Coherent Market Insights

Acrylic Fibers Market To Surpass US$ 7,251.1 Mn By 2030

Acrylic Fibers Market To Surpass US$ 7,251.1 Mn By 2030 - Coherent Market Insights

Publish In: Apr 13, 2023

Acrylic Fibers are man-made fiber that are composed of acrylonitrile and a monomer, and is almost resemble to wood in its feature.  The co-monomer is applied to acrylic fiber to enhance the texture of the fabric. It is produced via two process: dry spinning and wet spinning. It is widely used to produce sweaters and tracksuits. Moreover, it is also used in manufacturing of lining of gloves and boots. Acrilonitrile is a raw material used in the production of acrylic fibers.

Global acrylic fiber market was valued at US$ 5,294.3 Mn in 2022 and is estiamted to reach US$ 7,251.1 Mn by 2030, exhibiting a CAGR of 4.01% during the forecast period (2023 to 2030).

Global Acrylic Fibers Market- Drivers

Growing demand for household application such as blankets and carpets coupled with increasing application for producing knitted clothes are expected to drive the market growth. Rising demand for knit jersey, wrinkle resistant fabric, and pile and fleece fabrics is expected to drive the market growth.

Global Acrylic Fibers Market- Opportunities

Rising usage of acrylic fiber as a precursor in the manufacturing  of other fiber such as carbon fiber is expected to offer opportunity in the global market over the forecast period.

Global Acrylic Fibers Market- Restraints

Limited demand for acrylic fiber, as manufacturers are shifting their preferences towards the production of polyester, nylon, cotton, wool, and others is expected to hamper the market growth of the acrylic fibers.

To know the latest trends and insights prevalent in this market, click the link below:

Key Takeaways:

Based on dyeing method, global acrylic fibers market is segregated into acid, gel, and undyed. In 2022, gel segment accounted for the largest revenue share of 56.7% in the global acrylic fibers market. Gel segment also accounted for the fastest growth, in terms of revenue, during 2023 to 2030.

Global Acrylic Fibers Market- Trends

Rising adoption of alternative technologies such as carbon and polyester fibers due to high cost of raw material of acrylic fibers, and increasing energy cost resulted in closure of manufacturing unit of acrylic fiber. This is a major trend observed across various region.

Rising demand for acrylic fibers due its aesthetic appeal and ability to adapt various dyes such as clear and bright is further expected to drive the market growth of the acrylic fibers.

Global Acrylic Fibers Market- Competitive Section

The key Players 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

Global Acrylic Fibers Market- Recent developments

  • In March 2022, AKSA, announced to increase its production capacity from 330 kilotons/year to 365 kilotons/year by investing in 2 new production lines. The project has a budget of US$ 24 million and it is planned to be commissioned in 15 months.
  • In January 2021, Thai Acrylic Fibre Co. Ltd (TAF), an Aditya Birla Group company, became Bluesign’s system partner. TAF has gone elaborate screening process by Bluesign in 2020, including input stream management, environment management, OHS, product stewardship, legal and social compliance, etc.

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