July 13, 2024
Acrylic Fibers Market

Opportunities In Automotive Upholstery Promises To Boost The Acrylic Fibers Market

Acrylic fibers are synthetic fibers made from polyacrylonitrile or PAN. They are known for their wool-like feel and appearance. However, they are stronger, absorb less water, and dry faster than wools. Key end-use industries of acrylic fibers include apparel, home furnishing, automotive and industrial fabrics. In the automotive industry, acrylic fibers are mostly used in upholstery fabric as it is durable, stain resistant and maintains its shape for long-lasting performance.

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 4.0% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Dynamics:

One of the primary drivers driving the acrylic fibers market growth is its growing demand from the automotive industry. Acrylic fibers offer various beneficial properties that make it a suitable material for vehicle interiors and upholstery. Its high durability, shape retention, wrinkle and abrasion resistance makes it suitable for withstanding wear-and-tear from daily use inside vehicles. Additionally, its hypoallergenic properties reduce chances of irritations for people with sensitive skin. Also, acrylic fibers mimic the look and feel of expensive luxury materials at lower costs, thus attractive to budget-conscious automobile manufacturers.

Another important driver is the increasing demand for low maintenance, easy to clean home furnishing textiles. Acrylic fibers used in carpets and upholstery for homes and commercial spaces eliminates the need for regular dry cleaning. Its ability to retain color and resists daily soiling without compromising aesthetics has boosted its acceptance among homeowners and building owners alike. Overall, the aforementioned drivers are expected to propel the acrylic fibers market revenue growth over the forecast period.

Segment Analysis

The global acrylic fibers market can be segmented on the basis of type and application. By type, the market is dominated by staple fiber segment as it accounts for over 60% of market share. Staple fibers are preferred choice for knitted and woven apparels due to their smooth texture and softness.

PEST Analysis

Political: No significant political risks are impacting the global acrylic fibers market.
Economic: The recovery of global textile industry from COVID-19 pandemic is driving demand for acrylic fibers. Additionally, rising disposable incomes in developing nations are fueling spending on clothing and apparels.
Social: Changing lifestyles and fashion trends are translating into higher demand for man-made apparels made using acrylic fibers. Synthetic fabrics are becoming popular alternatives to wool and cotton.
Technological: Advancements in acrylic fiber production technologies have improved functional properties. Newer technologies enable production of specialty acrylic fibers with properties such as flame retardancy, moisture management etc.

Key Takeaways

The Global Acrylic Fibers Market Share is expected to witness high growth, exhibiting CAGR of 4.0% over the forecast period, due to increasing apparel consumption globally. The market size for 2023 is US$ 5506.6 Mn. Regional analysis Asia Pacific represents the largest and fastest growing market for acrylic fibers due to large textile industry and presence of major acrylic fiber producers in the region such as Aksa Akrilik Kimya Sanayii A.S.(Aksa) and Kaneka Corporation.

Key players operating in the acrylic fibers market are 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.

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