The global acrylic fibers market is estimated to be valued at US$ 6343.61 Mn in 2023 and is expected to exhibit a CAGR of 8.0% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.

SWOT Analysis

Strength: Acrylic fiber has several desirable properties like it is elastic, durable, stain resistant and affordable which makes it a popular fabric choice. It is synthetic in nature and not derived from animal sources which appeals to vegan customers. Due to its synthetic origin, it is less prone to damage from sunlight, moisture and dust mites compared to natural fabrics.

Weakness: Acrylic fiber is prone to pilling and fuzzing over time with use and cleaning. It cannot absorb moisture like natural fabrics and feels warm. Some users may also prefer natural fabrics over synthetic materials. The production of acrylic fibers involves the use of petroleum-based resources and chemicals which impacts the environment.

Opportunity: Growth of the clothing and apparel industry globally increases the demand for affordable synthetic fabrics. Acrylic fiber competes well on price against natural fibers like wool. New advancements in acrylic fiber technology can help reduce pilling and introduce moisture-wicking properties making it suitable for active and athletic wear. Rising fashion consciousness among millennials and gen Z presents an opportunity to market innovative acrylic blends.

Threats: Environmental regulations targeting synthetic fibers growth could impact the industry. Natural fibers like cotton and wool are increasingly popular due to sustainability reasons posing competitive threats. Economic slowdowns can negatively impact discretionary spending on clothing.

Key Takeaways

The Global Acrylic Fibers Market Size is expected to witness high growth over the forecast period aided by rising demand from apparel, home furnishing and industrial sectors. The global acrylic fibers market is estimated to be valued at US$ 6343.61 Mn in 2023 and is expected to exhibit a CAGR of 8.0% over the forecast period 2024 to 2031.

Regional analysis: Asia Pacific region accounts for over 50% of the global acrylic fibers market share led by China, India, Thailand and Vietnam. The region's large production capacity and growing middle-class population increases the disposable income available for clothing and home products. Southeast Asian countries continue investing in the fabric's manufacturing capacities to cater to the rising local and export demands.

Key players: Key players operating in the acrylic fibers market include Aditya Birla Management Corporation Pvt. Ltd., Aksa Akrilik Kimya Sanayii A.S, Dralon GmbH, Jilin Chemical Fiber Group Co., Ltd., Taekwang Industrial Co. Ltd., Exlan Japan Co. Ltd., Kaneka Corporation, Indian Acrylics Limited, Pasupati Acrylon Ltd. and Vardhman Acrylics Ltd. The market is quite concentrated with the top five firms holding over 50% share. Players compete based on product quality, innovation, production capabilities and geographic expansion.

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