The increasing demand for acrylic fibers in apparel industry is one of the key trends driving the growth of the acrylic fibers market. Acrylic fibers offer properties like resilience, softness, elastic recovery and excellent dye absorption which make it suitable for knitwear and sweaters. The apparel industry stands to be the largest end-use industry for acrylic fibers accounting for nearly 60% of total acrylic fiber demand. Factors such as affordability of acrylic fiber based clothing as well as improved lifestyle of consumers in developing regions is propelling the demand for acrylic apparel globally.
Segment Analysis
The global Acrylic Fibers market is dominated by the Apparel & Home Furnishings segment, accounting for nearly 55% of overall market share. Acrylic fibers are extensively used as clothing fiber for their affordability and resemblance to wool. They are blended with natural/synthetic fibers in home furnishing products like blankets, towels, curtains etc. due to their soft texture and moisture absorption capabilities.
Key Takeaways
The Global Acrylic Fibers Market Size is expected to witness high growth on account of rising demand from various end-use industries especially the apparel and home furnishings segment. 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.
Regional analysis
Asia Pacific currently holds the largest share of the acrylic fibers market and is expected to maintain its dominance during the forecast period. This can be attributed to the presence of emerging economies like China, India and Southeast Asian countries which are major consumers as well as producers of acrylic fibers. Countries like China, India, and Indonesia have witnessed significant year-on-year growth in acrylic fiber production and consumption owing to expanding textile industries and growing middle-class population.
Key players
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. Accenture is a leading management consulting and professional services company catering to various industries including chemicals. The company offers end-to-end services for acrylic fiber companies from consulting to IT services and business process outsourcing.
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