Acrylic Fiber Market - Industry Size, Booming Share, Key Players Review, Phenomenal Growth and Business Boosting Strategies till 2030

Acrylic fibers are fibers made from the polymerization of polyacrylonitrile. It has a close resemblance to wool. A comonomer is added to improve the dyeability and be compatible with two production processes, wet spinning and dry spinning. The global acrylic fiber market report by Market Research Future (MRFR) outlines the summary of the market coupled with detailed explanations of segments with value and volume. It contains predictions and projections for the period of 2017 to 2023 (forecast period).

Market Scope

The global acrylic fiber market is set to reach a stupendous valuation of USD 5,300 million by 2023. It can exhibit a 1.38% CAGR during the forecast period. Characteristics of low density, high electrical resistance, and elasticity can drive the demand from end-users and augur favorably for the market. Applications in home furnishing and apparel industries can ensure a steady growth.

The apparel industry had crossed a valuation of USD 2 trillion in 2016, with China accountable for the majority of it. The household industry benefits from acrylic fiber but can face a depressing growth. Continuous manufacture of rugs, carpets, curtains, and other upholstery as well as the rising rate of home owners can bode well for the sector and the overall acrylic fiber market. Manufacturers are improving the value chain to target millennials as the main demographic and introducing new products.

Fluctuating prices of acrylonitrile can hamper the global acrylic fiber market growth.

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Segmentation

The global Acrylic Fiber Market is segmented by form, blending, and end use.

By form, the report covers two major market segments - staple and filament. The staple segment accounted for more than two-thirds of the market in 2016. It can exhibit a CAGR of 1.49% during the forecast period. While the filament segment may experience a damp growth rate during the same aforementioned period.

By blending, it is segmented into wool, cotton, and others. The wool segment is projected to touch a valuation of USD 2900 million by 2023 while exhibiting a CAGR of 1.43% during the assessment period. Cotton and wool are blended with different materials for improving the warmth and comfort of clothes.

By end use, the market is segmented into apparel, household furnishing, industrial and others. The apparel segment is expected to retain the top position in the market till 2023. It can touch a value of USD 3800 million by the end of the forecast period owing to the large dependency on acrylic fibers.

Regional Analysis

Based on region, the market has been segmented into North America, Europe, Asia Pacific (APAC), Latin America and Middle East & Africa (MEA).

APAC held the largest market share in 2016 and may remain dominant during the forecast period. It can exhibit a CAGR of 1.61% till 2023. It was valued at USD 1600 million in 2016. The large consumer base for apparels and home furniture can bode well for the market. The recent shift of premium furniture makers to developing economies of China and India is an indicator of the positive growth trajectory of the market. Uptick in commodity prices and investments by governments to encourage the textile industry will have a positive impact on the acrylic fiber market.

North America is bound to dominate the global market due to the U.S. Popularity of modern household furniture and the vast textile industry can bode well for the acrylic fiber market in the region.

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Competition Outlook

Indian Acrylics Limited, Kaltex, SINOPEC, Aksa Akrilik Kimya Sanayii A.Ş. (Aksa), Polymir, Pasupati Acrylon Limited, JILIN QIFENG CHEMICAL FIBER CO.LTD, Dralon, Thai Acrylic Fiber Co.Ltd., and Formosa Plastic Group are key players of the global acrylic fiber market.

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Market Research Future (MRFR) is a global market research company that takes pride in its services, offering a complete and accurate analysis with regard to diverse markets and consumers worldwide. MRFR’s approach combines the proprietary information with various data sources to give an extensive understanding to the client about the latest key developments, expected events and also about what action to take based on these aspects.

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