Increasing Demand for Synthetic Fibers of Acrylic Fibers Market
The global acrylic fibers Market is estimated to be valued at US$ 5506.6 Mn in 2023 and is expected to exhibit a CAGR of 13% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
SWOT Analysis
Strength: Acrylic fibers have some key advantages over other synthetic and natural fibers. They are lightweight, quick drying, absorbent, and affordable. Acrylic fibers are also easy to dye and can be blended with other fibers like wool or cotton to produce yarns with varied textures. As acrylic fibers do not conduct electricity, they are ideal for winter apparel.
Weakness: Acrylic fibers are not as breathable as natural fibers like cotton or wool. They tend to retain body heat which makes clothing uncomfortable during physical activity or in warm climates. Acrylic fibers are also prone to pilling or forming small balls over time with regular wear and washing.
Opportunity: The cold weather apparel segment offers significant growth opportunities for acrylic fiber producers. As extreme winter weather conditions increase across parts of the world due to climate change, demand for warm and insulating acrylic fiber clothing will rise. Growing textile industries in developing nations also provide an opportunity to expand acrylic fiber production and consumption.
Threats: Stringent environmental regulations regarding plastic waste disposal pose a threat since acrylic fibers are manufactured using petroleum-derived raw materials. Volatility in crude oil prices directly impacts the production costs for acrylic fibers. Growing consumer preference for natural and eco-friendly fibers may also reduce the market share of synthetic acrylic fibers over the long run.
Key Takeaways
The Global Acrylic Fibers Market Demand is expected to witness high growth over the forecast period of 2023 to 2030. The global acrylic fibers Market is estimated to be valued at US$ 5506.6 Mn in 2023 and is expected to exhibit a CAGR of 13% over the forecast period 2023 to 2030.
Regionally, the Asia Pacific acrylic fibers market currently dominates the global demand. China, India, Japan and South Korea are the leading producers and consumers of acrylic fibers in the region. Growing textile industries, rising disposable incomes, and increased demand for clothing in Asia Pacific economies will propel the regional market growth in the coming years.
Key players operating in the acrylic fibers market are Accenture, Appian Corporation, Genpact, Infosys Limited (Infosys BPM), Open Text Corporation, Kissflow Inc., Nintex Global Ltd., Software AG, International Business Machines Corporation, Tata Consultancy Services Limited., and Pegasystems Inc. Acrylic fibers are used to manufacture apparel like sweaters, socks, hats, gloves, blankets, and home textiles like upholstery and curtains. Major acrylic fiber producers are expanding their manufacturing capacities and operations across Asia and other emerging markets to tap the increasing demand from textile and clothing industries.
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