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The Acrylic Fiber Market size is forecast to reach US$6.5 billion by 2027, after growing at a CAGR of 3.1% during 2022-2027. Acrylic fibers are a type of synthetic fiber that is made of polyacrylonitrile and a comonomer. For a synthetic fiber to be called “acrylic”, it must contain at least 85% of acrylonitrile monomer. Typical comonomers that are used in acrylic fibers are vinyl acetate and vinyl bromide, among others. The increasing demand for the textiles and apparels, along with a rising trend in e-commerce for furniture and upholstery, proves to be great drivers for the acrylic fiber market. Meanwhile, the availability of substitutes can hinder the growth of the market during the forecast period of 2022-2027. In this report, we will take an in-depth look at the acrylic fiber industry outlook and analyse the market share of the acrylic fiber top 10 companies.
During the COVID-19 pandemic, many industries had suffered a tumultuous time, and it was no different for the acrylic fiber market. Many governments across the globe implemented lockdown regulations and factories & production facilities in many sectors came to a halt. The supply chain was greatly disrupted as many businesses followed lockdown protocols. According to Textile Exchange, the global fiber production volume decreased from 111 million metric tonnes in FY 2019 to 109 million metric tonnes in FY 2020. This accounts for a decrease 1.8% in the production of fibers, including synthetic fibers like acrylic fiber. This was also noted to be the first decrease in the growing fiber demand within the last two decades. However, the situation is now improving as the world population is undergoing vaccination and governments across the globe are lifting lockdown protocols. As such, the acrylic fiber industry is projected to grow in the forecast period of 2022-2027.
Acrylic Fiber Market Analysis – By Blend
The Acrylics-wool blends segment held the largest share in the acrylic fiber market in 2021 with a share of 23.2%. Acrylic fibers are blended with other different types of fibers such as wool, nylon, and cotton, to enhance its properties and produce more resilient fiber. Acrylic-wool blends provide excellent durability, washability, resistance to shrinkage and so on. It is widely used in making sportswear and are used to make circular knitted goods in the textile industry. According to Textile Exchange, wool is the most preferred animal fiber with a total production of 1 million tons in 2020. New developments in the production of wool are also propelling the segment. For instance, Responsible Wool Standard (RWS) certified wool has recached a share of 24% in the global wool market in 2020.
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Acrylic Fiber Market Analysis – By End-Use Industry
The textile & apparel industry held the largest share in the acrylic fiber market in 2021 and is expected to grow at a CAGR of 4% during 2022-2027. Acrylic fibers are primarily used as linings for textiles and furnishing fabrics in the textile and apparel industry. It is manufactured as a filament, then cut into short staple lengths, and is spun into yarn. Acrylic fibers are resistant to moths, oils, and chemicals and also provides a soft and warm feel while also being lightweight. It also has excellent wicking ability, which lets the acrylic fiber fabric absorb moisture from sweating and transfer it to the outer surface where it is evaporated. According to Business Finland, a public organisation under the Finnish Ministry of Employment & the Economy, the global apparel market is estimated to be growing at a CAGR of 3.6% and reach a value of US$ 2.7 trillion by 2025. Thus, it would also propel the acrylic fiber market growth within the forecast period of 2022-2027.
Acrylic Fiber Market Analysis – By Geography
Asia-Pacific region dominated the acrylic fiber market with a share of 37% in the year 2021. Due to the rising growth of the textile industry, especially in countries such as China, India, Malaysia, Australia, and Korea, the demand for acrylic fiber has seen a rise in the region. According to India Brand Equity Foundation (IBEF), the production of fiber in India is estimated to have been 2.4 million tonnes in FY 2021. The Indian textiles and apparel industry also contributed to 2% of the GDP and 12% of export earnings in the year 2019. According to the State Council of The People’s Republic of China, the combined operating revenue of major textile enterprises of China saw a rise of 14.2%, year-on-year in October 2021, the revenue being valued at USD $650.4 billion. Additionally, according to the Malaysian Investment Development Authority, there has been an increase in investment in the textile and apparel industry in Malaysia, which was estimated to be about USD $ 290 million in 2020.
Acrylic Fiber Market Drivers
The growing demand for fashion and the global apparel market:
The demand for clothing and apparels has seen a tremendous rise in the last few years with a change in the financial landscape and the introduction of fast fashion being some of the primary catalysts for the market. Clothing item consumption in developing countries are especially picking up the pace due to a rapid increase in their GDP. China, and India are projected to be the fastest growing countries in the industry as they are investing heavily in the market. Schemes, such as the USD $ 1.44 billion Production Linked Incentive (PLI) schemes by the Indian government, greatly helps the textile manufacturers in the country. According to the State Council of The People’s Republic of China, the textile firms in China saw a surge of 25.4% in their profit year-on-year in 2021. China’s garment export also reached a record high of USD $ 315.5 billion in 2021. Additionally, according to Business Finland, the global apparel market is estimated to be growing at a CAGR of 3.6% and reach a value of US$ 2.7 trillion by 2025. Acrylic fibers are one of the key providers for the textile and apparel market and the growing demand for the textile and apparel market proves to be a great driver for the global apparel industry.
The increase in e-commerce for the furniture & upholstery market:
Acrylic fibers are widely used in the furniture and upholstery market as one of the staple fabrics used in furnishing. One of the key driving factors for the acrylic fiber market is the increase in demand for the furniture & upholstery market. The e-commerce space for furniture & upholstery has seen a steady rise due to the ease of viewing products and availability. This was further bolstered by the Covid-19 pandemic as stay-at-home culture and social distancing became common norms. This led to an increase in sales of furniture and upholstery online. According to India Brand Equity Foundation (IBEF), the online retail market in India is estimated to reach 37% of the total retail market by 2030, with furniture and upholstery holding 4% share of the online retail market in 2020. Along with that, an increased interest in eco-friendly furniture and flexible workspaces have garnered more investment in the industry. Hence, this is a key driving factor for the acrylic fiber market within the forecast period of 2022-2027.
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Acrylic Fiber Market Challenges
Availability of substitutes for acrylic fibers:
Acrylic fiber is one of many different types of synthetic fiber used in the market. As such, there is a wide variety of substitutes for the material. For instance, some of the commonly used synthetic fibers are polyester, polyamide, and polypropylene. Polyester fibers are the most widely used synthetic fiber in the world, primarily due to its durability, lightweight form factor, and strong fastness to dyes. According to Textile Exchange, polyester fibers hold the largest share in the synthetic fiber space, with a market share of 52% in 2020 while acrylic fiber held only 1.6%. As such, the biggest challenge for the acrylic fiber market is the availability of substitutes for acrylic fiber during the forecast period of 2022 to 2027.
Acrylic Fiber Industry Outlook
Technology launches, acquisitions, and R&D activities are key strategies adopted by players in the acrylic fiber market. The key companies in the acrylic fiber market are:
1. Aditya Birla Group (Thai Acrylic Fibre Co. Ltd.)
2. Aksa Akrilik Kimya Sanayii A.S.
3. Dralon GmbH
4. Jilin Qifeng Chemical Fiber Company Ltd.,
5. Indian Acrylics Ltd.,
6. Taekwang Industry Co, Ltd.
7. Kaneka Corporation
8. Exlan Japan Co. Ltd.
9. Chemtex Group
On March 10, 2021, Thai Acrylic Fibre Co. Ltd.’s Radianza, an eco-friendly and sustainable fibre made with gel-dying technology, introduced 20 new shades which was added to the shade range of Radianza and expanded their product portfolio.
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The Asia-Pacific region dominates the acrylic fiber market primarily due to the growing textile & apparel industry in the region, especially in China, Japan, India, and Bangladesh.
Acrylic fibers are primarily used as linings in the production of textiles and fabrics. This is because they provide superior resistant properties and have excellent wicking ability that offer moisture absorption properties.
The increase in demand of the global textile and apparel industry, as well as the furniture and upholstery sector, prove to be great drivers for the growth of the acrylic fiber market within the forecast period of 2022-2027.
The availability of substitutes like polyester, polyamide and polypropylene amongst synthetic fibers can prove to be a restraint for the growth of the acrylic fiber market within the forecast period.
A. Textiles Fibre Market
B. Polyester Staple Fiber Market
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