Definition of Market/Industry:
Acrylic fiber are man-made fiber that are composed of acrylonitrile and a monomer and is almost resemble to wood in its feature. Basically, the co-monomer is applied to acrylic fiber in order 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 to manufacture lining of gloves and boots. Acrilonitrile is a key ingredient raw material used in the production of acrylic 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).
Growing demand from household application such as blankets and carpets coupled with the increasing application for producing knitted clothes is a prime factor fueling market growth of acrylic fiber. Rising demand for Knit jersey, wrinkle resistant fabric, and pile and fleece fabrics is further expected to foster the market growth of the acrylic fiber.
Growing usage of acrylic fiber as a precursor in the manufacture of other fiber especially, carbon fiber is a presumed to offer new room for growth opportunity in the global market over the forecast period.
Limited demand of acrylic fiber as manufacturer are shifting their preferences towards the production of polyester, nylon, cotton, wool, etc. is expected to curb the market growth of the acrylic fiber
Based on dyeing method, acrylic fiber market is segregated into acid, gel, and undyed. In 2018, gel segment accounted for the largest revenue share of 56.7% in the global acrylic fibers market. In addition to this, gel segment also accounted for the fastest growth in terms of revenue during 2019 to 2027.
Rising adoption of alternative technologies such as carbon and polyester fibers due to high cost of raw material and increasing energy cost has resultant in shutting down of production unit of acrylic fiber. This is a major trend observed across various region.
Rising demand for acrylic fiber due its aesthetic appeal and ability to adapt various dyes such as clear and bright is further fostering market growth of the acrylic fiber.
Few recent developments
By Fibre Form
By End Use