Acrylic Fibers Market Owing To Growing Demand From Apparel Industry
Acrylic fibers are man-made fibers produced from polyacrylonitrile which have plastic-like, resilient and warm features. They are commonly used to manufacture apparel such as sweaters, socks, hats, gloves and warm clothing. Acrylic fibers provide warmth without weight and retain their shape durability against moisture. Their excellent resiliency, elasticity and soft texture attributes make them suitable for a variety of uses including home furnishing, carpets and blankets.
The global Acrylic Fibers Market Size is estimated to be valued at US$ 5506.6 Mn in 2023 and is expected to exhibit a CAGR of 4.0% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
Growing demand from apparel industry is estimated to drive the acrylic fibers market growth over the forecast period. Acrylic fibers are widely used in apparel such as sweaters, socks, blankets and other synthetic knit clothing due to their insulation properties, durability, softness and mimicry of wool. Additionally, changing climate and increased consumer spending on warm apparel to tackle extreme weather conditions is also propelling the product demand. Furthermore, low production cost of acrylic fibers compared to their substitutes such as wool is increasing their use in home furnishing and apparel, thereby favoring market expansion.
SWOT Analysis
Strength: Acrylic fibers have high strength, elasticity, UV resistance, easy dyeability which makes it suitable for various applications. Acrylic fibers have good moisture absorption and quick drying properties which make them comfortable to wear. The manufacturing process of acrylic fibers is cost effective as compared to other synthetic fibers like polyester.
Weakness: Acrylic fibers are less durable and less resistant to abrasion as compared to other synthetic fibers. Production of acrylic fibers relies on petroleum-based raw materials which leads to volatile raw material prices.
Opportunity: Increasing demand for acrylic fibers from apparel, home furnishing and industrial sectors due to their desirable properties like lightweight, softness, warmth and easy washability. Growing adoption of acrylic fibers blended with other fibers to improve properties and lower manufacturing cost.
Threats: Stringent environmental regulations regarding disposal of acrylic textile waste. Easy availability of substitute fibers like polyester and cotton poses threat to acrylic fibers market.
Key Takeaways
The Global Acrylic Fibers Market Share is expected to witness high growth, exhibiting CAGR of 4.0% over the forecast period, due to increasing demand for economical and durable clothing material. North America dominated the Acrylic Fibers market in 2023 owing to presence of key players and growing apparel industry in the region. Key players operating in the 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.
The global Acrylic Fibers market size was valued at US$ 5506.6 Mn in 2023. Apparel industry is the major end-use sector for Acrylic Fibers accounting for over 35% of total market share in 2023. North America accounted for largest share of around 30% in global Acrylic Fibers market in 2023 due to established textile industry and cold weather in countries like U.S and Canada boosting demand for warm clothing. Asia Pacific is expected to be fastest growing region during forecast period owing to increasing population, rising income levels and growth in textile sectors of emerging countries like China and India.
Key players operating in the Acrylic Fibers market focus on capacity expansion and new product launches to strengthen their market position. For instance, in 2022 Kaneka Corporation announced plans to expand its acrylic fiber production capacity in Japan. In 2021, Indian Acrylics Limited launched new range of acrylic staple fibers.
For More Insights, Read- https://blogger-veritas.blogspot.com/2023/12/acrylic-fibers-market-acrylic-fibers.html
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