June 18, 2024
Acrylic Fibers Market

Global Acrylic Fibers Market Is Estimated To Witness High Growth Owing To Increasing Demand from Textile and Apparel Industry

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

Market Overview:

Acrylic fibers are widely used in the textile and apparel industry due to their inherent properties such as softness, lightweight, excellent drape, and superior heat retention. These fibers find extensive applications in the manufacturing of sweaters, blankets, socks, sportswear, and upholstery fabrics. The growing demand for acrylic fibers from the booming textile and apparel industry is a key driver for the market growth. Moreover, the increasing consumer preference for synthetic fibers over natural fibers due to their durability and cost-effectiveness is further fueling the market growth.

Market Dynamics:

The acrylic fibers market is primarily driven by two key factors: the strong demand from the textile and apparel industry and the increasing consumer preference for synthetic fibers. The growing population and rising disposable income levels in emerging economies are driving the demand for textile and apparel products, thereby boosting the demand for acrylic fibers. Additionally, the advantages offered by acrylic fibers in terms of durability, cost-effectiveness, and ease of maintenance are further propelling market growth. However, the market is hindered by the availability of alternative synthetic fibers and the increasing environmental concerns associated with acrylic fiber production. Manufacturers are focusing on research and development activities to improve the eco-friendliness and sustainability of acrylic fibers, which is expected to create growth opportunities in the market.

SWOT Analysis:

Strengths:

– Acrylic fibers have a strong demand in various industries, such as textiles, automotive, and home furnishings, due to their excellent insulation properties and versatility.

– The increasing awareness about sustainable and eco-friendly materials has led to a growing preference for acrylic fibers, as they are recyclable and have a low carbon footprint.

– With technological advancements, acrylic fibers have improved in terms of quality and performance, further boosting their demand in the market.

Weaknesses:

– The production of acrylic fibers requires the use of chemicals that can be harmful to the environment and human health, leading to concerns regarding their sustainability.

– The competition from other synthetic fibers, such as polyester and nylon, poses a challenge to the growth of the acrylic fibers market, as these fibers offer similar properties at a lower cost.

Opportunities:

– The growing demand for lightweight and durable materials in the automotive and aerospace industries presents a significant opportunity for acrylic fibers, as they offer high strength-to-weight ratio and resistance to heat and chemicals.

– The increasing disposable income and changing lifestyle patterns in emerging economies provide a potential market for acrylic fibers in the textile and fashion industry, as consumers seek trendy and affordable clothing options.

Threats:

– Fluctuating raw material prices, such as propylene, could impact the cost of acrylic fibers, affecting their competitiveness in the market.

– The regulations and restrictions on the use of certain chemicals and their impact on the environment can pose a threat to the production and usage of acrylic fibers.

Key Takeaways:

The global acrylic fibers market is expected to witness high growth, exhibiting a CAGR of 4.01% over the forecast period from 2023 to 2030. The increasing demand for acrylic fibers in various industries, such as textiles, automotive, and home furnishings, is driving this growth.

In terms of regional analysis, Asia Pacific is the fastest-growing and dominating region in the acrylic fibers market. The rising population, urbanization, and industrialization have led to a growing demand for acrylic fibers in countries like China, India, and Japan.

The key players operating in the acrylic fibers market include Aksa Akrilik Kimya Sanayii A.S. (Aksa), 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 are focusing on product development, mergers and acquisitions, and strategic collaborations to strengthen their market position and meet the growing demand for acrylic fibers.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it