‘Acrylic Fibers Market to become CAGR of 1.3% opportunity in 2023’– Stratview Research Market Report

The research studies Acrylic Fibers Market in the trend period of 2012 to 2017 and forecasted period of 2018 to 2023 under four segments by Form Type (Staple Fiber and Filament Fiber), by Blending Type (Wool, Cotton, Cellulose, and Others), by End-Use Industry Type (Apparel, Household Furnishings, Industrial, and Others), and by Region (North America, Europe, Asia-Pacific, and Rest of the World), Trend, Forecast, Competitive Analysis, and Growth Opportunity: 2018-2023
The study finds –

• 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 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 apparel segment currently holds the largest share of the market and is also estimated to grow at the highest CAGR during the forecast period.
• Asia-Pacific holds the largest chunk of the market and is expected to remain the most dominant market in the foreseen future.

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Acrylic Fibers Market: Highlights
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 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.
 
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.
 
The competitive landscapes of the market keep changing with the dominance of China is gradually increasing. Several Chinese players started emerging as the major players as they started serving the growing local demand as well as targeting growing neighboring countries like China. Also, the major players have been working hard to develop advanced products meeting the changing market requirements as well as gaining a larger chunk of the market. For instance; the development of eco-fur, special fibrillated acrylic fiber, and anti-pilling fibers are such examples that are developed to address the existing market needs. Some of the key acrylic fibers manufacturers are Aksa Akrilik Kimya Sanayii A.S., Dralon, Kaltex, Pasupati Acrylon Limited, Formosa Plastics Group, and JILIN QIFENG CHEMICAL FIBER CO.LTD.
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