Modacrylic Fiber Market worth 723.7 Million USD by 2021

MarketsandMarkets projects that the market for modacrylic fiber will grow from USD 621.9 Million in 2016 to USD 723.7 Million by 2021, at a CAGR of 3.08%.

(EMAILWIRE.COM, August 23, 2017 ) The report "Modacrylic Fiber Market for Protective Apparel, Hair Fiber, Upholstery & Household, Pile (Synthetic/Fake Fur), Industrial Fabric - Global Forecast to 2021", 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%.

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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 standardizations regarding the safety of employees, also provide an opportunity for this market to grow.

The hair fiber segment is projected to grow at the highest CAGR during the forecast period.

The hair fiber segment is projected to be the fastest-growing from 2016 to 2021. This growth is attributed to the hair-like characteristics of modacrylic fiber, which is why they are being widely used in wigs, hair extensions, and other hair-like accessories. Another reason behind the growth of modacrylic hair fiber is that it is highly flame resistant, even when combined with fibers that can flare when caught with fire.

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)

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