The Lucrative Acrylic Fibers Market: Forecast to
Garner US$ 5,294.3 Mn by 2022

Market Overview:

The Acrylic Fibers Market is projected to reach a valuation
of US$ 5,294.3 Mn in 2022, with a steady compound annual growth rate (CAGR) of
4.01% over the forecast period (2023-2030). Acrylic fibers find extensive usage
in various industries due to their excellent properties such as high
durability, lightweight, and resistance to sunlight and chemicals. These fibers
are widely employed in the textile industry for the production of clothing,
blankets, carpets, and upholstery. Furthermore, acrylic fibers also have applications
in the automotive, construction, and industrial sectors. The demand for acrylic
fibers is expected to surge owing to the increasing awareness about their
benefits and their cost-effectiveness as compared to natural fibers like wool
and cotton.



Market Dynamics:

The Acrylic Fibers Market is driven by several factors that contribute to its
growth. Firstly, the expanding textile industry creates a substantial demand
for acrylic fibers, as they offer superior quality and longevity in textile
production. Additionally, the booming automotive sector is also expected to
drive the market, as acrylic fibers are used in the manufacturing of automotive
interiors such as seat covers and carpets. Other key drivers include the
growing construction industry, where acrylic fibers are widely used for
insulation purposes. With advancements in technology and increasing investments
in research and development, the market is poised for remarkable growth in the
coming years.

Market Key Trends:

The key trend in the global acrylic fibers market is the
increasing demand for sustainable and eco-friendly fibers. With growing
concerns regarding environmental impact and sustainability, there is a shift
towards the use of acrylic fibers as a substitute for other synthetic fibers.
Acrylic fibers are recyclable and can be produced using fewer resources
compared to other synthetic fibers. This trend is driven by consumer demand for
sustainable textiles and the implementation of stringent environmental
regulations by governments. Manufacturers are focusing on developing innovative
and eco-friendly acrylic fiber products to cater to this demand and gain a
competitive edge in the market.



SWOT Analysis:

Strength: Acrylic fibers offer several advantages such as
excellent resistance to sunlight, chemicals, and weathering, as well as good
elasticity and durability. These properties make them suitable for a wide range
of applications, including textiles, carpets, and industrial fabrics.



Weakness: One major weakness of acrylic fibers is their poor resistance to
heat. They tend to melt at relatively low temperatures, limiting their use in
high-temperature applications.



Opportunities: The growing textile industry in emerging economies presents a
significant opportunity for the acrylic fibers market. The increasing
population and rising disposable incomes in these regions are driving the
demand for textiles, which is expected to boost the demand for acrylic fibers.



Threats: The volatility in raw material prices, particularly the prices of
propylene and acrylonitrile, poses a threat to the acrylic fibers market.
Fluctuations in these prices can significantly impact the production cost of
acrylic fibers and affect the profitability of manufacturers.



Key Takeaways:

The global
acrylic fibers market is expected to witness high growth, exhibiting a
CAGR of 4.01% over the forecast period of 2023 to 2030. This growth is
primarily driven by the increasing demand for sustainable fibers and the
growing textile industry in emerging economies.



In terms of regional analysis, Asia Pacific is expected to be the
fastest-growing and dominating region in the acrylic fibers market. The region
is witnessing rapid industrialization, urbanization, and a rising middle-class
population, which is driving the demand for textiles. Moreover, the presence of
major textile manufacturing countries like China and India contributes to the
growth of the acrylic fibers market 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 focusing on product innovation, strategic partnerships, and mergers
and acquisitions to strengthen their market position and expand their customer
base.

Read More:

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