Acrylic Fibers Market is Likely to Grow at a CAGR of 1.3% Over the Next Five Years

Stratview Research has launched a new research report on Acrylic Fibers Market report segments the market in five ways to provide a 360-degree holistic view.
The forecast of the market has been segmented by-
• by Form Type: (Staple Fiber and Filament Fiber)
• by Blending Type: (Wool, Cotton and Others)
• by End-Use Industry: (Apparel, Household Furnishings and Others)
• by Region
o North America
o Europe
o Asia – Pacific
o Rest of the World

The objective of this report is to identify the Trend, Forecast, Competitive Analysis, and Growth Opportunity of Acrylic Fibers Market.
Years considered for this report -
• base year 2018
• trend period 2012 - 2017
• forecast period 2018 - 2023

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The Acrylic Fibers Market: Highlights
The acrylic fibers market is likely to grow at a modest CAGR of 1.3% over the next five years. 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 some 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 the recent years and this situation seems to prevail in the foreseeable future.

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.

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.

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 sweater, sportswear, children wear, and socks are the major factor driving the growth of the segment. Changing lifestyle, evolving fashion trends, growing disposable income, and increasing standard of living are giving an impetus to the demand for apparels worldwide. Also, acrylic fiber finds a wider use in the manufacturing of household furnishing.

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 large capacity of acrylic fibers in China, the country is still importing some of its requirements from the global marketplace including Turkey.

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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 the 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.

The competitive landscapes of the market keep changing with the dominance of China is gradually increasing. Several Chinese players started emerging as the 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 the 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, and JILIN QIFENG CHEMICAL FIBER CO.LTD.

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 on the market dynamics and will enable strategic decision making for the existing market players as well as those willing to enter the market. The following are the key features of the report:
• Market structure: Overview, industry life cycle analysis, supply chain analysis
• Market environment analysis: Growth drivers and constraints, Porter’s five forces analysis, SWOT analysis
• Market trend and forecast analysis
• Market segment trend and forecast
• Competitive landscape and dynamics: Market share, product portfolio, product launches, etc.
• Attractive market segments and associated growth opportunities
• Emerging trends
• Strategic growth opportunities for the existing and new players
• Key success factors.

Research Methodology
This report studies the market, keeping in mind the interest of all the stakeholders across the value chain. The rich quality of insights is outcome of -
• Extensive secondary research,
• Rigorous primary interviews with more than 10 industry stakeholders across the value chain.
• Validation and triangulation of data with Stratview Research’s internal database and statistical tools.
• More than 1000 authenticated secondary sources, such as company annual reports, fact book, press release, journals, investor presentation, white papers, patents, and articles have been leveraged to gather the data.

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