Impact Analysis of Covid-19
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Acrylic Fiber Market 2017–2027
Definition of Market/Industry:
Acrylic fibers are also known as synthetic fibers which consist of almost 85% acrylonitrile monomer in their chemical composition. They are widely used across various industrial applications such as apparel, home furnishing, industrial, etc. It can be used as 100% pure, or in combination with other natural and synthetic fibers.
The global acrylic fiber market was valued at US$ 4,587.8 Mn in 2018 and is anticipated to reach USD 6,225.2 Mn by the end of 2027, growing at a CAGR of 3.9% during the forecast period (2019 to 2027).
Rising demand from the textile industry is anticipated to generate higher revenue for acrylic fibers over the next coming years. Acrylic fibers are used to offer natural aesthetic fabrics owing to their capability of adapting multi-color dyes in clear, bright, and muted tones. Moreover, they have excellent resistance to weak alkalis, UV degradation, and microbiological attack. Various properties offered by acrylic fiber is projected to boost the demand for acrylic fibers from textile industry.
Furthermore, growing demand from various industrial applications such as home furnishing, apparel, and other industrial application is further projected to propel the market growth.
Figure 1. Global Acrylic Fibers Market Share, By Region, 2018
Asia Pacific region dominated the global acrylic fibers market in 2018, accounting for 59.7% share in terms of revenue, followed by Middle East & Africa and Europe, respectively.
The fluctuating price of the material compelling manufacturer to opt for an alternative such as polyester, nylon, cellulose, etc. is expected to curb the market growth of acrylic fibers.
Increasing termination of various production units across the various region such as the U.S. & Europe due to intense competition especially from polyester fibers is also projected to hamper the market growth of acrylic fibers.
The rising number of research and development activities around the globe for developing enhanced and modified characteristics of acrylic fiber is expected to offer immense growth opportunities to the market of acrylic fiber.
Ongoing developments in acrylic fiber such as weather-resistant, flame-retardant acrylic fiber, and anti-microbial acrylic fiber are also expected to offer new growth opportunities to the market over the forecast period. For instance, in September 2018, Thai Acrylic Fibre Co. (Aditya Birla Group) and Bulliontex Co. Ltd. have announced a partnership to offer quality outdoor fabrics to the Thailand market. These fabrics, made with Thai Acrylic Fibre Co.’s Durashin fiber are used for awnings, outdoor furniture, and marine fabrics. Through this arrangement, these fabrics will be locally available throughout Thailand.
Figure 2. Global Acrylic Fibers Market - Opportunity Analysis
Market Trends/Key Takeaways
In Europe, rising acquisition of production units of acrylic fiber unit is a key trend observed in the market, especially in Japan. For instance, In May 2015, Praedium, a producer of yarn & fabrics, has acquired Spain based acrylic fiber manufacturer Montefibre Hispania SA
The growing developing of advanced technologies for the manufacturing of acrylic fiber in the Asia Pacific region, especially in China and India is a major trend observed in the region. For instance, in 2015, China-based manufacturer Jilin Qifeng Chemical Fiber Co., Ltd developed the differentiated acrylic fiber technology. In differentiated acrylic fiber technology, fibers are differentiated by infrared spectroscopy. Further, the differentiated acrylic fiber technology enhances the value of colorless acrylic fibers which helps to better assess their significance.
Figure 3. Global Acrylic Fibers Market Share, By End Use, 2018
Based on end use, the acrylic fibers market is divided into apparel, home furnishing, industrial, and outdoor. In 2018, apparel segment accounted for the largest revenue share of 58.2%, followed by home furnishings and outdoor segment.
- Aksa Akrilik Kimya Sanayii A.?.(Aksa)
- Aditya Birla Group
- Jilin Chemical Fibre Company
- TAEKWANG INDUSTRIAL CO., LTD
- Exlan Japan Co., Ltd.
- Kaneka Corporation
- Indian Acrylics Limited
- Pasupati Acrylon Ltd.
- Vardhman Acrylics Ltd
Aksa concentrated on active marketing activities in the domestic market thus maintaining its strong customer base. The company has a record-high capacity utilization rate of 98% which substantially raised its sales amount
- In May 2019, Aksa Akrilik and Bossa's produces first acrylic fiber denim fabric that is antibacterial, flexible, soft and warm-cool properties