Acrylic Fibre Market to Grow to US$ 7.2 Bn by 2031 - Persistence Market Research

The global acrylic fibre market is projected to experience steady growth in the coming years. According to Persistence Market Research, the market is expected to grow at a Compound Annual Growth Rate (CAGR) of 4.8%, increasing from a valuation of US$ 5.0 billion in 2024 to US$ 7.2 billion by 2031. Acrylic fibres, primarily used in textiles and various industrial applications, are witnessing increasing demand due to their versatile properties such as high durability, softness, and cost-effectiveness. This fibre is a synthetic polymer material made primarily from acrylonitrile, which is often produced using a wet spinning method. Acrylic fibres are used extensively in the production of clothing, upholstery, and industrial fabrics, owing to their ability to mimic natural fibres like wool.

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Key growth drivers in the acrylic fibre market include the increasing demand for durable and versatile fabrics in the apparel industry and a rising interest in home furnishing products. Additionally, the rising application of acrylic fibres in industrial uses, such as for safety and protective gear, is boosting market growth. The leading segment within the acrylic fibre market is expected to be the apparel segment, due to the widespread demand for cost-effective alternatives to wool in textile manufacturing. Geographically, East Asia dominates the market due to the significant presence of leading manufacturers in countries like China, Japan, and South Korea.

Key Highlights from the Acrylic Fibre Market Report:

• The global acrylic fibre market is projected to reach US$ 7.2 billion by 2031.
• The market is expected to expand at a CAGR of 4.8% between 2024 and 2031.
• Acrylic fibre has a wide range of applications in the apparel, industrial, and home furnishing sectors.
• East Asia is the leading geographical region, driven by strong production and consumption in countries like China and Japan.
• The staple fibre form is expected to account for the largest market share.
• Increasing demand for acrylic fibre in industrial applications is contributing to market growth.

Market Segmentation

The acrylic fibre market can be segmented based on various factors, including fibre form, dyeing method, blending, end-user industry, and region.

1. Fibre Form: Acrylic fibre is mainly categorized into two forms - staple fibre and filament fibre. The staple form is more widely used in the textile industry, particularly for products like clothing and upholstery. The filament form, which is used in more specific applications like industrial fabrics and outdoor gear, is also gaining traction.

2. End-Use Industry: The acrylic fibre market is primarily segmented into apparel, home furnishings, industrial, and outdoor segments. The apparel segment is expected to maintain its dominance, driven by the demand for acrylic fibres as an alternative to wool in making sweaters, socks, and other clothing items. Industrial applications, which include protective gear and filtration materials, are also growing due to the strength and durability of acrylic fibres.

Regional Insights

1. East Asia: East Asia holds the largest market share in the acrylic fibre sector, primarily due to high production and consumption rates in countries such as China, Japan, and South Korea. These nations are home to several key manufacturers, which significantly contribute to the market growth.

2. North America & Europe: While East Asia dominates, North America and Europe are also witnessing steady growth in demand for acrylic fibre, particularly in the home furnishing and industrial sectors. The shift towards sustainable and durable textiles is driving increased adoption in these regions.

Market Drivers

Several key drivers are propelling the growth of the acrylic fibre market. First and foremost is the increasing demand for synthetic fibres in the textile industry, where acrylic fibres are widely used as a cost-effective substitute for natural fibres like wool. Additionally, the growing consumer demand for durable, lightweight, and easy-to-care-for fabrics in apparel and home furnishings has contributed to the rising popularity of acrylic fibres. Furthermore, advancements in the manufacturing process of acrylic fibres, which have enhanced their durability and quality, are also fueling market expansion.

Market Restraints

Despite the positive growth trajectory, the acrylic fibre market faces certain challenges. The environmental impact of acrylic fibre production remains a major concern due to its reliance on petrochemical-derived acrylonitrile. The growing focus on sustainable practices in the textile industry has prompted a shift towards more eco-friendly alternatives, such as recycled fibres. This shift poses a threat to the traditional acrylic fibre market, as consumers and brands increasingly demand environmentally responsible products. Additionally, fluctuating raw material costs can impact profit margins for manufacturers.

Market Opportunities

As the demand for eco-friendly products continues to rise, manufacturers are exploring opportunities to innovate within the acrylic fibre market. One such opportunity is the development of biodegradable and recyclable acrylic fibres, which could meet the growing demand for sustainable textiles. Additionally, the rising demand for acrylic fibres in industrial applications, such as in automotive upholstery and filtration materials, presents new growth avenues for the market. Technological advancements in fibre production are also expected to drive the development of high-performance acrylic fibres for specialized applications.

Frequently Asked Questions (FAQs)

• How Big is the Acrylic Fibre Market?
• Who are the Key Players in the Global Acrylic Fibre Market?
• What is the Projected Growth Rate of the Acrylic Fibre Market?
• What is the Market Forecast for Acrylic Fibre for 2032?
• Which Region is Estimated to Dominate the Acrylic Fibre Industry through the Forecast Period?

Company Insights

Key players in the acrylic fibre market include:
• Aksa Akrilik Kimya Sanayii A.
• Dralom
• Aditya Birla Group
• Jilin Chemical Fibre Company
• TAEKWANG INDUSTRIAL CO. LTD.
• Exlan Japan Co. Ltd.
• Kaneka Corporation
• Indian Acrylics Limited
• Pasupati Acrylon Ltd.
• Vardhman Acrylics Ltd.

Recent Developments:

1. Aksa Akrilik Kimya Sanayii A. recently announced the expansion of its acrylic fibre production capacity in response to rising demand from the apparel and industrial sectors.
2. Kaneka Corporation has introduced an innovative acrylic fibre technology that focuses on improving fibre durability while reducing environmental impact.

The acrylic fibre market is undergoing significant growth and transformation, driven by its applications across various industries, including textiles, industrial uses, and home furnishings. The increasing demand for synthetic fibres, coupled with innovations in fibre production, presents numerous opportunities for businesses to expand their market presence. However, challenges related to sustainability and raw material costs remain critical considerations for the industry.

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