Acrylic Fiber Market Growth, Analysis, Size, Trends, Emerging Factors, Demands, Key Players, Emerging Technologies and Potential of Industry Till 2029
The global acrylic fiber market size is anticipated to grow substantially owing to the rising demand for apparel from the fashion industry. This information is published by Fortune Business Insights in its report, titled “Acrylic Fiber Market, 2022-2029“. These are polymer-based synthetic fibers, primarily polyacrylonitrile. UV destruction, microbial outbreaks, bleaching agents, and weak alkalis are all resistant to them. For its great stability, flexibility, and low specific mass, it is widely utilized in the apparel industry.
COVID-19 had a negative impact on the market in 2020, as the pandemic caused businesses, products, and manufacturing facilities to close down, resulting in minimal economic activity. Furthermore, as the price of acrylonitrile, a significant element of acrylic fibers has risen around the world during the pandemic, profit margins have shrunk, forcing producers to cut operating rates or shut down acrylic fiber manufacturing facilities entirely.
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Based on form type the market for acrylic fiber is segmented into staple fiber and filament fiber. By application, the market is classified into apparels, household furnishings, industrial, and others. Based on geography, the market is divided into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
What Does the Report Contain?
The insights in the report are based on primary and secondary research to come to authentic conclusions. The analysis is based on industry-wide data and market projections are estimated by our in-house experts. The data is classified on various bases and each segment meticulously studied to give strategies based on market dynamics. The indispensable guidance provided by our experts is beneficial for the new entrants to the market. The guidance includes business priorities, pricing, prominent business models, challenges, potential business expansion opportunities, and much more. This report is not only beneficial for the new entrants or business holders of the market but also for the investors in this product.
Drivers & Restraints
Rising Demand for Cost-effective Apparels to Propel Growth
The acrylic fiber market growth is due to rising demand for apparels from the fashion industry. The fiber is in high demand due to its exceptional qualities such as wash ability, UV resistance, microbial assault resistance, color availability, and shrinkage resistance. Moreover, various factors such as rising standards of living, rapid urbanization, and substantial influence of the entertainment industry are inculcating the demand for such fashion items.
In addition to this, the wide range of products with different colors, sizes, shapes, designs, and others are significantly attracting the preference of fashion icons, models, social media influencers, fashion bloggers, and others.
Fashion Hotspot of Europe to Aid Market Growth
Europe is projected to hold a considerable acrylic fiber market share in the foreseeable future. This is due to the large presence of prominent players in the region. In addition to this, fashion hotspots in the region such as France attract fashion enthusiasts from all over the world for various fashion events. For example, in May 2020, according to European Union, the sales volume of textile items, clothing, and footwear exhibited a whopping 130.7% increase than in May 2019. These factors prominently influence the market growth in the region.
Asia-pacific is anticipated to experience fast growth in the forthcoming years. This is due to the high consumption of cost-effective clothing professional and casual outfits.
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Collaboration of Small and Large Scale Producers to Gain Mutual Growth
The prominent players of the market are developing new designs in accordance with changing fashion styles. Moreover, the prominent players of the acrylic fiber industry are also collaborating with small businesses for production purposes at a lower cost. The small-scale producers, as well as the large-scale ones, are also concentrating on producing sustainable products to benefit the environmental cause. Small businesses are also experimenting with various distribution channels to gain substantial penetration in the market.
List of Key Players Profiled in the Market:
- Bayer AG
- Indian Acrylics Ltd
- Toray Industries
- Sterling Fibers Inc.
- Aditya Birla Chemicals
- Pashupati Acrylon
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