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Global Modacrylic Fiber Market to reach USD 914.83 million by the end of 2029.

Global Modacrylic Fiber Market Size study & Forecast, by Application (Protective Apparel, Hair Fiber, Upholstery & Household, Pile-Synthetic/Fake fur, Industrial Fabrics) and Regional Analysis, 2022-2029

Product Code: CMPP-38442140
Publish Date: 1-04-2023
Page: 200

Global Modacrylic Fiber Market is valued at approximately USD 717.7 million in 2021 and is anticipated to grow with a healthy growth rate of more than 3.08% over the forecast period 2022-2029. Modacrylic fiber is a synthetic fiber that is made from acrylonitrile and other chemicals. It is a type of copolymer that has properties similar to those of acrylic and modacrylic fibers. Modacrylic fibers are known for their flame-retardant properties, making them suitable for use in a variety of applications, such as protective clothing for firefighters, military personnel, and industrial workers. Modacrylic fibers are also used in the production of faux fur, carpets, upholstery, and other home furnishings. They are soft, lightweight, and resistant to sunlight, mildew, and chemicals. The market demand is primarily driven by the factors such as the increasing demand for flame-resistant clothing and textiles, the rising safety standards in various industries and the growing demand in the construction industry.

In addition, the increasing crude oil consumption and production along with the growing apparel sector are acting as major driving factors for market growth. According to the U.S. Energy Information Administration, global liquid fuel consumption increased from an average of 99.4 million barrels per day in 2022 to 100.9 million barrels per day in 2023. In 2022, global liquid fuels production averaged over 100 million barrels per day and it is predicted to increase by 1.6 million barrels per day in both 2023 and 2024. Similarly, according to the National Bureau of Statistics (NBS) of China, retail sales in the Chinese clothing sector were valued at USD 75.83 billion from January to May 2022. Hence, the growing consumption and production of liquid fuels along with the increasing growth of the apparel industry are propelling the demand for modacrylic fiber in the global market. Furthermore, the increasing incidents of fires and explosions and the rising demand for flame-resistant clothing in the automotive and crude oil extraction industry are presenting lucrative opportunities for market growth over the forthcoming years. However, competition from other flame-resistant fibres is restricting the market growth over the forecast period of 2022-2029.

The key regions considered for the Global Modacrylic Fiber Market study include Asia Pacific, North America, Europe, Latin America, and Rest of the World. Asia Pacific dominated the market in terms of revenue due to the rising demand for safety apparel such as fire-resistant clothing and the increasing population in the region. Whereas, the Middle East and Africa are also expected to grow at the highest growth rate over the forecasting period. Factors such as growing demand for modacrylic fiber as hair fiber to be used in wigs, increasing demand in various industries such as crude oil and gas, construction and automobile and rising safety standards in various industries are burgeoning the market growth in the forecasting years.

Major market players included in this report are:
Taekwang Industry Co, Ltd.
Formosa Plastics Corporation, U.S.A.
Kaneka Corporation
Aditya Birla Management Corporation Pvt. Ltd.
Aksa Akrilik Kimya Sanayii A.Ş.
Tianjin GT New Material Technology Co., Ltd.
Zhangjiagang Hengfeng Textile Co., Ltd.
Japan Industrial Solutions Co., Ltd.
Grupo Kaltex
Recent Developments in the Market:
 In January 2023, Kaneka Corporation, a Japanese international chemical and synthetic fibres manufacturing company, announced its expansion of GMP manufacturing capacity for mRNA in Kaneka Eurogenetec S.A., a wholly owned group company in Europe.

Global Modacrylic Fiber Market Report Scope:
Historical Data 2019-2020-2021
Base Year for Estimation 2021
Forecast period 2022-2029
Report Coverage Revenue forecast, Company Ranking, Competitive Landscape, Growth factors, and Trends
Segments Covered Application, Region
Regional Scope North America; Europe; Asia Pacific; Latin America; Rest of the World
Customization Scope Free report customization (equivalent up to 8 analyst’s working hours) with purchase. Addition or alteration to country, regional & segment scope*

The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within countries involved in the study.

The report also caters detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, it also incorporates potential opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players. The detailed segments and sub-segment of the market are explained below:

By Application:
Protective Apparel
Hair Fiber
Upholstery & Household
Pile (Synthetic/Fake fur)
Industrial Fabrics

By Region:
North America
Asia Pacific
South Korea
Latin America
Rest of the World

Chapter 1. Executive Summary
1.1. Market Snapshot
1.2. Global & Segmental Market Estimates & Forecasts, 2019-2029 (USD Million)
1.2.1. Modacrylic Fiber Market, by Region, 2019-2029 (USD Million)
1.2.2. Modacrylic Fiber Market, by Application, 2019-2029 (USD Million)
1.3. Key Trends
1.4. Estimation Methodology
1.5. Research Assumption
Chapter 2. Global Modacrylic Fiber Market Definition and Scope
2.1. Objective of the Study
2.2. Market Definition & Scope
2.2.1. Scope of the Study
2.2.2. Industry Evolution
2.3. Years Considered for the Study
2.4. Currency Conversion Rates
Chapter 3. Global Modacrylic Fiber Market Dynamics
3.1. Modacrylic Fiber Market Impact Analysis (2019-2029)
3.1.1. Market Drivers Increasing demand for flame-resistant clothing and textiles Rising safety standards in various industries Growing demand in the construction industry
3.1.2. Market Challenges Competition from other flame-resistant fibres
3.1.3. Market Opportunities Increasing incidents of fires and explosions Rising demand in automotive and crude oil extraction industry
Chapter 4. Global Modacrylic Fiber Market Industry Analysis
4.1. Porter’s 5 Force Model
4.1.1. Bargaining Power of Suppliers
4.1.2. Bargaining Power of Buyers
4.1.3. Threat of New Entrants
4.1.4. Threat of Substitutes
4.1.5. Competitive Rivalry
4.2. Futuristic Approach to Porter’s 5 Force Model (2019-2029)
4.3. PEST Analysis
4.3.1. Political
4.3.2. Economical
4.3.3. Social
4.3.4. Technological
4.4. Top investment opportunity
4.5. Top winning strategies
4.6. Industry Experts Prospective
4.7. Analyst Recommendation & Conclusion

Chapter 5. Risk Assessment: COVID-19 Impact
5.1. Assessment of the overall impact of COVID-19 on the industry
5.2. Pre COVID-19 and post COVID-19 Market scenario
Chapter 6. Global Modacrylic Fiber Market, by Application
6.1. Market Snapshot
6.2. Global Modacrylic Fiber Market by Application, Performance – Potential Analysis
6.3. Global Modacrylic Fiber Market Estimates & Forecasts by Application 2019-2029 (USD Million)
6.4. Modacrylic Fiber Market, Sub Segment Analysis
6.4.1. Protective Apparel
6.4.2. Hair Fiber
6.4.3. Upholstery & Household
6.4.4. Pile (Synthetic/Fake fur)
6.4.5. Industrial Fabrics
Chapter 7. Global Modacrylic Fiber Market, Regional Analysis
7.1. Modacrylic Fiber Market, Regional Market Snapshot
7.2. North America Modacrylic Fiber Market
7.2.1. U.S. Modacrylic Fiber Market Application breakdown estimates & forecasts, 2019-2029
7.2.2. Canada Modacrylic Fiber Market
7.3. Europe Modacrylic Fiber Market Snapshot
7.3.1. U.K. Modacrylic Fiber Market
7.3.2. Germany Modacrylic Fiber Market
7.3.3. France Modacrylic Fiber Market
7.3.4. Spain Modacrylic Fiber Market
7.3.5. Italy Modacrylic Fiber Market
7.3.6. Rest of Europe Modacrylic Fiber Market
7.4. Asia-Pacific Modacrylic Fiber Market Snapshot
7.4.1. China Modacrylic Fiber Market
7.4.2. India Modacrylic Fiber Market
7.4.3. Japan Modacrylic Fiber Market
7.4.4. Australia Modacrylic Fiber Market
7.4.5. South Korea Modacrylic Fiber Market
7.4.6. Rest of Asia Pacific Modacrylic Fiber Market
7.5. Latin America Modacrylic Fiber Market Snapshot
7.5.1. Brazil Modacrylic Fiber Market
7.5.2. Mexico Modacrylic Fiber Market
7.5.3. Rest of Latin America Modacrylic Fiber Market
7.6. Rest of The World Modacrylic Fiber Market

Chapter 8. Competitive Intelligence
8.1. Top Market Strategies
8.2. Company Profiles
8.2.1. Taekwang Industry Co, Ltd. Key Information Overview Financial (Subject to Data Availability) Product Summary Recent Developments
8.2.2. Formosa Plastics Corporation, U.S.A.
8.2.3. Kaneka Corporation
8.2.4. Aditya Birla Management Corporation Pvt. Ltd.
8.2.5. Aksa Akrilik Kimya Sanayii A.Ş.
8.2.6. Tianjin GT New Material Technology Co., Ltd.
8.2.7. Zhangjiagang Hengfeng Textile Co., Ltd.
8.2.8. Japan Industrial Solutions Co., Ltd.
8.2.9. Grupo Kaltex
Chapter 9. Research Process
9.1. Research Process
9.1.1. Data Mining
9.1.2. Analysis
9.1.3. Market Estimation
9.1.4. Validation
9.1.5. Publishing
9.2. Research Attributes
9.3. Research Assumption

At Bizwit Research and Consultancy, we employ a thorough and iterative research methodology with the goal of minimizing discrepancies, ensuring the provision of highly accurate estimates and predictions over the forecast period. Our approach involves a combination of bottom-up and top-down strategies to effectively segment and estimate quantitative aspects of the market, utilizing our proprietary data & AI tools. Our Proprietary Tools allow us for the creation of customized models specific to the research objectives. This enables us to develop tailored statistical models and forecasting algorithms to estimate market trends, future growth, or consumer behavior. The customization enhances the accuracy and relevance of the research findings.
We are dedicated to clearly communicating the purpose and objectives of each research project in the final deliverables. Our process begins by identifying the specific problem or challenge our client wishes to address, and from there, we establish precise research questions that need to be answered. To gain a comprehensive understanding of the subject matter and identify the most relevant trends and best practices, we conduct an extensive review of existing literature, industry reports, case studies, and pertinent academic research.
Critical elements of methodology employed for all our studies include:
Data Collection:
To determine the appropriate methods of data collection based on the research objectives, we consider both primary and secondary sources. Primary data collection involves gathering information directly from various industry experts in core and related fields, original equipment manufacturers (OEMs), vendors, suppliers, technology developers, alliances, and organizations. These sources encompass all segments of the value chain within the specific industry. Through in-depth interviews, we engage with key industry participants, subject-matter experts, C-level executives of major market players, industry consultants, and other relevant experts. This allows us to obtain and validate critical qualitative and quantitative information while evaluating market prospects. AI and Big Data are instrumental in our primary research, providing us with powerful tools to collect, analyze, and derive insights from data efficiently. These technologies contribute to the advancement of research methodologies, enabling us to make data-driven decisions and uncover valuable findings.
In addition to primary sources, we extensively utilize secondary sources to enhance our research. These include directories, databases, journals focusing on related industries, company newsletters, and information portals such as Bloomberg, D&B Hoovers, and Factiva. These secondary sources enable us to identify and gather valuable information for our comprehensive, technical, market-oriented, and commercial study of the market. Additionally, we utilize AI algorithms to automate the collection of vast amounts of data from various sources such as surveys, social media platforms, online transactions, and web scraping. And employ Big Data technologies for storage and processing of large datasets, ensuring that no valuable information is missed during the data collection process.
Data Analysis:
Our team of experts carefully examine the gathered data using suitable statistical techniques and qualitative analysis methods. For quantitative analysis, we employ descriptive statistics, regression analysis, and other advanced statistical methods, depending on the characteristics of the data. This analysis may also incorporate the utilization of AI tools and big data analysis techniques to extract meaningful insights.
To ensure the accuracy and reliability of our findings, we extensively leverage data science techniques, which help us minimize discrepancies and uncertainties in our analysis. We employ Data Science to clean and preprocess the data, ensuring its quality and reliability. This involves handling missing data, removing outliers, standardizing variables, and transforming data into suitable formats for analysis. The application of data science techniques enhances our accuracy, efficiency, and depth of analysis, enabling us to stay competitive in dynamic market environments.
Market Size Estimation:
Our proprietary data tools play a crucial role in deriving our market estimates and forecasts. Each study involves the creation of a unique and customized model. The model incorporates the gathered information on market dynamics, technology landscape, application development, and pricing trends. AI techniques, such as machine learning and deep learning, aid us to analyze patterns within the data to identify correlations, trends, and relationships. By recognizing patterns in consumer behavior, purchasing habits, or market dynamics, our AI algorithms aid us in more precise estimations of market size. These factors are simultaneously analyzed within the model, allowing for a comprehensive assessment. To quantify their impact over the forecast period, correlation, regression, and time series analysis are employed.
To estimate and validate the market size, we employ both top-down and bottom-up approaches. The preference is given to a bottom-up approach, where key regional markets are analyzed as separate entities. This data is then integrated to obtain global estimates. This approach is crucial as it provides a deep understanding of the industry and helps minimize errors.
In our forecasting process, we consider various parameters such as economic tools, technological analysis, industry experience, and domain expertise. By taking all these factors into account, we strive to produce accurate and reliable market forecasts. When forecasting, we take into consideration several parameters, which include:
Market driving trends and favorable economic conditions
Restraints and challenges that are expected to be encountered during the forecast period.
Anticipated opportunities for growth and development
Technological advancements and projected developments in the market
Consumer spending trends and dynamics
Shifts in consumer preferences and behaviors.
The current state of raw materials and trends in supply versus pricing
Regulatory landscape and expected changes or developments.
The existing capacity in the market and any expected additions or expansions up to the end of the forecast period.
To assess the market impact of these parameters, we assign weights to each one and utilize weighted average analysis. This process allows us to quantify their influence on the market and derive an expected growth rate for the forecasted period. By considering these various factors and applying a weighted analysis approach, we strive to provide accurate and reliable market forecasts.
Insight Generation & Report Presentation:
After conducting the research, our experts analyze the findings in relation to the research objectives and the specific needs of the client. They generate valuable insights and recommendations that directly address the client’s business challenges. These insights are carefully connected to the research findings to provide a comprehensive understanding.
Next, we create a well-structured research report that effectively communicates the research findings, insights, and recommendations to the client. To enhance clarity and comprehension, we utilize visual aids such as charts, graphs, and tables. These visual elements are employed to present the data in an engaging and easily understandable format, ensuring that the information is accessible and visually appealing to the client. Our aim is to deliver a clear and concise report that conveys the research findings effectively and provides actionable recommendations to meet the client’s specific needs.

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