Acrylic Fiber Market to Rise from USD 4.25 Billion in 2023 to USD 5.68 Billion by 2032, with a CAGR of 3.7% from 2023 to 2032 – Report by Market Resea

New York City (United States), June 27th, 2023 (Global News Release) -- A Summary of the Acrylic Fiber Market.

Based on a detailed research report by Market Research Future (MRFR), titled "Forecast of the Acrylic Fiber Market By Form, Blending, End-Use, and Region till 2032", it is projected that the Acrylic Fiber market will witness significant growth. The market value is expected to increase from USD 4.25 Billion in 2023 to USD 5.68 Billion by 2032, with a growth rate of 3.7% during the period from 2023 to 2032.

Acrylic fibers, a type of man-made fiber, primarily consist of polyacrylonitrile and a comonomer. To be classified as "acrylic," a synthetic fiber must have a minimum of 85% acrylonitrile monomer. Acrylic fibers often include comonomers like vinyl acetate and vinyl bromide. The growing e-commerce industry for furniture and upholstery, along with the increasing demand for textile and apparel, is greatly contributing to the flourishing market of acrylic fiber.

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Prominent businesses in the market are investing a considerable amount of money in research and development in order to grow their manufacturing facilities and range of products. This will contribute to the growth of the worldwide market. Notable progress includes the introduction of new product ranges, contractual agreements, consolidations, financial investments, increased spending, and partnerships with other organizations. Market players are also employing various strategic methods, whether through natural means or acquisitions, to enhance and broaden their presence.

the leading players in the acrylic fiber sector.

Explore the extensive market study report (94 pages) on Acrylic Fiber: https://www.marketresearchfuture.com/reports/acrylic-fiber-market-2125

Since ancient times, people have been using wool for making clothes. Wool has unique features such as resistance to wrinkles, absorption of moisture, and providing warmth. One important quality of wool is its ability to regain its shape after being stretched or deformed, which makes it highly desirable for making clothing. As a result, various types of apparel like sweaters, hoodies, boots, hats, gloves, sportswear, carpets, blankets, roller brushes, upholstery, rugs, protective clothing, wigs, and hair extensions are now produced using fabrics made entirely from wool.

Blends of wool and acrylic, which are widely favored, are primarily composed of acrylic fiber. Circular knit items are crafted using a blend of 45% acrylic and 55% wool fiber. Sportswear that boasts features such as easy maintenance, resilience, long-lasting appearance, trendy colors, and comfort primarily consists of this blend.

Different combinations of acrylic wool are widely used globally to meet various needs. One of the well-liked blends is the 50/50 and 70/30 varieties, which are not only affordable but also visually appealing and easy to handle. The 50/50 combination, for instance, is commonly used to create lightweight clothing that offers exceptional durability and retains its shape. On the other hand, slacks are often made from a 70/30 blend of wool and acrylic. According to TextileExchange.org, the production of wool fiber reached approximately 1.03 million tons in 2021, indicating a potential growth in the market for acrylic fiber within the wool industry.

In developing countries across the Asia Pacific region, there will be a significant rise in the demand for acrylic fiber. China, which accounts for over 30% of the global production of acrylic fibers, stands at the forefront as the leading manufacturer of these fibers. Over the years, China's textile sector has witnessed substantial growth due to the increasing demand from both domestic and international markets, specifically from ASEAN countries, Europe, the United States, and Japan.

China's acrylic fiber exports find their way to prominent countries like Iran, India, Vietnam, Pakistan, and the United Arab Emirates. Moreover, China also imports acrylic fiber from nations such as Japan, Germany, Thailand, South Korea, and Turkey.

In 2021, China brought in 75,000 metric tons of acrylic fiber, showing a growth of 10.3% compared to the 68,000 metric tons imported in 2020. The main reason for this rise, accounting for approximately 7,800 tons between March and May, can be attributed to an increase in demand. This demand is largely driven by the use of acrylic fibers in the manufacturing of clothing and home furnishings.

China dominates the global textile industry, generating the highest amount of textiles and shipping them to various countries. In terms of value, China's textile exports comprise approximately 43% of the global market. This immense presence in the textile industry is expected to fuel the demand for acrylic fibers in China. Consequently, the projection indicates that the Chinese apparel sector's growth will further contribute to the increasing demand for acrylic fibers in China within the forecasted timeframe.

The existence of choices such as polyester, polyamide, and polypropylene within synthetic fibers might restrict the expansion of the acrylic fiber industry during the expected duration.

The COVID-19 pandemic had a negative impact on various industries, including the acrylic fiber business. Governments worldwide implemented lockdown measures, causing many factories and production facilities to close down. As a result, the supply chain was greatly disrupted. According to Textile Exchange, global fiber production decreased from 111 million metric tons in FY 2019 to 109 million metric tons in FY 2020. This represents a 1.8% decline in the manufacturing of fibers, including acrylic fiber and other synthetic fibers. It is worth noting that this is the first time in the past 20 years that there has been a decrease in the demand for fibers.

The market division for acrylic fiber consists of two categories: staple and filament, which differ in their form. In the year 2022, the staple segment took the lead in the market, accounting for 70% of the total share valued at USD 2.9 billion. The reason behind this is the growing utilization of staple types of acrylic fiber in various industries. Due to their short length, staple fibers need to be twisted together in order to form a continuous yarn, thereby driving the overall demand in the market.

The acrylic fiber market is divided into different categories such as wool, cotton, and other materials, based on the process of blending. In the year 2022, the wool category generated the highest income, amounting to 47% or approximately USD 1.9 billion. The remarkable quality of wool lies in its ability to regain its original shape even after being deformed over time. This makes clothing made from wool fibers highly sought after.

The Acrylic Fiber market is divided into different categories based on how the products are used. These categories include clothing, household items, and industrial goods. The clothing category is the leading segment, contributing to 54% of the market share, which is equivalent to USD 2.21 billion in 2022. The popularity of acrylic fiber in the clothing industry is the main reason for this dominance. As the demand for acrylic fiber increases in the future, the household furnishings segment is also expected to grow steadily.

In the upcoming period, the Asia-Pacific area will take the forefront in the worldwide market. This is due to the increase in urban households, innovative applications of these fibers, and expanded clothing sales facilitated by the remarkable expansion of the internet-driven fashion sector. Moreover, China maintains its position as the frontrunner in the regional market, while the Indian market is set to experience the swiftest growth in the coming years.

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