July 19, 2024
Acrylic Fibers Market

Acrylic Fibers Market Is Estimated To Witness High Growth Owing To Increasing Demand for Sustainable Textiles and Growing Opportunities in Asia Pacific

A) Market Overview:

The global Acrylic Fibers Market is estimated to be valued at USD 5,294.3 Mn 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.

Acrylic fibers are synthetic fibers made from polymers derived from acrylic acid. These fibers offer excellent strength, softness, and durability, making them suitable for a wide range of applications including textiles, apparel, household goods, carpets, and outdoor fabrics.

B) Market Dynamics:

The acrylic fibers market is driven by two main factors:

1. Increasing demand for sustainable textiles:

As the fashion industry becomes more conscious of environmental sustainability, there is a growing demand for eco-friendly and sustainable textiles. Acrylic fibers provide advantages such as recyclability, low cost, and durability, which align with the needs of sustainability-conscious consumers. Moreover, the ease of blending acrylic fibers with other natural and synthetic fibers helps in the production of hybrid fabrics that offer enhanced properties.

For example, several clothing brands have started incorporating recycled acrylic fibers in their collections to reduce environmental impact. This trend is expected to drive the growth of the acrylic fibers market.

2. Growing opportunities in the Asia Pacific:

The Asia Pacific region is witnessing significant growth in the acrylic fibers market due to factors such as increasing population, rising disposable income, and booming textile industry. Countries like China and India, known for their vast manufacturing capabilities, are major contributors to the demand for acrylic fibers in the region.

Moreover, the region is witnessing a shift towards organized retail and e-commerce, which is driving the demand for fibers used in apparel production. The rising popularity of athleisure and activewear is also fueling the demand for acrylic fibers that offer stretchability and moisture-wicking properties.

C) Segment Analysis:

The acrylic fibers market can be segmented based on product type, application, and region. In terms of product type, staple fibers dominate the market as they are versatile and find applications in various industries such as textiles, carpets, and outdoor fabrics.

D) PEST Analysis:

Political:

The political landscape plays a crucial role in the acrylic fibers market. Policies related to trade and tariffs can affect the import and export of acrylic fibers, impacting the market dynamics.

Economic:

Economic factors such as GDP growth, inflation rates, and consumer spending patterns influence the demand and supply of acrylic fibers. The economic stability of a region determines the growth potential of the market.

Social:

Changing consumer preferences, fashion trends, and increasing awareness about sustainable textiles are shaping the adoption of acrylic fibers. Consumers are more inclined towards eco-friendly and ethically produced materials.

Technological:

Advancements in technology are driving the production of high-quality acrylic fibers. Innovations in spinning techniques, dyeing processes, and finishing treatments enhance the performance characteristics and visual appeal of acrylic fibers.

E) Key Takeaways:

– The global acrylic fibers market is expected to witness high growth, exhibiting a CAGR of 4.01% over the forecast period, due to increasing demand for sustainable textiles and growing opportunities in the Asia Pacific region.

– In terms of regional analysis, Asia Pacific is the fastest-growing and dominating region in the acrylic fibers market. The region’s booming textile industry, rising disposable income, and evolving consumer preferences contribute to its growth.

– Key players operating in the global 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 focus on research and development activities, product innovations, strategic collaborations, and mergers and acquisitions to gain a competitive edge in the market.