by Acrylic fibers are synthetic polymers made from polyacrylonitrile or PAN. They possess high strength, great elasticity and resilience along with water resistance and ability to retain shape after washing. Acrylic fibers find widespread applications in the manufacturing of sweaters, socks, hats, gloves, leg warmers and blankets due to their softness and warmth retaining properties. They are often blended with wool to enhance its shape retention and durability. The acrylic fibers industry has observed strong growth in recent years, driven by increasing consumer preferences for comfortable and lightweight fabrics. The global demand for thermally insulated fabrics has surged with the growing trend of athleisure and outdoor recreational activities. Acrylic fibers, with their inherent properties of retaining warmth and quick drying, are extensively used in fabrics for sportswear, athleisure apparel and outdoor activity gear.
The global Acrylic Fibers Market is estimated to be valued at US$ 5506.6 Mn in 2023 and is expected to exhibit a CAGR of 13% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
One of the key trends spurring growth in the acrylic fibers market is the increasing demand for eco-friendly solutions. Acrylic fibers can now be produced from recycled materials like plastic bottles, reducing reliance on petroleum feedstock. Major manufacturers are focusing on developing bio-based and biodegradable acrylic fiber variants using renewable resources like corn. This is prompting textile producers to incorporate higher percentages of sustainable acrylics in end products to cater to the ethical fashion demand. Another factor fueling the industry expansion is the advent of smart acrylic fibers engineered for temperature regulation. Fibers that change properties according to temperature, absorbing or releasing heat as required, are gaining traction. They enable active sports and outdoor apparel to keep the wearer comfortable in varying climatic conditions through intelligent thermal management.
Porter’s Analysis
Threat of new entrants: The threat of new entrants is low in the acrylic fibers market as it requires large capital investments in R&D and manufacturing infrastructure.
Bargaining power of buyers: The bargaining power of buyers is moderate due to the availability of substitute materials for acrylic fibers like polyester and cotton.
Bargaining power of suppliers: The bargaining power of suppliers is moderate since raw materials for acrylic fibers such as acrylonitrile and other polymers have few substitutes.
Threat of new substitutes: The threat of substitutes is moderate as other synthetic fibers like polyester and nylon are used for similar applications as acrylic fibers.
Competitive rivalry: The competitive rivalry is high owing to the large number of players competing for market share.
Key Takeaways
The Global Acrylic Fibers Market Demand is expected to witness high growth. The global Acrylic Fibers Market is estimated to be valued at US$ 5506.6 Mn in 2023 and is expected to exhibit a CAGR of 13% over the forecast period 2023 to 2030.
North America dominates the acrylic fibers market and is expected to grow at a high CAGR owing to the demand from apparel, home furnishings, and industrial sectors in the region. Asia Pacific exhibits the fastest growth in the acrylic fibers market due to rapid industrialization and rising per capita income in countries like China and India.
Key players operating in the acrylic fibers market are Accenture, Appian Corporation, Genpact, Infosys Limited (Infosys BPM), Open Text Corporation, Kissflow Inc., Nintex Global Ltd., Software AG, International Business Machines Corporation, Tata Consultancy Services Limited., and Pegasystems Inc. Acrylic fibers find major applications in apparel, home furnishings, industrial fibers, and filtration applications. Key players are focusing on investments in R&D to develop newer grades of acrylic fibers with improved properties.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
