Acrylic Fiber Market Global Growth by Manufacturers, Major Application Analysis & Forecast To 2023

The Global Acrylic Fiber Market is expected to progress at a steady 1.38% CAGR over the forecast period from 2017 to 2023, according to the latest research report from Market Research Future (MRFR). The report predicts the Global Acrylic Fiber Market to reach a valuation of more than USD 5 billion by 2023.

The growing apparel industry could provide a steady boost to the Global Acrylic Fiber Market over the forecast period. Acrylic fibers are used in a wide variety of specialty industrial apparel due to their high electrical resistance, which is likely to remain a key application for the Acrylic Fiber Market over the forecast period. The growing industrial applications in Asia Pacific and other emerging regions could prove to be a valuable refuge for the Global Acrylic Fiber Market over the forecast period.

However, the Global Acrylic Fiber Market is on the decline due to the growing demand for substitutes that are more environmentally viable and more widely usable. Acrylic Fibers are made from polyacronitrile, a petroleum byproduct. The growing awareness about the scarcity of petroleum resources and the growing emphasis on finding solutions that satisfy both the need for the expansion of human endeavor and environmental requirements is likely to lead to a slow decline of the Acrylic Fibers Market over the forecast period and beyond.

Competitive Analysis:

Leading players in the Global Acrylic Fiber Market include Aksa Akrilik Kimya Sanayii A.S., Jilin Qifeng Chemical Fiber Co. Ltd., Kaltex, Pasupati Acrylon Limited, Formosa Plastic Group, Polymir, Sinopec, Indian Acrylics Limited, Thai Acrylic Fiber Co. Ltd., and Dralon. Product innovations are likely to be a popular competitive strategy for players in the Global Acrylic Fiber Market over the forecast period.

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The growing demand for alternatives is likely to be the dominant theme in the Global Acrylic Fiber Market over the forecast period. In April 2019, Qwstion, a Swiss maker of bags and other accessories, developed a yarn from the fibers of the banana plant, called Bananatex. The textile is already being used to produce bags. Such developments could hinder the global acrylic fibers market’s growth over the forecast period. Fluctuations in the prices of the fossil fuel-based raw materials of Acrylic Fibers could also be a major restraint on the Global Acrylic Fiber Market over the forecast period.

Segmentation:

The Global Acrylic Fiber Market has been segmented based on Form, Blending, End User and Region.

By Form, the Global Acrylic Fiber Market is segmented into staple and filament. The staple segment accounted for a share of more than two-thirds in the Global Acrylic Fiber Market in 2016 and is likely to remain the dominant revenue generator over the forecast period. The staple segment is expected to exhibit a strong 1.49% CAGR over the forecast period.

By Blending, the Global Acrylic Fiber Market is segmented into cotton, wool, and others. The wool segment is expected to account for the dominant share in the Global Acrylic Fiber Market, accounting for a valuation of USD 2.9 billion by the end of the forecast period. The wool segment is expected to exhibit a strong 1.43% CAGR over the forecast period.

By End Use, the Global Acrylic Fiber Market is segmented into apparel, household furnishing, industrial, and others. The apparel segment holds the dominant share in the Global Acrylic Fiber Market and is expected to account for a valuation of more than USD 3.8 billion by the end of the forecast period.

Regional Analysis:

Asia Pacific dominates the Global Acrylic Fiber Market due to the strong presence of the apparel industry in the region. The Asia Pacific market for Acrylic Fiber was valued at more than USD 2.8 billion in 2016 and is expected to exhibit growth at a robust CAGR of 1.61% over the forecast period. China is the leading producer of Acrylic Fibers in Asia Pacific and is likely to hold onto the mantle over the forecast period due to steady growth of the acrylics manufacturing sector in the country.

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Acrylic Fiber Market Technology, Applications, Growth and Region Forecast 2023

Acrylic Fibres Market- Competitive Landscape

The Global Acrylic Fibre Market is consolidated in nature as it is dominated by few established industry participants including. The players dominated global market are Aksa Akrilik Kimya Sanayii A.Ş. (Aksa), Dralon, Aditya Birla Group, Exlan Japan Co. Ltd., Taekwang Industry Co, Ltd., Indian Acrylics Limited and Pasupati Acrylon Limited which holds substantial global share. This market is heading towards growth stabilization and offers moderate degree of competition served by industry players.

Acrylic Fibre Market – Segments

For the convenience of the report and enhanced understanding; The Acrylic Fibre Market is segmented in to 2 key segments.

Segmentation by Form: Comprises Stable Acrylic Fibre and Filament Acrylic Fibre.

Segmentation by End User: Comprises Apparel Household Furnishing, Industrial, and Others.

Segmentation by Regions: Comprises Geographical regions – North America, Europe, APAC and Rest of the World.

Acrylic Fibre Market – Market Overview

Acrylic Fibre is a manmade fibre and known as synthetic fibre which is produced by two different methods including wet & dry spinning method. Acrylic Fibre closely resembles wool in its characters, which contain minimum 85% acrylonitrile in their chemical structure are called Acrylic Fibres. The Global Acrylic Fibre Market represents steady growth over the past seven years, and it is likely to continue in same trend over the assessment period. In addition to this, the global market anticipated to progress in terms of CAGR due to its increasing popularity driven by lower denier properties.

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Global market is heading towards growth stabilization supported by changing regional demographics. Acrylic Fibre represents huge numbers in terms market value and volume, although, the market registered single digit steady growth rate. Factors such as growing demand of apparel with changing climatic conditions likely to lead the growth for Acrylic Fibre in the coming years. Emerging economies in Asia Pacific such as India, China, and Japan expected playing pivotal role due to high industrial advancements along with economic reforms. The region expected to retain its prominence over the coming years as well owing to rapid industrialization along with active presence of key industry participants. The growth in this region also considered as export driven up to some extent. The fact that, Asia Pacific has active presence of large number of players, Turkey consist of largest player in this market including Akrilik Kimya Sanayii A.Ş. (Aksa).

The ability of Acrylic Fibre to offer versatile products in apparel industry has made it on high end by being key revenue generating industry. Apparel industry is offering wide application scope for Acrylic Fibre along with creating further growth opportunities for existing products including sweaters, socks, fleece wear, circular knit apparel, and sportswear. Acrylic fibre is highly matured market and it consist of few established market players along large number mid-scale manufactures. Thus, rivalry offers by this market is on global level is medium, although, the scenario may change in the coming years due the growth represented by this market. As per the detailed study published by the Market Research future on Acrylic Fibre, the global market will be showing lucrative growth prospects owing to technological advancements along with cost effective production of Acrylic Fibre. On the flip side, raw material changes along with stringent environmental regulation may challenge the growth of this market over the forecast period of 2017-2023.

Industry/ Innovation/ Related News:

May 2015- Thai Acrylic Fibre developed a new product phase change materials (PCM) acrylic fibre with Outlast Technologies, USA. The production process allowed the acrylic fibre material to perform 4 times better than existing one.

December 2015- Leading manufacturers of acrylic fibre Aksa has expanded its production capacity from 308,000 tons/year to 315,000 tons/year, followed by the modernization of production process.

March 2016 – One of the top acrylic fibre producers, Thai Acrylic Fibre which is part of Aditya Birla Group expanded a new Radianza brand gel dyed acrylic fibre in china. By forming partnership with China based company Shandong HengTai textiles which is foremost producer of ecru and dyed acrylic yarn based in Shandong, China.

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September- 2016 –TOYOBO tie up with Dutch Bio venture Company, Avantium to produce bio-based resin i.e polyethylene furanoate (PEF) that has similar qualities to polyethylene terephthalate (PET). Compared to PET barring oxygen and barring water vapor, PEF films are 10 times more efficient bio-based resins. Avantium based in Amsterdam, operates in the field of renewable resources. Toyobo already into bio-based resin products but with expansion of PEF resins has expanded their production into new material as high functionality commodity.

May 2016- Pasupati Acrylon Limited has planned to enter flexible manufacturing market with 5000 tonnes per annum production capacity. However, staring new product portfolio will expand their horizon into world with integrated cast polypropylene film plant.

About Market Research Future:

At Market Research Future (MRFR), we enable our customers to unravel the complexity of various industries through our Cooked Research Report (CRR), Half-Cooked Research Reports (HCRR), Raw Research Reports (3R), Continuous-Feed Research (CFR), and Market Research & Consulting Services.

MRFR team have supreme objective to provide the optimum quality market research and intelligence services to our clients. Our market research studies by Components, Application, Logistics and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help to answer all their most important questions.

Contact: Market Research Future
+1 646 845 9312
Email: sales@marketresearchfuture.com