Acrylic Fiber Market Research Report- Forecast to 2023

Global Acrylic Fiber Market Information-By Form (Staple, Filament), By Blending (Wool, Cotton, Others), By End-Use (Apparel, Household Furnishing, Industrial) and By Region - Forecast till 2023

ID: MRFR/CnM/1589-CR | May 2018 | Region: Global | 94 pages

Market Overview


Global Acrylic Fiber Market will surpass a valuation of USD 5,000 Mn by the end of 2023. The properties of acrylic fiber it an appropriate industrial material as it closely resembles the wool in its character, especially in the apparel industry.


COVID-19 Analysis


As with most of the industries in 2020, the ripples created by the COVID-19 pandemic are estimated to affect the acrylic fiber production development in different application areas. The restrictions in movement and disruptions in logistic chains are estimated to take a while to recover. Furthermore, the atmosphere of uncertainty is estimated to dissipated further in 2021 with the administration of the vaccine by the aftershocks are likely to be seen well into the future.


Market Dynamics


Drivers


Growing Demand of Apparel Industry


The mushrooming growth of the apparel industry in the past decade is estimated to guide the acrylic fiber market's progress in the forecast period.


Household Furnishing Is Opening New Avenues


The escalated incorporation rate of acrylic fiber in upholsteries for different furniture pieces is predicted to rise as individuals become well equipped to buy household furniture items, thus bolstering the acrylic fiber market.


Online Purchasing Drive the Demand Of End Use Products


The establishment of strong e-commerce channels is likely to trigger promising opportunities in the acrylic fiber market expansion in the forthcoming period.


Opportunities


Capacity Expansion


The enhancement in production capacities globally is estimated to promote the global market's progress.


Technological Innovation in Sustainable Production of Acrylic Fiber


The advancement in acrylic fiber's durability and quality is likely to create better opportunities for companies to reach previously untapped segments.


Challenges        


Fluctuations in Raw Materials Prices


The differing prices of the raw materials required for production may create constraints for the acrylic fiber market's growth.


Substitutes


The easy accessibility to alternative options may hinder the Acrylic Fiber Market's growth pace in the coming period.


Segment Overview


Based on Form


The staple segment will continue to outperform by 2023 compared to the other segments. In 2016, the staple segment reported above-than-two-thirds of the market share in value and volume. The segment is anticipated to display a 1.49% CAGR throughout the forecast period.


Based On Blending


The wool segment is anticipated to outdo a USD 2,900 Mn market valuation, with a CAGR of 1.43%.


By End-User


The apparel segment currently accounts for the largest share of the market and is likely to retain its top position over 2023. This is primarily due to the acrylic fiber's large application base in the apparel industry.


Regional Analysis


APAC to Be at the Helm of Global Market Growth


The Asia Pacific acrylic fiber market accounts for the leading market stake due to the surge in urban households, novel uses of these fibers, and the augmented retailing of apparel due to the fast development in the online fashion market.  Other natural resources usually consumed to make these fibers have led the region to become a major contributor to the global acrylic fiber market. Markets in emerging economies witness huge potential in acrylic fiber owing to their effortless and lucrative production processes. Emerging economies indulge in both staple and filament fibers' huge manufacturing levels.


North Americas to Maintain Course


In the North American acrylic fiber market, the U.S. is anticipated to dominate the market, reporting for a substantial stake in the region's market. The massive textile industry and the extensive popularity of modern household furniture create market prospects for acrylic fiber in the North American region.  


Competitive Landscape


The noteworthy contenders in the Acrylic Fiber Market are



  • Aksa Akrilik Kimya Sanayii A.Ş. (Aksa),

  • JILIN QIFENG CHEMICAL FIBER CO.LTD,

  • Thai Acrylic Fiber Co.Ltd.

  • Kaltex,

  • Indian Acrylics Limited,

  • Pasupati Acrylon Limited,

  • SINOPEC,

  • Formosa Plastic Group,

  • Polymir


Recent Developments


Jan 2021 Dutch clean-tech startup The Movement, maker of Polylana Fiber, has announced a partnership with Italy's DBT Fibre to accelerate the use of low-impact and traceable fibers for the European fashion and textile market. Polylana Fiber is the low-impact alternative to 100% acrylic and wool fiber using less energy, water, and CO2 during production. It is made from a mix of polyester chips and recycled polyester but has the same acrylic characteristics. It is also 100% traceable by the Aware integrity system of tracer- and blockchain technology. The technology uses tracer particles and blockchain to guarantee that the recycled cotton that enters the supply chain is the same that comes out as apparel.


Jan 2021 Researchers at Oak Ridge National Laboratory developed a low-cost carbon fiber that could lower the blades' cost for wind turbines. The fiber begins as a widely available raw material used in the textile industry that contains thick bundles of acrylic fibers. The material is heated, converting any fiber in the material to carbon. The fibers are converted to planks using pultrusion—a process like extrusion, except the material, is pulled through a die rather than pushed through.


Jan 2021 Lydall, the global performance materials company that occupies the former Interface Solutions and Armstrong facility in the town of Volney, has had a banner year in 2020 despite the COVID-19 pandemic, and the facility is looking to continue that momentum and expand in the current year. According to company officials, Lydall manufactures materials that find their way to end-users in a wide array of applications, including air filtration, sealing, sound deadening, and other products. Lydall was also recognized last year to contribute to much-needed personal protective equipment, or PPE, as some company facilities manufacture the raw materials used to create facemasks and other protective gear. Lydall experienced significant growth in the second half of 2020, and that trend has continued into the first quarter of 2021, and the company is projecting it to continue.


Aug 2020 Aksa Akrilik, an acrylic fiber producer, has added another line to its innovative efforts named Everfresh. Developed after extensive research, Everfresh offers a solution to consumers' hygiene expectancies with its enduring antimicrobial properties and is environment-friendly and also contains no harmful chemicals.


Report Overview


By Form



  • Staple

  • Filament


By Blending



  • Wool

  • Cotton

  • Others


By End-Use Industry



  • Apparel

  • Household furnishing

  • Industrial

  • Others



Frequently Asked Questions (FAQ) :


The global acrylic fiber market is projected to touch a valuation of USD 5000 million by 2023.

The global acrylic fiber market is expected to exhibit a CAGR of 1.38% from 2017 to 2023.

The apparel industry is the biggest driver of the global acrylic fiber market.

Fluctuating raw material prices will be the biggest restraint of the global acrylic fiber market.

Asia Pacific holds the largest market share of the global acrylic fiber market.