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Acrylic fibers are synthetic thermoplastic materials that are derived from polyacrylonitrile or acrylonitrile polymer. Acrylic fibers provide numerous advantages such as resilience, elasticity, softness, and dye-ability making them suitable for apparel and other textile applications. The growing demand for affordable yet comfortable clothing among consumers is fueling the demand for acrylic fibers.
Market key trends:
The
increasing demand for acrylic fibers in apparel industry is one of the key
trends driving the growth of the acrylic fibers market. Acrylic fibers offer
properties like resilience, softness, elastic recovery and excellent dye
absorption which make it suitable for knitwear and sweaters. The apparel
industry stands to be the largest end-use industry for acrylic fibers
accounting for nearly 60% of total acrylic fiber demand. Factors such as
affordability of acrylic fiber based clothing as well as improved lifestyle of
consumers in developing regions is propelling the demand for acrylic apparel
globally.
Segment Analysis
The
global Acrylic Fibers market is dominated by the Apparel & Home Furnishings
segment, accounting for nearly 55% of overall market share. Acrylic fibers are
extensively used as clothing fiber for their affordability and resemblance to
wool. They are blended with natural/synthetic fibers in home furnishing
products like blankets, towels, curtains etc. due to their soft texture and
moisture absorption capabilities.
Key
Takeaways
The Global
Acrylic Fibers Market Size is expected to witness high growth on account of rising
demand from various end-use industries especially the apparel and home
furnishings segment. 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.
Regional
analysis
Asia
Pacific currently holds the largest share of the acrylic fibers market and is
expected to maintain its dominance during the forecast period. This can be
attributed to the presence of emerging economies like China, India and
Southeast Asian countries which are major consumers as well as producers of
acrylic fibers. Countries like China, India, and Indonesia have witnessed
significant year-on-year growth in acrylic fiber production and consumption
owing to expanding textile industries and growing middle-class population.
Key
players
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. Accenture
is a leading management consulting and professional services company catering
to various industries including chemicals. The company offers end-to-end
services for acrylic fiber companies from consulting to IT services and
business process outsourcing.
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