Modacrylic Fiber Market- Global Opportunity and Analysis

The market for modacrylic fiber is projected to grow from USD 621.9 Million in 2016 to USD 723.7 Million by 2021, at a CAGR of 3.08%.

This growth is due to the increasing applications of modacrylic fiber such as hair fiber, pile (synthetic/fake fur), and protective clothing. Industrial regulations and standardization regarding the safety of employees, also provide an opportunity for this market to grow.

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Market Dynamics

Drivers

• Stringent industrial regulation and standardization
• Increasing demand for modacrylic protective apparel application
• Growing Hair fiber application of modacrylic fiber

Restraints

• Fluctuating raw material costs
• Lack of awareness and increasing competition

Opportunities

• Development of  emerging markets
• Attractive potential in the fashion and thermal protection industry

Stringent industrial regulation and standardization

Increase in safety concerns in the household, industrial and transportation sectors have led to the standardization of materials that are being used. Countries in North America and Europe have stringent rules & regulations regarding the use of fire-resistant materials such as modacrylic fiber in household upholstery, airline interiors and for protective apparel for industrial workers and firefighters. These regulations and standards force the manufacturers to improve on the quality of the products being offered and also have a positive impact on their application in sectors such as industrial, defense & public safety as well as in household.

Major Market Developments

• In March 2015, Kaneka Corporation announced to establish a new modacrylic fiber manufacturing plant at Pahang State, Malaysia. This expansion helped the company to expand its presence in the APAC region.

The Asia-Pacific region to play a key role in the growth of the market for modacrylic fiber.

On the basis of key regions, the modacrylic fiber market is segmented into, North America, Europe, Asia-Pacific, Middle East, and Africa, and South America. The Asia-Pacific region is a key market for modacrylic fiber. The development of the economies and rapid growth in the industrialization in this region are impacting the growth of this market. Increasing industrial regulations related to employee safety ensures that industries switch to protective clothing made from modacrylic fiber, thereby impacting the growth of the market.

The following are the key players in the modacrylic fiber market:

• Kaneka Corporation (Japan)
• Fushun Rayva Fiber Co., Ltd. (China)
• Formosa Chemicals & Fiber Corporation (Taiwan)
• Tianjin GT New Material Technology Company Limited (China)
• Fushun Huifu Fire Resistant Fiber Company Limited (China)
• Zhangjiagang Hengfeng  Textile Company Limited (China)
• Nantong Xufeng Textile Industrial Company Limited (China)
• Shanghai Changjie Textile  Company Limited (China)
• Jiangsu Blue Peacock Chemical Fiber Co., Ltd. (China)
• Zhejiang Wangzhuo Knitting Co., Ltd. (China)