Global acrylic fibers market was valued at US$ 5,294.3 Mn in 2022 and is estimated to reach US$ 7,251.1 Mn by 2030, exhibiting a CAGR of 4.01% during the forecast period (2023 to 2030).
Ongoing developments in acrylic fibers such as weather-resistant, flame-retardant acrylic fibers, and anti-microbial acrylic fibers is expected to create new growth opportunities for the market growth over the forecast period. For instance, in September 2018, Thai Acrylic Fibre Co. (Aditya Birla Group), and Bulliontex Co. Ltd. partnered to offer quality outdoor fabrics to the Thailand market. These fabrics are made with Thai Acrylic Fibre Co.’s Durashin fiber, and are used for awnings, outdoor furniture, and marine fabrics. Through this partnership, these fabrics were locally available inThailand.
Global Acrylic Fibers Market: Drivers
Increasing Demand for Fashion and Growing Global Apparel Market
There has been increase in demand for clothing and apparels over the few years with a change in the financial landscape and the introduction of fast fashion as some of the primary catalysts for the market. There has been increase in sales of clothing item consumption in developing countries due to a rapid increase in the GDP. China and India are projected to be the fastest growing countries in the industry, as these countries are investing heavily in the market. Schemes such as the US$ $ 1.44 billion Production Linked Incentive (PLI) schemes by the Indian government helped the textile manufacturers in the country. According to the State Council of The People’s Republic of China, the textile firms in China witnessed surge of 25.4% in their profit year-on-year in 2021. China’s garment export also reached a record high of US$ $ 315.5 billion in 2021. According to Business Finland, the global apparel market is estimated to exhibit a CAGR of 3.6% and reach a value of US$ 2.7 trillion by 2025. Acrylic fibers are one of the key providers for the textile and apparel market.
Increasing E-Commerce for the Furniture & Upholstery Market
Acrylic fibers are widely used in the furniture and upholstery market as one of the staple fabrics in furnishing. One of the key driving factor for the acrylic fibers market is the increasing demand for furniture & upholstery market. There is rise in e-commerce space for furniture & upholstery due to the ease of viewing products and products availability. This was further boosted by the Covid-19 pandemic, as stay-at-home culture and social distancing became common norms, and this led to increase in sales of furniture and upholstery online. According to India Brand Equity Foundation (IBEF), the online retail market in India is estimated to reach 37% of the total retail market by 2030 with furniture and upholstery holding 4% share of the online retail market in 2020. Increased interest in eco-friendly furniture and flexible workspaces have secured more investment in the industry.
|Base Year:||2022||Market Size in 2022:||US$ 5,294.3 Mn|
|Historical Data for:||2017 to 2021||Forecast Period:||2023 to 2030|
|Forecast Period 2023 to 2030 CAGR:||4.01%||2030 Value Projection:||US$ 7,251.1 Mn|
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
|Restraints & Challenges:||
Global Acrylic Fibers Market: Restraints
Availability of Substitutes for Acrylic Fibers
Acrylic fibers is a type of synthetic fiber. There is a wide variety of substitutes for this material. Some of the commonly used synthetic fibers are polyester, polyamide, and polypropylene. Polyester fibers are the most widely used synthetic fiber in the world, primarily due to its durability, lightweight form factor, and strong fastness to dyes. According to Textile Exchange, polyester fibers hold the largest share in the synthetic fiber space, with a market share of 52% in 2020, while acrylic fibers held only 1.6%. The biggest challenge for the global acrylic fibers market is the availability of substitutes for acrylic fiber during the forecast period.
Global Acrylic Fibers Market: Market Segmentation
Based on end user, the global acrylic fibers market is segmented into apparels, home furnishing, industrial, and outdoor. In 2022, apparel segment accounted for the largest revenue share of 58.2%, followed by home furnishings and outdoor segment. Rising demand from the textile industry is expected to generate higher revenue for acrylic fibers in the near future. Acrylic fibers offer natural aesthetic fabrics, owing to its capability of adapting multi-color dyes in clear, bright, and muted tones. Moreover, it has excellent resistance to weak alkalis, UV degradation, and microbiological attack. Various properties offered by acrylic fibers is expected to boost demand for acrylic fibers from textile industry.
Figure 1. Global Acrylic Fibers Market, By End user,2022
Global Acrylic Fibers Market: Regional Analysis
Asia Pacific region dominated the global acrylic fibers market in 2022, accounting for 59.7% share in terms of revenue, followed by Middle East & Africa and Europe, respectively. Furthermore, growing demand from various industrial applications such as home furnishing, apparels, and other industrial application is further expected to drive the market growth.
Figure 2. Global Acrylic Fibers Market, By Region,2022
Global Acrylic Fibers Market: Recent Developments
Global Acrylic Fibers Market: Key Companies
The key companies involved in 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
*Definition: Acrylic fibers are also known as synthetic fibers that consist of almost 85% acrylonitrile monomer in its chemical composition. It is widely used in various industrial applications such as apparel, home furnishing, industrial, and others. It can be used as 100% pure, or in combination with other natural and synthetic fibers.
Based on end use industry, global acrylic fibers market is segmented into apparels, home furnishings, industrial, and outdoor. The apparel segment accounted for the largest market share, in terms of the revenue, in 2022, and contributed for 58.2% in 2022. The main applications of acrylic fibers in apparel industry include sweaters, socks, fleece wear, sportswear, and others.
On the basis of region, Asia Pacific accounted for the largest revenue share in 2022 and contributed for the revenue share of 59.7% in 2022. The regional growth is driven by growing end use industries such as apparels, home furnishings, and industrial. The region is also predicted to record fastest growth in terms of revenue during the forecast period (2023 to 2030).
Key features of the study:
“*” marked represents similar segmentation in other categories in the respective section.
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