Pune, India, July 09, 2018 /MRFR Press Release/- Market Research Future published a half-cooked research “Global Acrylic Fiber Market Research Report - Forecast to 2023” - Market Analysis, Scope, Stake, Progress, Trends and Forecast up to 2023
Acrylic fiber, a synthetic fiber closely resembles the wool in its character. According to the definition of the International Standards Organization (ISO) and International Synthetic Fiber Standardization Office (BISFA), fibers which contain a minimum of 85% acrylonitrile in their chemical structure are called as acrylic fibers. Lightweight, soft, and warm, acrylic fibers are easy to wash and have excellent dimensional stability.
They demonstrate high resistance to sunlight and chemical reactions, excellent color fastness and can be dyed with brilliant colors. Hence acrylic fibers are extensively used in the apparel industry. These fibers are also increasingly used in various house-furnishing applications such as upholstery material, etc. Resultantly, the acrylic fiber market is growing pervasively on the global space.
Recognizing the kind of growth the market is witnessing currently, Market Research Future (MRFR) in its recently published study report asserts that continuing with the same trends, the global acrylic fiber market is projected to grow to approximately 5,000 Mn. USD at 1.38% CAGR approximately between 2017 and 2023.
The major drivers of acrylic fiber markets are large production textile looms in developing countries. Besides, growing population and urbanization worldwide, is creating the demand for clothing and the fashion clothing alike. Burgeoning fashion industry accounts for one of the driving forces behind the market growth. Improving economic conditions support the market growth globally, improving consumers’ purchasing power.
On the other hand, stringent regulations might hamper the market growth. Also, the price volatility of the feedstock along with the demand and supply gap of the same is expected to restrict the market growth, impacting the profit margins for market players. Additionally, acrylic fibers market is confronted by the increasing uptake and sales of newly developed substitutes and alternatives.
Global Acrylic Fiber Market – Segments
For the convenience of understanding, MRFR has segmented the report into four key dynamics.
By Forms : Staple and Filament
By Blending : Wool, and Cotton among others
By End-Use Industries : Apparel, Household Furnishing, and Industrial among others.
By Regions : North America, Europe, APAC and Rest-of-the-World (RoW).
Global Acrylic Fiber Market – Geographical Analysis
The Asia Pacific accounts for the leading market for acrylic fiber due to the increase in urban households, new applications of these fibers and the augmented sale in apparels due to the rapid growth in the online fashion market. Some countries such as India, Taiwan, and South Korea have made the APAC region the largest consumer of the global acrylic fiber market followed by the North America region, increasing the consumption of the product.
Moreover, the third largest market of acrylic fiber, Europe, is followed by Latin America and the Middle East owing to the growing applications of the different types of fibers such as cotton, wool, silk, nylon, viscose, and others.
Few of the driving forces reasoning the booming acrylic fiber industry in the emerging economies such as India, China, South Africa, Brazil, and others include the abundant natural resources and cost-competitive labor force. Availability of other natural resources commonly used to make these fibers make these countries major contributors to the global market.
Markets in the developing economies witness immense potential in the world of acrylic fiber owing to their easy and cost-effective production processes. Developing economies indulge in the large production of both, staple and filament fibers. China has become the largest market for acrylic fiber owing to its vast textile production. A number of manufacturing plants of acrylic fiber are also majorly based in far-east Asia.
The global acrylic fiber market is led by some of the fervent players including Akrilik Kimya Sanayii A.Ş. (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/ Innovation/ Related News:
June 22, 2018 – Researchers at the U.S. Energy Department’s Pacific Northwest National Laboratory (PNNL) and LCW Supercritical Technologies published the study of a special kind of acrylic fibers to pull five grams of yellowcake, a powdered form of uranium used to produce fuel for nuclear power reactors from the seawater. For decades, researchers have been attempting to capture uranium dissolved in the world’s oceans and convert it to fuel for nuclear power plants.
The innovated acrylic fiber can attract and then hold on to uranium that was dissolved in the seawater. The uranium binding agent or “ligand” is also called as amidoxime. The research in collaboration with the PNNL-LCW follows seven years of work and an investment by the federal energy agency for US$ 25 million roughly. Another $1.15 million is being channeled to LCW to scale up the technique for commercial use.