Acrylic Fibers Market Analysis | 2022-2028

Market Insights

"The global acrylic fibers market is likely to grow from USD 5.21 billion in 2021 to USD 6.78 billion by 2028 at a modest CAGR of 3.76% during the forecast period of 2022-2028."

The acrylic fibers are termed as synthetic fibres which is polymers that contain at least 85% acrylonitrile monomer. They are perfect because they are light, extremely warm, and have a wooly structure. Wet spinning and dry spinning are two methods are used for the production of acrylic fibers. The major application of rayon which is derived from cellulose acetate involves its use in clothing, upholstery, carpets, and as an intermediate for the manufacture of carbon fibers. Outdoor fabrics can be made of acrylic fiber due to its resistance against fading, mildew and insects.

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Market Drivers

Acrylic fibers are lightweight and have softness and warmth. They also offer excellent resistance to ultraviolet degradation, microbiological attack, weak alkalis, and laundry beach. Over the past few years, acrylic fibers have been facing tough competition from low-cost fibers including polyester fibers. Polyester fiber has a lower cost, excellent raw material availability, and recyclability. The global export of acrylic fibers has significantly declined in recent years and this situation seems to prevail in the foreseeable future.

The higher cost of acrylic fiber is the biggest constraint of the market. The cost of acrylic fiber is highly dependent on acrylonitrile (ACN) cost. The volatility of ACN prices makes a huge impact on the demand for acrylic fibers. Despite the recent decline in ACN prices, the prices of acrylic fibers are still higher than the polyester fibers. However, the increasing demand from the apparel industry and the growing application of acrylic fibers in household furnishings sustain the present global acrylic fibers market.

Key Players

The competitive landscapes of the market keeps changing with the dominance of China is gradually increasing. Several Chinese players started emerging as major players as they started serving the growing local demand as well as targeting growing neighboring countries like China. Also, the major players have been working hard to develop advanced products meeting the changing market requirements as well as gaining a larger chunk of the market. For instance; the development of eco-fur, special fibrillated acrylic fiber, and anti-pilling fibers are such examples that are developed to address existing market needs.

Some of the key acrylic fibers manufacturers are:

• Aksa Akrilik Kimya Sanayii A.S.
• Dralon
• Kaltex
• Pasupati Acrylon Limited
• Formosa Plastics Group
• JILIN QIFENG CHEMICAL FIBER CO.LTD.

Segment Analysis

Form Insights

"The staple fibers accounted for the largest market share."

Based on the form type, the acrylic fibers market is segmented as staple fibers and filament fibers. Staple fibers currently account for three-fourths of the total market and are expected to maintain their dominance in the market over the next five years. The fiber type is also likely to register a higher growth over the same period. Acrylic fibers are manufactured through two processes: Dry Spinning and Wet Spinning. Staple fiber manufactured from dry spinning process offers a wide array of advantages including dimensional stability and discrete length. These fibers are used in various applications including carpets, sweaters, and socks. Whereas, filament fibers are continuous fibers that are used to manufacture blankets, gloves, stockings, and wool fabrics.

Blending Insights

"The wool segment accounted for the largest market share."

Based on the blending type, the market is segmented as wool, cotton, cellulose, and others. Wool is estimated to remain the largest segment of the market over the next five years. The key whys and wherefores for blending wool with acrylic fibers are to obtain non-itchy, more affordability, and comfort properties. Cotton, another considerable segment, is likely to witness the highest growth during the same period. Cotton is blended with acrylic fibers in order to produce superior properties including excellent softness, warmness, and durability.

End-Use Industry Insights

"The apparel segment accounted for the largest market share."

Based on the end-use industry type, the market is segmented into apparel, household furnishing, industrial, and others. The apparel segment currently holds the largest share of the market and is also estimated to grow at the highest CAGR during the forecast period. A wide use of acrylic fibers coupled with a large application base including sweaters, sportswear, children's wear, and socks are the major factors driving the growth of the segment. Changing lifestyles, evolving fashion trends, growing disposable income, and increasing standard of living are giving an impetus to the demand for apparel worldwide.  Also, acrylic fiber finds a wider use in the manufacturing of household furnishings.

Regional Trends

"Asia-Pacific accounted for the largest market share."

In terms of regions, Asia-Pacific holds the largest chunk of the market and is expected to remain the most dominant market in the foreseen future. Asia-Pacific alone holds more than 60% of the total capacity of acrylic fibers, mainly in China. China currently accounts for almost 43% of the total acrylic fibers market and is projected to remain the largest market in the region over the next five years. Despite the large capacity of acrylic fibers in China, the country is still importing some of its requirements from the global marketplace including Turkey.

India is likely to be the new growth engine of the region’s market for acrylic fibers in the coming years, driven by rising population, increasing disposable income, and changing lifestyle. Some of the Chinese players are increasing their staple fibers capacity in order to capture a large chunk of the growing Indian acrylic fibers market. Other high-growth markets in the region are Vietnam, Pakistan, and Bangladesh.

The Middle East & Africa, the second largest market after Asia-Pacific, is likely to grow at a healthy rate over the next five years, driven by Saudi Arabia, the UAE, and Qatar. It is estimated that these countries will remain to play a pivotal role in driving the demand for acrylic fibers in the region in the foreseen future. Europe and North America are likely to remain small markets in the coming years. The rate of growth is also likely to be slower than that of Asia-Pacific and the Middle East regions.

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Report Features

This report provides market intelligence in the most comprehensive way. The report structure has been kept such that it offers maximum business value. It provides critical insights into market dynamics and will enable strategic decision-making for existing market players as well as those willing to enter the market.

What deliverables will you get in this report?

The market is segmented in the following ways:

By Form Type:

• Staple Fiber
• Filament Fiber

By Blending Type:

• Wool
• Cotton
• Cellulose
• Others

By End-Use Industry:

• Apparel
• Household Furnishings
• Industrial
• Others

 By Region:

• North America (Country Analysis: the USA, Canada, and Mexico)
• Europe (Country Analysis: Germany, France, the UK, Russia, and Rest of Europe)
• Asia-Pacific (Country Analysis: China, Japan, India, and Rest of Asia-Pacific)
• Rest of the World (Sub-Region Analysis: Latin America, the Middle East, and Others)

Research Methodology

This report offers high-quality insights and is the outcome of a detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders, and validation and triangulation with Stratview Research’s internal database and statistical tools. More than 1,000 authenticated secondary sources, such as company annual reports, fact books, press releases, journals, investor presentations, white papers, patents, and articles, have been leveraged to gather the data. We conducted more than 15 detailed primary interviews with market players across the value chain in all four regions and industry experts to obtain both qualitative and quantitative insights.

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