Acrylic Fibers Market likely to grow at an impressive CAGR 1.3% by 2023, as estimated by Stratview Research
Not only the report offers the market size but also details about the market segmentation with its share. Stratview Research also extends its research to offer a forecast of the market during the period of 2018 – 2023, to provide the clients with base knowledge of the market and make strategies to have beneficial results ahead.
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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.
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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.
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.
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Highlights of the Report:
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.
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.
Features of the Report
This report offers high-quality insights and is the outcome of 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.
The Acrylic Fibers Market analysis report discusses the following heads in great detail:
• 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
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