and others. They are widely used in the field of home community, clothing industry, and further professional care products such as hair fiber wigs, hair ties, etc.
Factors Affecting Market Growth
Rising consumer demand for the automotive industry has led to an increase in modacrylic fiber production in both, developed and developing economies, for thermal insulation purposes. Thus, driving the global market.
Delays in infrastructure investment and the total shutdown of transportation, import, and export movements by the air travel industry due to lockdown restrictions hindered the global market.
The growing modern theme-based building and construction industry has increased the demand for modacrylic fiber-containing products, such as cushioning in furniture, mattresses, and others, which are widely used in household applications. These factors are expected to drive the global market.
Impact Analysis of COVID-19
The COVID-19 pandemic had a moderate impact on the modacrylic fiber market due to the disorders in the supply chain for different industrial products. It resulted in the shutdown of various manufacturing plants for a long period due to which manufacturers have encountered a lack in production losses, labor units, and an increase in awareness concerning safety, worker security, and guidelines by the government posed an extra challenge to resume their basic operations in manufacturing units. Furthermore, as the regulations imposed due to the lockdown are being lifted in the fourth quarter of the pandemic, the manufacturing, building, and construction, sectors are anticipated to recover soon, which will increase the demand for the global market.
The Asia-Pacific is estimated to grow at the highest CAGR of the global modacrylic fiber market size during the forecast period in 2021. Due to an increase in industrialization, apparel, the textile, and upholstery sectors have enhanced the demand for modacrylic fiber in the region. Furthermore, the increase in consumer needs and growth in disposable income among people has increased the need for modacrylic fiber as it is used for manufacturing seat covers and others. These factors are anticipated to drive the global market in the region.
The prominent players in the global modacrylic fiber market are:
TenCate Protective Fabrics
Tiajin Glory Tang Co.
Zhejiang Wangzhuo Knitting Co.
Zhangjiagang Hengfeng Textile Company Limited
Xinke special textile Co.
Japan Chemical Fibers Association
Formosa Chemicals and Fiber Corporation
China National Petroleum Corporation
The global modacrylic fiber market segmentation focus on Type, Application, and Region.
Segmentation on the basis of Type
Segmentation on the basis of Application
Segmentation on the basis of Region
Rest of Western Europe
Rest of Eastern Europe
Australia & New Zealand
Rest of Asia Pacific
Middle East & Africa (MEA)
Rest of MEA
Rest of South America