The acrylic fibers market is a rapidly growing market due to increasing demand from the apparel industry. Acrylic fibers have excellent insulating properties, are resistant to pilling and abrasion, and also provide excellent functionality and aesthetic appearance in garments. Key advantages of acrylic fibers include softness, comfortability, light weight, and high UV resistance. These fibers are used extensively in the production of sweaters, socks, scarves, gloves, and other knitted apparel and home furnishings.
The Global acrylic fibers market is estimated to be valued at US$ 6343.61 Mn in 2024 and is expected to exhibit a CAGR of 8.0% over the forecast period 2024 to 2031.
Key Takeaways
Key players operating in the acrylic fibers market are QuintilesIMS (now IQVIA), Parexel International Corporation, ICON plc, PRA Health Sciences, Covance Inc., Charles River Laboratories International Inc., Syneos Health, Pharmaceutical Product Development, LLC (PPD), Medpace Holdings, Inc., LabCorp (Laboratory Corporation of America Holdings), Wuxi AppTec, inVentiv Health (now Syneos Health), PAREXEL International (now part of PPD), Accenture, Cognizant. The rising demand for low-cost and comfortable apparel from emerging economies is fueling the growth of the acrylic fibers market. Technological advancements such as improved spinning processes have made acrylic fibers thinner with better texture and aesthetics, finding new applications.
Market Trends
Innovation is key - Research is ongoing to develop Acrylic Fibers Market Size with enhanced properties and functionalities. For example, fibers with moisture-wicking properties, anti-bacterial properties, UV protection, shape retention etc. are being developed. Advancements in production technologies are increasing acrylic fiber yields and reducing costs.
Adoption of blended yarns - Blending acrylic fibers with natural fabrics like wool and cotton is increasing to develop fabrics with combined benefits. This is opening new growth avenues.
Emerging applications - Acrylic fibers are finding increased usage in new areas like home furnishing fabrics like curtains, upholstery etc. due to their attractive properties. The automotive industry is also emerging as a potential end-use sector.
Market Opportunities
Emerging economies in Asia and Latin America continue to drive the demand for acrylic fibers. Economic growth and rising disposable incomes in these regions are increasing the sales of apparel and home textiles.
Development of specialty acrylic fibers catered for unique applications like acrylic fibers for agriculture uses like seeds coating and development of fibers tailored for technical textiles offer promising opportunities for product manufacturers and technologists.
Pre-COVID and Post-COVID scenario for Acrylic Fibers Market:
The acrylic fibers market was growing steadily prior to the COVID-19 pandemic. The increasing use of acrylic fibers in apparel, home furnishings and industrial applications was driving market growth. However, the outbreak of the pandemic significantly impacted the market in both supply and demand sides.
On the supply side, lockdowns and restrictions imposed by various governments led to shutdown of manufacturing facilities and disrupted supply chains. This led to shortage of raw materials and finished acrylic fibers. On the demand side, decline in disposable income due to job losses impacted the demand for apparel and home textiles which are the major end uses of acrylic fibers. Closure of retail stores further dampened the sales.
Post pandemic, the market is recovering gradually as manufacturing facilities resume operations with safety protocols and supply chains stabilize. However, demand recovery may take longer as consumers spend cautiously. Key strategies by market players include focusing on geographical markets recovering faster, expanding product applications to less impacted industries like medical textiles and developing affordable product ranges. Governments providing financial support to textile industry will also aid market recovery. While near-term outlook remains uncertain, long-term demand drivers like rising population, urbanization and changing lifestyle trends are expected to support market regrowth.
Geographical concentration for Acrylic Fibers Market:
Asia Pacific accounts for the largest share of the global acrylic fibers market in terms of value. Within Asia Pacific, China holds the major market share followed by India, Japan, Indonesia and other Southeast Asian countries. This is attributed to factors like presence of large textile industry, affordable labor, growth in apparel exports and rising domestic demand driven by population and economic growth. India and Southeast Asian countries are emerging as major producers with foreign investments in acrylic fiber manufacturing plants.
North America is the second largest region for acrylic fibers market led by the United States. Growing demand from apparel and home furnishing sectors supported by high consumer spending is driving market growth in the region. Europe is another major regional market led by Germany, Italy and other Eastern European countries. Turkey has emerged as an important manufacturing hub catering to European demand. Latin America and Middle East & Africa are relatively smaller markets but offer lucrative growth opportunities over the forecast period.
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