June 18, 2024
Acrylic Fibers Market

The Growth of Acrylic Fibers Market is Driven by Increased Demand in Apparel Industry

Acrylic fibers are synthetic fibers made from polyacrylonitrile or modified polyacrylonitrile, containing more than 85% acrylonitrile units. They are known for their wool-like feel, easy care properties, and crease resistance. Acrylic fibers have gained huge popularity in apparel and fabrics since their development owing to their attributes such as excellent insulation, durability, easy dyeing, and low production costs. They provide warmth without bulk and retain their softness even after multiple washings. These fibers mimic natural fibers like wool but are less expensive to produce. The apparel industry has witnessed increased use of acrylic fibers in sweaters, socks, hats, gloves, blankets, and other garments due to rise in demand for affordable yet high-quality fabrics. The global acrylic fibers market demand has been further augmented with their extensive usage in home furnishing products such as curtains, upholstery, and blankets.

The global acrylic fibers market is estimated to be valued at US$ 6,343.61 Mn in 2024 and is expected to exhibit a CAGR of 8.0% over the forecast period 2024 to 2031.

Market Key Trends:

One of the key trends driving growth in the acrylic fibers market is the increasing substitution of conventional petroleum-based fibers. Acrylic fibers provide an eco-friendly alternative as they are derived from acrylonitrile which is produced from unrenewable raw materials such as propylene and ammonia. Their production involves lower energy consumption and less hazardous waste generation compared to petrochemical fibers such as polyester. This has boosted their adoption among leading apparel brands focusing on sustainability. Another major trend is the development of new grades of acrylic fibers engineered for specific properties such as wrinkle resistance, thermoregulation, enhanced softness, water absorption, and ultraviolet protection. This varied product range has expanded acrylic fiber applications into newer areas including geotextiles, filtration fabrics, and insulating materials positively impacting the market.

Porter’s Analysis

Threat of new entrants: Low capital requirements and available raw materials make the entry of new players possible. However, established players have significant brand recall and economies of scale.

Bargaining power of buyers: Buyers have moderate bargaining power due to the availability of substitutes. However, established brands offer value through consistent quality.

Bargaining power of suppliers: Acrylic fiber producers have moderate bargaining power due to the availability of raw material substitutes. However, regulations ensure fair practices.

Threat of new substitutes: Substitutes like polyester and nylon fibers pose a threat. However, acrylic fibers’ value proposition through attributes like low cost and easy washability ensures demand.

Competitive rivalry: Intense competition exists amongst established brands.

Key Takeaways

The Global Acrylic Fibers Market Demand is expected to witness high growth. The global acrylic fibers market is estimated to be valued at US$ 6,343.61 Mn in 2024 and is expected to exhibit a CAGR of 8.0% over the forecast period 2024 to 2031.

Asia Pacific dominates the market owing to high production and consumption in China and India. North America is expected to be the fastest growing region driven by demand from the textile and apparel industries.

Key players 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) are some leading players in the pharmaceutical contract manufacturing market. Charles River Laboratories International Inc., Syneos Health, Pharmaceutical Product Development, LLC (PPD) hold significant market share.

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