Global Acrylic Fibers Market Is Estimated To Witness High Growth Owing To Increasing Demand for Lightweight and Durable Fabrics
The global Acrylic Fibers Market is estimated to be valued at USD 5,294.3 Mn in 2022 and is expected to exhibit a CAGR of 4.01% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
A) Market Overview:
Acrylic fibers are synthetic fibers made from a polymer called polyacrylonitrile (PAN). These fibers offer several advantages, including high strength, excellent warmth retention, and resistance to shrinkage and wrinkles. They are widely used in various applications such as apparel, home furnishings, industrial textiles, and others.
The demand for acrylic fibers is driven by the need for lightweight and durable fabrics. Acrylic fibers are lighter than wool but provide similar levels of warmth, making them an attractive alternative in the textile industry. Additionally, their moisture-wicking properties make them popular in sportswear. The growing demand for acrylic fibers for these applications is expected to boost market growth during the forecast period.
B) Market Key Trends:
One key trend in the acrylic fibers market is the increasing preference for eco-friendly and sustainable products. With growing awareness about environmental concerns, there is a rising demand for fibers that have a low carbon footprint and can be recycled. Acrylic fibers are becoming more sustainable through innovations in manufacturing processes and the use of recycled materials. For example, some companies are producing acrylic fibers using bio-based raw materials derived from renewable sources. This trend is expected to drive market growth as consumers become more conscious of their environmental impact.
C) PEST Analysis:
- Political: Acrylic fibers market may be influenced by government policies and regulations regarding textile manufacturing and waste management.
- Economic: Economic factors such as GDP growth and disposable income levels can affect the demand for acrylic fibers.
- Social: Changing fashion trends and consumer preferences for sustainable products can impact the market.
- Technological: Advancements in manufacturing processes and the development of eco-friendly fibers are important technological factors in the acrylic fibers market.
D) Key Takeaways:
- The global acrylic fibers market is expected to witness high growth, exhibiting a CAGR of 4.01% over the forecast period, due to increasing demand for lightweight and durable fabrics.
- Asia-Pacific is anticipated to be the fastest-growing and dominating region in the market, driven by the rising demand for textiles in countries like China and India.
- Key players operating in the global acrylic fibers 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. These players focus on product innovations, partnerships, and expansions to maintain their market position.
In conclusion, the global acrylic fibers market is projected to experience significant growth in the coming years due to the increasing demand for lightweight and durable fabrics. The market is witnessing a trend towards eco-friendly and sustainable products, driving innovations in manufacturing processes. Asia-Pacific is expected to be the fastest-growing region, supported by the growing textile industry in countries like China and India. Key players in the market are actively engaged in product developments and strategic partnerships to stay competitive.
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