The global Acrylic Fibers Market is estimated to be valued at US$5,294.3 Mn in 2022 and is expected to exhibit a CAGR of 4.01% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Acrylic fibers are synthetic fibers made from polymers of acrylonitrile. They possess several advantages such as resistance to sunlight, mildew, and chemicals, as well as good elasticity and warmth retention properties. These fibers find extensive use in the textile industry for the production of garments, blankets, carpets, and upholstery. The growing demand for comfortable and durable textiles is driving the market growth for acrylic fibers. Additionally, the affordable cost and easy availability of raw materials further contribute to the market demand.
Market Key Trends:
One key trend observed in the acrylic fibers market is the increasing adoption of eco-friendly production processes. With the rising awareness about environmental conservation, manufacturers are focusing on reducing carbon emissions and waste generation during the production of acrylic fibers. This trend is driven by the implementation of sustainable practices, such as using renewable energy sources and recycling processes. The adoption of eco-friendly production processes not only helps in reducing environmental impact but also enhances the brand image of the manufacturers. These factors are expected to drive the market growth for eco-friendly acrylic fibers in the coming years.
Threat of new entrants: The threat of new entrants in the acrylic fibers market is relatively low. The barriers to entry in terms of capital requirements and technological expertise are high. Established players in the market have a strong hold over the industry, making it challenging for new entrants to gain significant market share.
Bargaining power of buyers: The bargaining power of buyers in the acrylic fibers market is moderate. Buyers have the power to negotiate prices and terms with suppliers due to the existence of several players in the market. However, the differentiation of products offered by different suppliers limits buyer power to some extent.
Bargaining power of suppliers: The bargaining power of suppliers in the acrylic fibers market is moderate. While the market is dominated by a few key players, suppliers also face competition from alternative materials such as polyester and nylon. This provides buyers with alternative options, reducing the overall supplier power.
Threat of new substitutes: The threat of new substitutes in the acrylic fibers market is high. As mentioned earlier, alternative materials such as polyester and nylon can be used as substitutes for acrylic fibers. Consumers may switch to these substitutes if they offer better quality or lower prices.
Competitive rivalry: The competitive rivalry in the acrylic fibers market is intense. There is a considerable number of key players competing for market share. The presence of multiple players leads to price competition and innovation in order to gain a competitive edge.
The global acrylic fibers market is expected to witness high growth, exhibiting a CAGR of 4.01% over the forecast period. This growth can be attributed to the increasing demand from various end-use industries such as textiles, automotive, and home furnishings. The versatility and advantageous properties of acrylic fibers, such as durability, resistance to chemicals, and ease of dyeing, are driving their adoption.
In terms of regional analysis, Asia Pacific is expected to be the fastest-growing and dominating region in the acrylic fibers market. This can be attributed to the growing textile industry in countries like China and India. The increasing population, rising disposable incomes, and changing consumer preferences for affordable and fashionable clothing are driving the demand for acrylic fibers in this region.
Key players operating in the acrylic fibers market include Aksa Akrilik Kimya Sanayii A.S. (Aksa), Dralon, Aditya Birla Group, Jilin Chemical Fibre Company, Taekwang Industrial Co., LTD, Exlan Japan Co., Ltd., Kaneka Corporation, Indian Acrylics Limited, Pasupati Acrylon Ltd., and Vardhman Acrylics Ltd. These players are adopting various strategies such as mergers and acquisitions, partnerships, and product innovations to strengthen their market position and cater to the increasing demand.
Overall, the acrylic fibers market is expected to witness significant growth due to the increasing demand from various industries and the dominance of key players in the market. The Asia Pacific region is projected to be the key market for acrylic fibers, driven by the growing textile industry in countries like China and India. The competition among key players is intense, leading to price competition and innovation in the market.
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it