by Acrylic fibers are synthetic fibers made from polyacrylonitrile or PAN. They have stable chemical and dimensional properties, higher absorbency, and insulation. Acrylic fibers are commonly used in apparel, home furnishings, industrial fibers, and filtration applications due to their economical cost and desirable properties.
The global Acrylic Fibers Market is estimated to be valued at US$ 5506.6 Mn in 2023 and is expected to exhibit a CAGR of 4.0% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
One of the key trends in the acrylic fibers market is the increasing adoption in apparel and clothing industries. Acrylic fibers are widely used in sweaters, socks, hats, gloves, and scarves due to their high moisture absorption, lightweight and low cost as compared to wool. They provide thermal insulation and are softer than other synthetic fibers. Their ability to mimic real cashmere and wool fibers at lower costs has increased their popularity in the apparel sector. They are also gaining traction as an alternative to expensive down jackets and coats.
SWOT Analysis
Strength: Acrylic fibers are lightweight, durable, washable and retain color very well. These properties make acrylic fibers suitable for clothing, home furnishing fabrics and industrial uses.
Weakness: Acrylic fibers are not as strong or breathable as some natural fibers like cotton or wool. They are less insulating than wool and can melt if exposed to open flame or high heat.
Opportunity: Increasing demand for affordable synthetic fabrics from developing economies offer huge growth opportunities. Rising popularity of blends with other fibers to improve properties also presents new opportunities.
Threats: Stringent environmental regulations around plastic waste disposal pose challenges. Volatility in raw material prices can impact profit margins of acrylic fiber producers.
Key Takeaways
The Global Acrylic Fibers Market Share is expected to witness high growth, exhibiting CAGR of 4.0% over the forecast period, due to increasing demand from apparel and home furnishing industries.
Regional analysis
Asia Pacific dominates the global acrylic fibers market and is expected to continue its dominance, growing at a CAGR of over 4.5% during the forecast period. China, India, and Japan are the major consumers of acrylic fibers in the region. Europe is also a significant market for acrylic fibers owing to high demand from apparel and industrial sectors in countries like Germany, Italy, UK, and France.
Key players
Key players operating in the acrylic fibers market are 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. Major players are focusing on increasing their production capacities and geographical expansion to 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
