By the end of 2030, the acrylic fiber market will be worth more than USD 5,000 million. Because of its similarity to wool in character, acrylic fiber is a suitable industrial material, particularly for the garment sector.
The COVID-19 pandemic is expected to have an impact on most businesses in 2020, including those that produce acrylic fiber, and its expansion into new markets. It would likely take some time for the logistical chains to recover from the limits on movement. Furthermore, it is anticipated that the environment of uncertainty will further fade in 2021 with the vaccination’s administration, even though aftershocks are expected to last for a very long time.
Market Segment
Based on Form
By 2023, the staple category will still perform better than the other categories. More than two-thirds of the acrylic fiber market share in terms of volume and value were reported by the staple sector in 2016. The segment is expected to exhibit a CAGR of 1.49% over the course of the projection period.
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Based on Blending
With a CAGR of 1.43%, the wool segment is projected to surpass a market worth of USD 2,900 Mn.
Based on End-User
The largest portion of the acrylic fiber market is now accounted for by the garment sector, and this is expected to remain the case through 2023. This is mainly because the apparel industry has a wide range of uses for acrylic fiber.
Regional Analysis
The Asia Pacific Acrylic Fiber Market holds the largest sector share as a result of the rise in urban households, creative applications for these fibers, and increased garment retailing as a result of the rapid expansion of the online fashion market. The region has significantly increased its contribution to the acrylic fiber market by using additional natural resources that are typically used to produce these fibers. Due to their simple and profitable production methods, acrylic fiber markets in emerging economies have enormous promise. The massive manufacturing levels of both filament and staple fibers are indulged in by emerging economies.
The United States is expected to dominate the market for acrylic fiber in North America, accounting for a sizeable portion of the market there. Market opportunities for acrylic fiber exist in the North American region thanks to the sizeable textile sector and the widespread adoption of contemporary furniture.
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Key Players:
The global acrylic fiber market is led by some of the fervent players including Akrilik Kimya Sanayii A.?. (Aksa), Dralon, Thai Acrylic Fiber Co.Ltd., Jilin Qifeng Chemical Fiber Co.Ltd., Kaltex, Indian Acrylics Limited, SINOPEC, Pasupati Acrylon Limited, Polymir, and Formosa Plastic Group. Profiling them in its analysis, MRFR finds out the strategies keep them at the forefront of the market competition
Industry News
Thai Acrylic Fiber Co. Ltd., a member of the Aditya Birla Group, debuted a digital traceability platform in August 2021. The platform, which is supported by Blockchain technology, will be used to track its flagship fiber brand RadianzaTM and ensure complete traceability and transparency for brands, customers, and retailers of Radianza fiber in the final garment. This platform was created by the Canadian business Licof Inc.
March 2021: Thai Acrylic Fiber (TAF), a producer of acrylic fibers, announced that the business has expanded the Radianza line, which now includes more than 200 colors, by 20 more. One of the most environmentally friendly and sustainably produced fibers is the shade series, which uses gel dyeing technology to help reduce pollution and the consumption of natural resources. The Radianza life cycle assessment suggests that switching to Radianza can save more than 30 liters of water, produce 1.45 kg less carbon dioxide with a corresponding potential for global warming, produce about 3/4 kg SO2 with a corresponding potential for human toxicity, and use more than 25 MJ less energy.
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