Acrylic Fiber Market Size To Expand at a Notable CAGR Of 3.7% During 2023 - 2032

Pune, India, February,2019/MRFR Press Release/- Market Research Future has published a half-cooked research report on the Global Acrylic Fiber Market.

Overview:

Acrylic fiber is a synthetic form of fiber which closely resembles wool in its character. ISO (International Standards Organization) and BISFA (International Synthetic Fiber Standardization Office) defines acrylic fibers as fibers that contain a minimum 85% of acrylonitrile in its chemical structure. Hence, it is majorly composed of acrylonitrile as well as a commoner. The comonomer is added to the composition to enhance the textile processability and the dyeability of the acrylic fiber. There are two different systems for producing acrylic fibers: dry spinning and wet spinning. It can be used alone completely, or in blends with other synthetic and natural fibers.

In an in-depth exclusive report published by Market Research Future (MRFR), the global acrylic fiber market valuation is expected to cross the USD 5.68 Billion mark by the end of 2032. It is projected that the market will exhibit a meagre CAGR of 3.7% during the assessment period.

Its wide-ranging properties like elasticity, high electric resistance, and low density make acrylic fiber the perfect industrial material, particularly for the apparel industry. Acrylic fibers are also seen being used widely in various house-furnishing applications. However, the high price fluctuation level in raw materials is slated to be a major bottleneck for the acrylic market. This influences the profit margin of the acrylic fiber market players and is often recognized as the prime reason behind the loss of manufacturers. Additionally, acrylic fibers are continuing to be threatened by newly developed alternatives and substitutes, which are rapidly taking hold of the sales share.

Market Segmentation 

The global acrylic fiber market segmentation is done on the basis of blending, end-users, and form.

By blending, the market includes cotton, wool, and others. The cotton segment is expected to garner the highest growth rate in the forthcoming years due to the increased usage of acrylic fiber in blend application.

By form, the market divides into staple and filament. Out of both, the staple segment is the anticipated dominator of the market in the forthcoming years.

By end-user, the market includes household furnishing, apparel, industrial, and others. The apparel segment is expected to be the dominant end-user industry due to the increasing demand and usage of acrylic fibers in the textile industry.

Regional Analysis

The global acrylic fiber market is geographically segmented into regions like North America, Asia-Pacific, the Middle East & Africa, Latin America, and Europe.

According to the in-depth study conducted by the team of Market Research Future and their extensive usage of different research methodologies, it is ascertained that the Asia-Pacific region holds the largest market share. The market value stood at USD 2,800 million and is projected to expand at a CAGR of 1.61% in the forecast period. The market standing of acrylic fiber can be attributed to the presence of a large portion of the acrylic fiber manufacturing industry in emerging economies like China.

Elsewhere, in North America, the region is expected to progress due to the high demand surrounding acrylic fibers in its rapidly advancing textile industry and the surging popularity of modern household furniture. The US is the major regional player in the North American market and holds a considerable share to its name.

Competitive Landscape

The global acrylic fiber market is filled with noteworthy players like Pasupati Acrylon Limited, JILIN QIFENG CHEMICAL FIBER CO.LTD, Dralon, Aksa Akrilik Kimya Sanayii A.Ş. (Aksa), Formosa Plastic Group and Polymir, SINOPEC., Indian Acrylics Limited, Thai Acrylic Fiber Co.Ltd., and Kaltex.

October 2018, European Spinning Group announced its partnership with Thai Acrylic Fibre, the fifth largest producer of acrylic fiber in the world. The move is intended for developing solution-dyed acrylic yarns for various outdoor applications. Named ESG RA Outdoor, it is exclusively designed for ‘Under-the-Sun’ applications.

February 2019, Perennials Fabric, a pioneer in the international design industry, announced the launch of its new collection of sophisticated 100% solution-dyed acrylic fabrics that are inspired by glamorous soft texture. The beautifully textured collection is named as No Hard Feelings.

Get Full Information about this Report: Acrylic Fiber Industry