Acrylic Fiber Market Increasing Demand, Revenue, Growth 2028 | Key Driving Factor- Home Textiles, Furnishing, Garments, and Industrial Applications
Increasing use of acrylic fibers in home textiles and furnishing, garments, and industrial applications is a key factors driving market revenue growth
The global acrylic fiber market size is expected to reach USD 5,297.2 Million in 2028 and register a steady revenue CAGR of 2.3% during the forecast period, according to the latest report by Reports and Data. Increasing application of acrylic fibers in the manufacturing of apparel, home textiles, toys, and auxiliary tapes, among others, is a key factor expected to continue to boost demand for acrylic fibers and drive market revenue growth over the forecast period. In addition, unique properties of acrylic fibers such as high resistance to solvents, sunlight, and creasing, and quick drying characteristics have increased adoption in the manufacture of woven and knitted clothing fabrics, carpets, and upholstery. Rising demand for clothing and attire is driven by rapid increase in global population, increasing number of families and individuals opting to purchase homes and apartments is supported by the ongoing urbanization trend, and high demand for automobiles globally is supported by increasing disposable income, changing lifestyle, and improving standard of living among others.
Acrylic fibers are synthetic fibers made from polyacrylonitrile – a polymer and a comonomer – which is a monomer that reacts with another monomer to produce a copolymer. The fiber has a high resistance to Ultra Violet (UV) degradation and damage from mold, microorganisms, and mildew. Mechanical properties of these fibers allow them to develop bulk and resiliency similar to that of natural wool. Increasing penetration of e-Commerce channels, constantly changing fashion trends, and availability of budget-friendly apparel and clothing and wear are other factors contributing to increasing sales of acrylic fibers
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Key Companies in the market include: Dralon, Aksa Akrilik Kimya Sanayii AS, Jilin Chemical Fiber Group Co. Ltd., Aditya Birla Management Corporation Pvt. Ltd., Montefibre SpA, CNPC, Indian Acrylics Limited, DOLAN GmbH, Kaneka Corporation, and Formosa Plastics Group.
Some Key Highlights in the Report
- Filament segment accounted for largest revenue share in the global market in 2020 and is expected to register a significantly robust revenue growth rate over the forecast period. Stretching acrylic fibers into long, thin filaments makes them many times longer than their original length, which can then be spurn into yarns. This reduces costs and enhances production efficiency as well as reduces coarseness of the resultant material, which is a key factor expected to drive revenue growth of this segment.
- Wool segment is expected to register steady revenue growth over the forecast period owing to increasing blending of acrylic fibers with wool to produce an end-product with enhanced elasticity and resilience with superior lightweight properties. These blended fabrics are in high demand owing to cost-effectiveness and value addition to apparel and clothing.
- Home furnishing segment is expected to account for a significantly larger revenue share than other application segments in the global market between 2021 and 2028. This can be attributed to increasing scope for application of acrylic fibers in home textiles owing to multiple advantages such as soft and aesthetically appealing fabrics, high resistance to UV rays, and easy washing and quick-drying characteristics, among others.
- Asia Pacific market revenue is expected to expand at a robust CAGR owing to increasing investment in the textile and apparel sector and rising production of acrylic fibers in countries in the region owing to high demand from domestic and international markets. China is the largest acrylic fiber producer and manufacturer and accounts for a significantly large revenue share contribution to the Asia Pacific acrylic fiber market.
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Form Outlook (Revenue, USD Billion; Volume, Kilo Tons; 2020-2028)
Blending Outlook (Revenue, USD Billion; Volume, Kilo Tons; 2020-2028)
- Other Blending
Applications Outlook (Revenue, USD Billion; Volume, Kilo Tons; 2020-2028)
- Household Furnishings
Middle East & Africa
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The COVID-19 impact:
The growing COVID-19 pandemic has led to the weakening demand for coatings in electronics, automotive, construction, and white goods. The market has the capacity to bounce back, but it completely depends on the duration of the lockdown, and also the impact of the virus on the economy. Even though the overall demand of the market is falling, the demand for Acrylic Fiber is expected to rise in the coming years.
Key questions covered in the global Acrylic Fiber market report:
What is the expected market size of the global Acrylic Fiber market during the forecast period?
What factors are expected to hamper global Acrylic Fiber market growth over the forecast period?
What key factors are expected to drive global revenue growth between Forecast Period?
Which application segment is expected to dominate other application segments over the forecast period?
Which region is expected to dominate in terms of revenue during the forecast period?
What are the key outcomes of Porter’s Five Forces analysis and SWOT analysis?
Which leading players are operating in the global Acrylic Fiber market?
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