Future Market Insights delivers key insights on the global acrylic fiber market in a new publication titled “Acrylic Fiber Market: Global Industry Analysis and Opportunity Assessment, 2016 – 2026”.
Major demand for acrylic fiber is expected to come from Asia Pacific, Middle East & Africa, and Latin America over the forecast period and the global acrylic fiber market is projected to reach a market value of US$ 6,197.82 Mn by 2026 end, registering a CAGR of 3.6% over the forecast period.
The global acrylic fiber market is segmented on the basis of dyeing method, fiber form, blending, end-use and region. As the demand for acrylic fibers is stagnant in the developed economies of North America and Western Europe, significant opportunity for growth in the global acrylic fiber market lies in the regions of APEJ, Latin America, and Middle East & Africa.
Acrylic fibers possess good aesthetic properties owing to their capability to accept multi-colour dyes in clear, bright and muted tones. They impart natural aesthetics to fabrics as opposed to their nylon and polyester counterparts. Also, acrylic fibers have excellent resistance to ultraviolet degradation, weak alkalis, and microbiological attack.
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Due to such physical, chemical, and thermo-biological characteristics, acrylic fibers are becoming popular in their use by blending with other materials such as wool, cotton, polyester etc. Moreover, acrylic fibers are used in various end-use industries such as apparels, home furnishing etc.
With macroeconomic development of these end-use industries supported by regional GDP and population growth, the demand for acrylic fibers is further expected to increase, specifically in the Asia Pacific region over the coming years.
In addition, sporadic supply of wool and cotton at a global level is pushing manufacturers to blend acrylic fiber with wool and cotton for use in the manufacture of products such as blankets, sweaters, etc.
Upswing in acrylic fiber raw material prices is forcing manufacturers across the globe to use its substitutes such as polyester, nylon, cellulose etc. for various applications. These substitutes have economic advantage over acrylic fiber due to better raw material availability, large scale production, and recyclability. Owing to this, acrylic fiber manufacturers across the globe are facing significant challenges to sustain in the market.
Production units are terminating in developed regions such as U.S and Europe owing to strong inter-fiber competition, especially from polyester fibers. Moreover, U.S. and Europe are suffering under rising competition from Asian imports of acrylic fiber and its finished products. These factors are likely to restrain the growth of the global acrylic fiber market.
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Segmentation highlights
- Global acrylic fiber market is segmented on the basis of dyeing method, fiber form, blending, end-use and region. On the basis of dyeing method, the global acrylic fiber market is segmented into acid, gel, and undyed. The gel dyeing segment is estimated to register a CAGR of 3.8% over the forecast period. The gel dyeing segment is estimated to dominate the global acrylic fiber market, with 56.5% market revenue share, valued at US $ 2,450.99 Mn by 2016 end.
- On the basis of fiber form, the global acrylic fiber market is segmented into staple and filament. The staple fiber segment is estimated to dominate the global acrylic fiber market, with more than 61.37% market revenue share, valued at US $ 2,658.11 Mn by 2016 end.
- On the basis of blending, the global acrylic fiber market is segmented into wool, cotton, and others. The cotton blending segment is anticipated to register a CAGR of 3.7% over the forecast period.
- On the basis of end use, the global acrylic fiber market is segmented into apparels, home furnishing, industrial, and outdoor. The apparels end-use segment is projected to register a CAGR of 3.6% over the forecast period, creating significant incremental opportunity between 2016 and 2026.
Regional market projections
The global acrylic fiber market is segmented into seven key regions namely, North America, Western Europe, Eastern Europe, Asia Pacific excluding Japan (APEJ), Japan, Latin America, and Middle East & Africa. In terms of market value, the APEJ acrylic fiber market is projected to increase at a value CAGR of 4.4% over the forecast period.
While markets in Japan, U.S., and Europe are expected to register a below average CAGR. Growth in the APEJ acrylic fiber market is largely attributed to growing use of acrylic fiber for various applications along with macroeconomic growth of a population driven textile industry in the region.
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Vendor insights
Some key players in the global acrylic fiber market are Aksa Akrilik Kimya Sanayii A.Ş. (Aksa), Dralon, Aditya Birla Group, Jilin Chemical Fiber Group Company, TAEKWANG INDUSTRIAL CO. LTD., Exlan Japan Co. Ltd., Kaneka Corporation, Indian Acrylics Limited, Pasupati Acrylon Ltd., and Vardhman Acrylics Ltd.
Research and development is being carried out to improvise the properties of acrylic fiber by modifying its inherent characteristics. In order to compete with substitutes of acrylic fiber such as polyester and cellulose acetate fibers, key companies in the APEJ region have invested significantly in R&D initiatives.
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The post Acrylic Fiber Market is Anticipated to Reach US$ 6,197.82 Mn by 2026, Expanding at a CAGR of 3.6% during the Forecast Period appeared first on Future Market Insights.
