July 25, 2024
Acrylic Fibers Market

Acrylic Fibers Market: Steady Growth Fueled by Increasing Demand for Synthetic Fibers

The global Acrylic Fibers Market is estimated to be valued at USD 5,294.3 million in 2022 and is expected to exhibit a CAGR of 4.01% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.

A) Market Overview:

Acrylic fibers are a type of synthetic fibers that are derived from acrylonitrile. These fibers are known for their excellent properties such as high strength, durability, and resistance to fading and chemicals. The growing demand for synthetic fibers in various applications such as clothing, home textiles, and industrial textiles is a key driver for the acrylic fibers market. Acrylic fibers offer advantages such as affordability, easy care, and versatility, making them a preferred choice among consumers and manufacturers.

B) Market Key Trends:

One key trend in the acrylic fibers market is the increasing demand for environmentally-friendly fibers. With growing concerns about sustainability and environmental impact, consumers are gravitating towards fibers that are recyclable and have a lower carbon footprint. As a result, manufacturers are focusing on developing acrylic fibers that are biodegradable and made from renewable sources. For example, Aksa Akrilik Kimya Sanayii A.S. has developed an eco-friendly acrylic fiber called “EcoFibers” which is made from 100% recycled acrylonitrile.

C) Porter’s Analysis:

– Threat of New Entrants:

The threat of new entrants in the acrylic fibers market is low due to the high capital-intensive nature of the industry and the established market presence of key players. Moreover, stringent regulations and standards regarding product quality and safety pose barriers for new entrants.

– Bargaining Power of Buyers:

The bargaining power of buyers in the acrylic fibers market is moderate. Buyers have the ability to switch to alternative fibers, which puts pressure on manufacturers to offer competitive prices and meet customer demands for product quality and customization.

– Bargaining Power of Suppliers:

The bargaining power of suppliers in the acrylic fibers market is moderate. Acrylonitrile, the key raw material for acrylic fibers, is sourced from petroleum derivatives. Price fluctuations in crude oil and natural gas can impact the cost of acrylonitrile, thus affecting the profitability of manufacturers.

– Threat of New Substitutes:

The threat of new substitutes in the acrylic fibers market is low. While natural fibers such as cotton and wool are alternatives, acrylic fibers offer superior properties such as wrinkle resistance, colorfastness, and durability, which make them more suitable for certain applications.

– Competitive Rivalry:

The acrylic fibers market is highly competitive, with key players such as Aksa Akrilik Kimya Sanayii A.S., Dralon, Aditya Birla Group, and Kaneka Corporation leading the market. Intense competition is driven by factors such as product innovation, pricing strategies, and the ability to meet evolving customer demands.

D) Key Takeaways:

In summary, the global acrylic fibers market is expected to witness high growth, exhibiting a CAGR of 4.01% over the forecast period. The increasing demand for synthetic fibers in various applications, coupled with the affordability and versatility of acrylic fibers, is driving market growth.

Regional analysis reveals that Asia Pacific is the fastest-growing and dominating region in the acrylic fibers market. The region’s large population, rising disposable income, and expanding textile industry contribute to the strong demand for acrylic fibers. Additionally, government initiatives to promote textile manufacturing and investments in infrastructure development further support market growth in the region.

Key players operating in the global acrylic fibers market include Aksa Akrilik Kimya Sanayii A.S., Dralon, Aditya Birla Group, Jilin Chemical Fibre Company, Taekwang Industrial Co., LTD, Exlan Japan Co., Ltd., Kaneka Corporation, Indian Acrylics Limited, Pasupati Acrylon Ltd., and Vardhman Acrylics Ltd. These players focus on product innovation, expansion of production capacity, and strategic collaborations to strengthen their market position.

In conclusion, the acrylic fibers market is poised for steady growth in the coming years, driven by the increasing demand for synthetic fibers and the development of eco-friendly options. Manufacturers need to stay abreast of market trends and invest in research and development to meet evolving customer preferences and regulatory requirements.