Acrylic Fibre Market

Acrylic Fibre Market Size Analysis

According to a recent survey conducted by ChemView Consulting, the Global Acrylic Fibre Market grew at a CAGR of 4.1% between 2017-2021 and is estimated to be US$ 4,633.7 Mn in 2022. Currently, the market is anticipated to grow at a CAGR of 4.5% and is expected to reach a valuation of US$ 7,196.0 Mn by 2032 end.

Throughout the projected period, the market is anticipated to grow in response to the growing use of acrylic fibers in a wide range of products, such as apparel, home furnishing and industrial clothing, which is expected to provide a strong growth opportunity during the forecast period.

Market Dynamic

THE RISE IN DEMAND FOR FASHION AND GLOBAL APPAREL DRIVES THE MARKET FOR  ACRYLIC FIBER MARKET

Demand for clothing and apparel has seen a tremendous rise in the last few years, with a change in the financial landscape and the introduction of fast fashion as some of the primary catalysts for the market. Clothing item consumption in developing countries is especially picking up the pace due to a rapid increase in their GDP. China and India are projected to be the fastest-growing countries in the industry as they invest heavily in the market.

THE AVAILABILITY OF SUBSTITUTES WILL HAMPER THE MARKET GROWTH

As such, there are many different types of substitutes for acrylic fiber during the forecast period. For instance, some commonly used synthetic fibers are polyester, polyamide, and polypropylene. Polyester fibers are the most widely used synthetic fiber in the world, primarily due to their durability, lightweight form factor, and strong fastness to dyes.

THE RISE IN E-COMMERCE  WILL CREATE MORE OPPORTUNITIES FOR THE MARKET

The increase in demand for the furniture & upholstery market drives the acrylic fiber market. The e-commerce space for furniture & upholstery has steadily risen due to the ease of viewing products and availability. The Covid-19 pandemic further bolstered this as stay-at-home culture, and social distancing became common norms. This led to an increase in sales of furniture and upholstery online.

COVID-19 Impact

The global acrylic fiber market is projected to grow in the forecast period of 2022-2027. Many industries had suffered a tumultuous time, and it was no different for this market.

During the COVID-19 pandemic, many businesses & production facilities came to a halt. As such, the fiber industry has been experiencing a challenging environment. The trend is expected to continue in the coming years as more production facilities reopen and the economy recovers.

Market Segments Covered in Report

By Fiber Form:

• Staple
• Filament

By Dyeing Method:

• Acid
• Gel
• Undyed

By Blending:

• Wool
• Cotton
• Others

By End Use:

• Apparels
• Home Furnishing
• Industrial
• Outdoor

By Region and Country:

• North America (U.S., Canada)
• Latin America (Brazil, Mexico, Rest of Latin America)
• Europe (Germany, Italy, France, UK, Spain, Netherlands, Norway, Russia, Rest of Europe)
• Asia-Pacific (China, Japan, South Korea, India, Indonesia, Thailand, Vietnam, Australia & New Zealand, Rest of Asia-Pacific)
• Middle East (Saudi Arabia, Turkey, UAE, Rest of Middle East)
• Africa (South Africa, Nigeria, Egypt, Rest of Africa)

Segment-Wise Analysis

Why is Acrylic Staple Fibre projected to ensure the most revenue during the forecast period?

Acrylic Staple Fibre had 55.0% of the market share and had the highest revenue share in this group of products. This can be attributed to the rising usage of stable acrylic fiber forms across end-use verticals. A non-continuous, rather short-length fiber is a staple fiber. Due to their limited length, staple fibers must be twisted together to create a long, continuous yarn. To create threads with a natural feel, synthetic fibers can be used alone or chopped into similar short lengths and mixed with natural staple fibers.

Why has Gel Dyeing will become the fastest-growing segment?

Gel dyeing is a continuous tow dyeing technique in which soluble colors are applied to wet-spun synthetic fibers. At the same time, they are in gel condition, such as acrylic or modacrylic fibers. The gel dyeing method has great environmental benefits compared to traditional processes and is therefore preferred by manufacturers.

Why is the textile & apparel industry segment expected to expand the fastest during the forecast period?

In 2021, The global textile and apparel industry will continue to grow. The acrylic fiber market holds the largest share, as it helps make up a large portion of the textile industry. It is manufactured as a filament, cut into short staple lengths, and spun into yarn. Acrylic fibers are resistant to moths, oils, and chemicals and provide a soft and warm feel while also being lightweight. It also has excellent wicking ability, which lets the acrylic fiber fabric absorb moisture from sweating and transfer it to the outer surface where it is evaporated.

Region-Wise Analysis

The regions analyzed for the market include North America, Europe, Latin America, Asia Pacific, Middle East, and Africa.

• In 2021, Asia-Pacific dominated the acrylic fiber market 2021, with a share of 2%. Due to the rising growth of the textile industry, especially in countries such as China and India, demand for acrylic fiber has increased in this region.
• Europe is the leading producer of acrylic fibers. The market is projected to grow at an estimated value CAGR of 8 % in 2022. The UK is the world’s leading manufacturer of these fibers.

Competition Analysis

The industry is expected to continue growing in developing countries. Several major players have entered emerging regions, with more investments, mergers, and acquisitions anticipated. R&D investments are seen as a significant source of future growth opportunities.

Some of the key developments that have taken place in the Acrylic Fibre Market include:

• In 2021, researchers at Oak Ridge National Laboratory created a cheap carbon fiber that could reduce the price of wind turbine blades. Fiber is initially a widely accessible raw material with thick bundles of acrylic fibers used in the textile industry.
• In March 2021, The product portfolio of Thai Acrylic Fibre Co. Ltd.’s Radianza, an eco-friendly and sustainable fiber created with gel-dying technology, has increased with 20 additional hues.

A list of some of the key suppliers present in the market are:

• Aksa Akrilik Kimya Sanayii A.
• Dralon
• Aditya Birla Group
• Jilin Chemical Fiber Company
• TAEKWANG INDUSTRIAL CO., LTD
• Exlan Japan Co., Ltd.
• Kaneka Corporation
• Indian Acrylics Limited
• Pasupati Acrylon Ltd.
• Vardhman Acrylics Ltd

Report Coverage and Highlights

• Our comprehensive, data-backed, and facts-oriented report provides niche and cross-sectional analysis at global and country levels.
• Assessment of the historical (actual data) and current market size (2017-2021), market projections (2022-2032), and CAGR.
• The market assessment across North America, Europe, East Asia, South Asia & Pacific, Latin America, Middle East, and Africa.
• Competitive tactical intelligence, key strategies adopted by top players, production capacity and company shares analysis, product brand surveys, and export-import analysis
• Pricing analysis to set and benchmark your current or future offerings across each product type helps you understand whether your pricing strategy is aligned with market expectations and can be compared to market disruptions.
• Predictions on critical supply and demand trends and technological expertise needed to address operations scalability.
• Consumer behavior shifts and their implications for players, list of end-users, and their consumption analysis.
• Key drivers, restraints, opportunities, and emerging trends impacting the market growth.
• Value chain analysis (list of manufacturers, distributors, end-users, and average profitability margins).
• Strategic market analysis, recommendations, and future headways on crucial winning strategies.