New York (US), June 27, 2023 (GLOBE NEWSWIRE) -- Acrylic Fiber Market Overview
According to a Comprehensive Research Report by Market Research Future (MRFR), “Acrylic Fiber Market By Form, Blending, End-Use, and Region - Forecast till 2032”, The Acrylic Fiber market will be developing from USD 4.25 Billion in 2023 to USD 5.68 Billion by 2032, at a rate of 3.7% during the appraisal period (2023 - 2032).
Market Scope
Polyacrylonitrile and a comonomer are the main components of acrylic fibers, a form of synthetic fiber. A synthetic fiber must contain at least 85% acrylonitrile monomer in order to be referred to as "acrylic". Vinyl acetate and vinyl bromide are two common comonomers found in acrylic fibers. The market for acrylic fiber is being significantly boosted by expanding e-commerce trends for furniture and upholstery as well as rising textile and garment demand.
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Leading market companies make significant R&D (Research and Development) investments to expand their manufacturing facilities and product lines, which will fuel the global market's expansion. Important market developments include new product portfolios, contractual agreements, mergers and acquisitions, capital expenditure, higher investments, and strategic alliances with other organizations. Market participants are also utilizing a variety of organic or inorganic strategic approaches to strengthen and expand their footprint.
Market Competitive Landscape:
The important companies in the acrylic fiber industry are
- Aksa Akrilik Kimya Sanayii A.Ş. (Aksa)
- JILIN QIFENG CHEMICAL FIBER CO.LTD
- Thai Acrylic Fiber Co. Ltd.
- Kaltex
- Indian Acrylics Limited
- Pasupati Acrylon Limited
- SINOPEC
- Formosa Plastic Group
- Polymir
- Among others.
Report Scope:
| Report Attribute | Details |
| Market Size 2032 | USD 5.68 Billion |
| Compound Annual Growth Rate (CAGR) | 3.7% (2023-2032) |
| Base Year | 2022 |
| Market Forecast Period | 2023-2032 |
| Historical Data | 2018- 2022 |
| Forecast Units | Value (USD billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | By Type, Application, and Region |
| Geographies Covered | North America, Europe, Asia-Pacific, and Rest of the World (RoW) |
| Key Market Dynamics | Increasing Apparel Industry Need. Home furnishings is creating new opportunities. |
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Market USP Covered:
Market Drivers:
Wool has been used for clothing since ancient times. Wool has exceptional qualities like wrinkle resistance, moisture absorption, and warmth. Its capacity to rebound from deformation over time is a key characteristic. Consequently, apparel composed of these fibers is appealing. The production of clothing such as sweaters, hoodies, boots, boot linings, hats, gloves, athletic wear, carpeting, blankets, roller brushes, upholstery, area rugs, protective garments, wigs, and hair extensions has grown to rely on 100% wool-based fabrics.
Wool and acrylic blends, which are quite popular, are made mostly from acrylic fiber. Circular knit products are made with these mixes of 45% acrylic and 55% wool fiber. Sportswear with qualities including ease of care, durability, appearance retention, color style, and palatability is made mostly from this combination.
There are several blends that are extensively utilized around the world depending on the requirements. Popular blends of acrylic wool that are affordable, appealing, and simple to handle including the 50/50 and 70/30 varieties. Clothing that is lightweight and has outstanding durability and shape retention is made with a 50/50 acrylic wool combination. Slacks are made from a wool and acrylic blend that is 70/30. 1.03 million tons of wool fiber were produced in 2021, claims TextileExchange.org. As a result, the market for acrylic fiber in the wool segment is expected to grow.
Opportunities
In growing nations throughout the Asia Pacific, the market for acrylic fiber will experience tremendous expansion. With more than 30% of the world's production of acrylic fibers, China is the world's leading producer of these fibers. Over time, China's textile industry has grown as a result of demand from both home and foreign markets, particularly from ASEAN nations, Europe, the United States, and Japan.
Some of the biggest destinations for China's acrylic fiber exports are Iran, India, Vietnam, Pakistan, and the United Arab Emirates. From nations like Japan, Germany, Thailand, South Korea, and Turkey, the nation also imports acrylic fiber.
China imported 75,000 tons of acrylic fiber in 2021, an increase of 10.3% from 68,000 tons in 2020. The increase in 2021, which was around 7,800 tons between March and May, was mostly to blame. The market for acrylic fibers may be driven by rising demand from applications in clothing and home furnishings.
China is the greatest producer and exporter of textiles in the world, accounting for around 43% of all textile exports globally in terms of value. As a result, it is projected that the rise of the Chinese apparel sector will increase demand for acrylic fibers. Therefore, it is anticipated that all of these market trends would increase demand for acrylic fibers in China throughout the course of the forecast period.
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Market Restraints:
The presence of alternatives like polyester, polyamide, and polypropylene among synthetic fibers may limit the growth of the acrylic fiber market over the anticipated period.
COVID 19 Analysis
Many sectors had a difficult time during the COVID-19 pandemic, and the acrylic fiber business was no exception. Lockdown laws were enacted by numerous governments around the world, and factories and production facilities in many industries stopped operating. Due to the lockdown procedures being followed by numerous businesses, the supply chain was severely interrupted. Global fiber output volume declined from 111 million metric tons in FY 2019 to 109 million metric tons in FY 2020, according to Textile Exchange. This explains a 1.8% decline in the manufacturing of fibers, including acrylic fiber and other synthetic fibers. This was also reported to be the first decline in the recent 20 years in the rising fiber demand.
Market Segmentation
By Form
Staple and Filament are included in the market segmentation for acrylic fiber depending on the form. In 2022, the staple category led the market with a share of 70% (USD 2.9 billion). This is because a variety of end-use verticals are increasingly using staple types of acrylic fiber. Staple fibers must be twisted together due to their limited length to create a long, continuous yarn, which will increase overall market demand.
By Blending
Based on blending, the acrylic fiber market is segmented into Wool, Cotton, and Others. In 2022, the wool category produced the largest revenue (47%, or USD 1.9 billion). The ability of wool to recover from deformation over time is a crucial attribute. Therefore, clothing made from these fibers is desirable.
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By End-Use
Apparel, household furnishings, and industrial products are included in the Acrylic Fiber market segmentation by End-Use. With a market share of 54% (USD 2.21 billion) in 2022, the clothing category led the industry. This is largely due to the variety of uses acrylic fiber has in the garment industry. The industry's rising need for acrylic fiber during the anticipated timeframe will cause household furnishings to expand gradually.
Regional Insights
During the anticipated time range, the Asia-Pacific region will lead the global market. This is a result of the rise in urban families, creative uses of these fibers, and wider clothing selling brought on by the explosive growth of the internet-based fashion industry. Additionally, China is the leader in the regional market while the Indian market is bound to capture the fastest growth in the following years.
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