Acrylic fibers are synthetic fibers made from polyacrylonitrile or PAN. They are known for their wool-like feel and appearance. Acrylic fibers have advantages like easier maintainability, resistance to stretching and shrinkage. They are widely used in apparel, home furnishing and industrial sectors.
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 4.0% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
One of the key trends in the acrylic fibers market is the increasing demand from the apparel industry. Acrylic fibers are widely used in sweaters, hats, gloves, scarves and other clothing products due to their wool-like properties. As the demand for affordable and easy-care synthetic fabrics is growing, consumption of acrylic fibers in the apparel sector is expected to increase significantly. Additionally, innovative product development with improved aesthetics and functionalities is also fueling the demand of acrylic fibers globally
Segment Analysis
The global acrylic fibers market is dominated by the apparel segment. Acrylic fibers find widespread application in the production of apparel owing to properties like softness, easy washability, quick drying, maintaining of shape and easy care. Within the apparel segment, acrylic fibers are primarily used for manufacturing sweaters, socks, gloves, blankets, scarves, and other accessories. The apparel segment accounted for over 50% of the overall acrylic fibers market share in 2022.
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 from the apparel and home furnishing industries.
Regional analysis
Asia Pacific dominated the global acrylic fibers market and accounted for over 40% of the global demand in 2022. China, India, and Indonesia have emerged as the fastest growing markets for acrylic fibers in the region. This can be attributed to growing apparel and textile industries and increasing disposable incomes in developing economies.
Key players
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. Aksa accounted for over 15% of the global acrylic fiber production capacity in 2022.
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