The latest report by IMARC Group, titled “Modal Fiber Market: Global Industry Trends, Share, Size, Growth, Opportunity, and Forecast 2022-2027,” finds that the global modal fiber market is expected to exhibit a CAGR of 7.50% during the forecast period (2022-2027). Modal fiber refers to a bio-based fabric that is primarily acquired from beech trees. The modal production process comprises soaking the fabric in chemicals like sodium hydroxide and carbon disulfate, which in turn classify modal as semi-synthetic. It is an ultra-soft, breathable, durable, and eco-friendly fabric with high absorbency properties that can be easily colored and is resistant to shrinkage and fading. In addition, the fiber possesses exceptional silk-like lustrousness and softness. As a result, modal fiber is mainly used in the production of home furnishings, industrial textiles, hygiene products, filters, and apparel.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Global Modal Fiber Market Trends:
The market is primarily driven by the expanding fashion and apparel industry and the increasing utilization of modal fiber in manufacturing sustainable clothing materials. In addition, the increasing adoption of modal fiber in athleisure on account of various associated benefits, such as quicker drying, thermal and chemical resistance, and improved breathability, is also contributing to the market growth. Moreover, the rising participation in recreational and sports activities represents another major growth-inducing factor. Besides this, the increasing environmental awareness, and the improving consumer willingness to spend more on clean and ethical fashion, are augmenting the market growth. Along with this, the advent of the work-from-home model due to the sudden outbreak of the COVID-19 pandemic is propelling the demand for modal fiber-based loungewear, which provides improved comfort and enhanced durability. Apart from this, the escalating demand for high-performance, lightweight materials from the aerospace, and automotive industries for manufacturing door panels, headliners, and seat covers, is positively influencing the market growth. Furthermore, the rising popularity of micro modal fiber, owing to its stretchability, resistance to shrinkage characteristics, and high moisture-wicking, is creating a positive market outlook for the market.
- Based on the type, the market has been bifurcated into long and short fiber.
- On the basis of the application, the market has been classified into textile and others.
- Region-wise, the market has been divided into North America (the United States and Canada), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others), Latin America (Brazil, Mexico, and others), and Middle East and Africa.
- The competitive landscape of the industry has been examined in the report, with the profiles of the key players.
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