May 22, 2024
Acrylic Fibers Market

Acrylic Fibers Market is Estimated to Witness High Growth Owing to Rising Demand From Apparel Industry

The acrylic fibers market is anticipated to grow at a substantial pace due to its increasing demand from the apparel industry. Acrylic fibers find wide usage in clothing due to their advantages like affordability, resilience, and stain resistance. The synthetic fiber is highly preferred in knitwear, winter clothing, and sportswear. Rising consumer spending on fashion products along with the expanding middle-class population in developing regions is a key factor boosting demand in the global market.

The Global acrylic fibers market is estimated to be valued at US$ 6343.61 Mn in 2024 and is expected to exhibit a CAGR of 8.0% over the forecast period 2024 to 2031.

Key Takeaways

Key players operating in the acrylic fibers market are 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), Wuxi AppTec, inVentiv Health (now Syneos Health), PAREXEL International (now part of PPD), Accenture, Cognizant.

The key opportunities in the Acrylic Fibers Market Size include increasing initiatives by manufacturers for sustainable acrylic fiber production and rising adoption in geotextiles, carpets, and filtration applications.

The manufacturers are focused on tapping opportunities in developing regions like Asia Pacific and Latin America owing to rising income levels, growing population, and expansion of end-use industries in these regions.

Market drivers

The rising demand from the apparel industry remains the major driver for the acrylic fibers market. Increasing consumer spending on fashion clothing along with the expansion of the affordable apparel segment is further propelling the demand. Additionally, the favorable properties of acrylic fiber like affordability, softness, resilience, and stain resistance quality are augmenting its preference over other synthetic fabrics.

PEST Analysis

Political: The Acrylic Fibers market is regulated by various government regulations and standards regarding production and usage. Any changes in trade policies and environmental norms can impact the market.

Economic: The global economic growth and changes in GDP of countries impact the demand for acrylic fibers from various end-use industries like apparel, home furnishing, etc. Rise in disposable incomes increases spending on clothing and interior textiles.

Social: Changing lifestyle and fashion trends influence the demand for different fabric types including acrylic fibers. Rise in health awareness increases preference for breathable and insulating fabrics made using acrylic fibers.

Technological: Developments in fiber spinning technologies help produce acrylic fibers with improved properties and new application areas. Advances in production processes aid in reducing manufacturing costs.

Geographical regions where market in terms of value is concentrated:

Asia Pacific region holds the largest share of the global acrylic fibers market in terms of both production and consumption. China is the world’s leading producer and consumer of acrylic fibers owing to large textiles industry. Other Asian countries like India, Japan, Indonesia and South Korea also substantially contribute to the regional market share.

Fastest growing region for Acrylic Fibers market:

The Middle East & Africa region is expected to witness the highest CAGR in the acrylic fibers market during the forecast period. This is attributable to growing textile industries in countries like Turkey, Egypt and UAE. Rising incomes, construction activities and changing lifestyles are augmenting the demand for acrylic fibers and associated applications in this region.

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