June 22, 2024
Acrylic Fibers Market

Acrylic Fibers Market is expected to be Flourished by Increased Demand from Apparel and Textiles Industry

Acrylic fibers, also known as polyacrylonitrile or acrylonitrile fibers, are synthetic fibers made from polyacrylonitrile. They are commonly used to manufacture clothing such as socks, suits, jumpers and towels. They have attributes superior than cotton, such as wrinkle resistance, elasticity, shape retention and quick drying properties. This has increased their adoption in textiles and apparel industry. As the demand for affordable yet high quality apparel rises, the acrylic fibers market is expected to grow substantially.

The global acrylic fibers market is estimated to be valued at US$ 6343.61 Mn in 2024 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:

Increased demand for acrylic fibers from apparel and textiles industry is a major growth driver for this market. As per estimates, the global apparel market is projected to reach US$ 3 Trillion by 2030 growing at a CAGR of 6%, mainly driven by developing economies of Asia Pacific and Latin America. Acrylic fibers cater well to the requirements of apparel in terms of affordability, texture and moisture management. This growing apparel market opens up opportunities for acrylic fiber producers. Another driver is their versatility to mimic wool and cotton and produce fabrics with attractive aesthetics yet at lower costs, thereby finding increased applications. However, rising environmental concerns around non-biodegradability of acrylic pose challenges to market growth. Continuous efforts towards green acrylic fiber production can help tackle this issue to a certain extent.

Segment Analysis

The acrylic fibers market is dominated by the apparel segment accounting for over 45% share of the total market. Acrylic fibers are widely used in apparels like sweaters, socks, hats, scarves etc. due to their excellent characteristics including better moisture absorption, good elasticity and excellent resilience. These fibers provide excellent aesthetic looks and do not shrink after washing. Thus, acrylic fibers have emerged as a cheaper yet premium alternative to wool in apparels.

PEST Analysis

Political: The rising international trade relations and removal of trade barriers across countries will promote the growth of acrylic fibers market globally. However, stringent environmental regulations regarding disposal of acrylic fiber waste can hamper market growth.

Economic: Rising disposable income and changing lifestyle in developing countries will drive the demand for affordable apparels made from acrylic fibers. Also, recovery of construction industry will augment its demand in home furnishing applications.

Social: Increasing health awareness is propelling the demand for easy to maintain and hygienic fabrics like acrylic which do not support microbial growth. Also, rising fashion consciousness among youth is augmenting the demand for affordable premium apparels.

Technological: Advances in fiber engineering are helping manufacturers develop acrylic fibers with improved characteristics like moisture wicking, wrinkle resistance and thermoregulation. New production technologies are also helping reduce the cost of acrylic fibers.

Key Takeaways

The Global Acrylic Fibers Market Growth is estimated to be valued at US$ 6343.61 Mn in 2024 and is expected to exhibit a CAGR of 8.0% over the forecast period 2024 to 2031.

Regional analysis indicates that Asia Pacific region will continue dominating the market through 2031 backed by rising population, improving economic conditions and changing lifestyles in major countries like China and India.

Key players operating in the acrylic fibers market are QuintilesIMS (now IQVIA), Parexel International Corporation, ICON plc, PRA Health Sciences, Covance Inc., Charles River Laboratories International Inc., Syneos Health, Pharmaceutical Product Development, LLC (PPD), Medpace Holdings, Inc., LabCorp (Laboratory Corporation of America Holdings), Wuxi AppTec, inVentiv Health (now Syneos Health), PAREXEL International (now part of PPD), Accenture, Cognizant.

Key players like QuintilesIMS are focusing on developing sustainable and eco-friendly acrylic fibers through innovations and new production technologies.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it