The modacrylic fiber market is projected to grow from USD 621.9 Million in 2016 to USD 723.7 Million by 2021, at a CAGR of 3.08%. The demand in this market is increasing in accordance with the growth in the demand for protective apparel and hair fiber applications of modacrylic fibers. Stringent industrial regulations and standardizations regarding the safety concerns requiring the use of fire resistant materials is also expected to drive the modacrylic fiber market.
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The global market for modacrylic fiber is led by major players such as, Kaneka Corporation (Japan), Fushun Ravya Fibre Co. Ltd. (China), and Formosa Plastics Corporation (Taiwan). Other Players in this market include, Tianjin GT New Material Technology Company Limited (China), Fushun Huifu Fire Resistant Fibre Company Limited (China), Zhangjiagang Hengfeng Textile Company Limited (China), Nantong Xufeng Textile Industrial Company Limited (China), Shanghai Changjie Textile Company Limited (China), and Jiangsu Blue Peacock Chemical Fiber Co., Ltd. These players have adopted various strategies to expand their global presence and strengthen their market shares.
Japan has implemented its own sets of rules and regulations regarding the use of protective apparel for industrial workers and fire fighters. These regulations and standards force manufacturers to improve upon the quality of the products being offered. For instance, Kaneka Corporation (Japan), one of the leading players in the modacrylic fiber market, is focusing on research and development activities through its seven corporate R&D laboratories. The company plans to expand its production capacity to enhance its production and distribution capacity. Formosa Chemicals & Fibre Corporation (Taiwan) also plans to enter uncharted markets to strengthen its global position and to increase revenues.
Other small players in the modacrylic fiber markets such as the Zhangjiagang Hengfeng Textile Company Limited (China) aims to enhance its strategic investments and undertake reorganization to strengthen its competitive position in the market, and is highly focused on sustainable growth. The company is focusing on R&D activities in order to develop products with improved performance. Nantong Xufeng Textile Industrial Company Limited (China) has been focusing on the launch of new products such as, the ‘Modacrylic Cotton Fabric’ and ‘Flame Retardant’ series. The company pursues the organic strategy of developing products through R & D to strengthen its position as a leading supplier of modacrylic fiber products globally.
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