Acrylic fibers market

Acrylic Fibers Market, By Dyeing Method (Acid, Gel, Undyed), By Fiber Form (Staple, Filament), By Blending (Wool, Cotton, Others), By End User (Apparels, Home Furnishing, Industrial, Outdoor), By Region (North America, Latin America, Asia Pacific, Europe, and Middle East & Africa)

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Apr 2023
CMI3130
150 Pages
Excel & Pdf
Advanced Materials

Summary

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.

Acrylic Fibers Market Report Coverage

Report Coverage	Details
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
Geographies covered:	North America: U.S. and Canada Latin America: Brazil, Argentina, Mexico, and Rest of Latin America Europe: Germany, U.K., Spain, France, Italy, Russia, Poland, and Rest of Europe Asia Pacific: China, India, Japan, OCEANIA , ASEAN, and Rest of Asia Pacific Middle East and Africa
Segments covered:	By Dyeing Method: Acid, Gel, Undyed By Fiber Form: Staple, Filament By Blending: Wool, Cotton, Others By End User: Apparels, Home Furnishing, Industrial, Outdoor
Companies covered:	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
Growth Drivers:	Increasing demand for fashion and growing global apparel market Increasing e-commerce for the furniture & upholstery market
Restraints & Challenges:	Availability of substitutes for acrylic fibers

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

In March 2021,Thai Acrylic Fiber (TAF), a manufacturer of acrylic fibers, announced that the company has added 20 more new shades to the Radianza range that is available in more than 200 shades. The shade range is one of the most sustainable and eco-friendly fibers that is made with gel-dyeing technology, and decreases the usage of natural resources and creates less pollution. The life cycle evaluation of Radianza implies that switching to Radianza to produce one garment can save over 30 liters of water and produces 1.45kg less carbon dioxide correspondent global warming potential, creating around 3/4th of the kg SO₂ equivalent human toxicity potential, and use over 25MJ less energy.
In August 2021, Thai Acrylic Fiber Co. Ltd., a part of Aditya Birla Group, launched a digital traceability platform. The platform will be used to trace its flagship fiber brand Radianza, and is backed by Blockchain technology to guarantee full traceability and transparency for brands, consumers, and retailers of Radianza fiber in the finished garment. Licof Inc., a Canada-based company, is the developer of this platform.
In January 2021, The Movement, a Netherlands-based clean-tech startup and developer of Polylana Fiber, announced a partnership with Italy's DBT Fibre to accelerate the usage of low impact and traceable fibers for the European fashion and textile market. Polylana Fiber is the low-impact alternative to 100% acrylic and wool fiber that uses less energy, water, and CO₂ during production. It is made from a mix of polyester chips and recycled polyester but has the same acrylic characteristics. It is also 100% traceable by the Aware integrity system of tracer and blockchain technology. The technology uses tracer particles and blockchain to guarantee that the recycled cotton that enters the supply chain is the same that comes out as apparel.

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.

Table of Content

Table of Contents

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Segmentation

Detailed Segmentation:

- Frequently Asked Questions -

What is the Compound Annual Growth Rate (CAGR) of the global acrylic fibers market for next 8 years?

Global acrylic fibers market is expected to exhibit a CAGR of 4.01%, over the forecast period (2023-2030).

Which are the prominent market players across the globe?

Major players operating in the 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

What are the growth estimates for the market till 2030?

The market is estimated to reach US$ 7,251.1 Mn by the end of 2030.

What are the key factors driving growth of the market?

Increasing demand for fashion and growing global apparel market, and increasing e-commerce for the furniture & upholstery market are the factors that are expected to drive the market growth over the forecast period.

What are the key factors hampering the growth of the market?

Availability of substitutes for acrylic fibers is one of the major factors that is expected to hinder the market growth over the forecast period.

Which region held the largest market share in the market?

Among region, Asia Pacific market accounted for a largest market share in 2022, accounting for 59.7% share, in terms of revenue, followed by Middle East & Africa and Europe, respectively.