Acrylic fibers are man-made fibers derived from polymers or copolymers containing at least 85% acrylonitrile units. They are synthesized from acrylonitrile generally using a wet spinning process. Acrylic fibers are often used as a cheaper substitute for wool in clothing and home furnishings. They provide warmth similar to natural wool but are less expensive, allowing mass-market affordability. Acrylic fibers are also used to make car seats, pillows, upholstery, and blankets owing to its down-like qualities, soft feel, and ability to repel water.

The global acrylic fibers market is estimated to be valued at US$ 6343.61 Mn in 2023 and is expected to exhibit a CAGR of 8.0% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.

Market Dynamics:

Increasing demand for acrylic fibers from the apparel industry is a key driver fueling the growth of the acrylic fibers market. Acrylic fibers are extensively used in manufacturing sweaters, socks, hats, gloves, and scarves owing to properties like soft texture, warmth, and affordability. Additionally, properties such as high absorbency, quick drying, and ease of dyeing have increased the preference for acrylic fibers in the manufacture of activewear and intimate clothing. Further, rising need for acrylic fibers in the home furnishing industry for applications such as upholstery, curtains, pillows, and carpets due to moisture resistance and ability to retain shape over time is also boosting the market growth.

SWOT Analysis

Strength: Acrylic fiber has several desirable properties like it is elastic, durable, stain resistant and affordable which makes it a popular fabric choice. It is synthetic in nature and not derived from animal sources which appeals to vegan customers. Due to its synthetic origin, it is less prone to damage from sunlight, moisture and dust mites compared to natural fabrics.

Weakness: Acrylic fiber is prone to pilling and fuzzing over time with use and cleaning. It cannot absorb moisture like natural fabrics and feels warm. Some users may also prefer natural fabrics over synthetic materials. The production of acrylic fibers involves the use of petroleum-based resources and chemicals which impacts the environment.

Opportunity: Growth of the clothing and apparel industry globally increases the demand for affordable synthetic fabrics. Acrylic fiber competes well on price against natural fibers like wool. New advancements in acrylic fiber technology can help reduce pilling and introduce moisture-wicking properties making it suitable for active and athletic wear. Rising fashion consciousness among millennials and gen Z presents an opportunity to market innovative acrylic blends.

Threats: Environmental regulations targeting synthetic fibers growth could impact the industry. Natural fibers like cotton and wool are increasingly popular due to sustainability reasons posing competitive threats. Economic slowdowns can negatively impact discretionary spending on clothing.

Key Takeaways

The Global Acrylic Fibers Market Size is expected to witness high growth over the forecast period aided by rising demand from apparel, home furnishing and industrial sectors. The global acrylic fibers market is estimated to be valued at US$ 6343.61 Mn in 2023 and is expected to exhibit a CAGR of 8.0% over the forecast period 2024 to 2031.

Regional analysis: Asia Pacific region accounts for over 50% of the global acrylic fibers market share led by China, India, Thailand and Vietnam. The region's large production capacity and growing middle-class population increases the disposable income available for clothing and home products. Southeast Asian countries continue investing in the fabric's manufacturing capacities to cater to the rising local and export demands.

Key players: Key players operating in the acrylic fibers market include Aditya Birla Management Corporation Pvt. Ltd., Aksa Akrilik Kimya Sanayii A.S, Dralon GmbH, Jilin Chemical Fiber Group Co., Ltd., Taekwang Industrial Co. Ltd., Exlan Japan Co. Ltd., Kaneka Corporation, Indian Acrylics Limited, Pasupati Acrylon Ltd. and Vardhman Acrylics Ltd. The market is quite concentrated with the top five firms holding over 50% share. Players compete based on product quality, innovation, production capabilities and geographic expansion.

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