Taekwang Industrial Begins Exporting High-Quality Wig Yarn 'Modacryl'

"Breaking the Market Blocked by Japan Kaneki Monopoly"

Taekwang Industrial, a textile and petrochemical affiliate of Taekwang Group, announced on the 20th that it has started exporting and selling high-quality wig material yarn 'Modacryl'.

Modacryl is a polyacrylic fiber mainly used for synthetic wigs and flame retardants. Following the Japanese chemical company Kaneka in 2021, Taekwang Industrial became the second company worldwide to commercialize Modacryl, launching the brand 'Modabon'.

Exterior view of Modacryl factory located at Taekwang Industrial Ulsan Plant [Photo by Taekwang Industrial]

Since early this year, Taekwang Industrial has thoroughly reexamined the growth potential and business feasibility of the Modacryl market, and after supplementing production facilities and improving processes, it began full-scale production last March.

The global wig market is showing an average annual growth rate of about 10%. Only Kaneka in Japan produces Modacryl, so there is significant growth potential in the global market. Especially, although the African wig market still faces economic underdevelopment and political instability, the market is likely to expand in the future due to rapidly increasing population and economic growth.

Taekwang Industrial plans to accelerate sales after securing a variety of colors. Targeting the main consumer markets of Africa and North America, it will gradually increase production in line with sales growth.

A Taekwang Industrial official said, "Although consumption in the African and U.S. markets has also slowed due to the global recession, wig demand is expected to gradually recover as the economy improves," adding, "We expect to gradually overcome the market blocked by Kaneka's exclusive supply."

Along with the full-scale resumption of business, Taekwang Industrial will dissolve its local subsidiary in Lagos, Nigeria, established in 2021. The company will shift its business direction to direct response from headquarters and focus its capabilities on collaborative marketing with local clients.