Acrylic Fibers Market Is Estimated To Witness High Growth Owing To Increasing Demand for Lightweight and Durable Fabrics
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Acrylic Fibers Market |
The global Acrylic Fibers Market is estimated to be valued at US$5,294.3 Mn in 2022 and is expected to exhibit a CAGR of 4.01% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Acrylic fibers are synthetic fibers made from a polymer of
propylene, which provides them with properties such as lightweight, durability,
resistance to UV rays, and excellent color retention. These fibers are widely
used in the textile industry for the production of various garments, home
textiles, and industrial fabrics. The advantages of acrylic fibers include high
strength, excellent insulation properties, resistance to chemicals, and
cost-effectiveness. The growing demand for lightweight and durable fabrics in
industries such as automotive, aerospace, and sporting goods is driving the
market growth. Additionally, the increasing popularity of acrylic fibers in the
fashion industry due to their versatility and ability to mimic the properties
of natural fibers is further fueling the market growth.
Market Key Trends:
One key trend observed in the acrylic fibers market is
the growing demand for eco-friendly acrylic fibers. With increasing
environmental concerns, there is a rising preference for sustainable and
eco-friendly products in the textile industry. Acrylic fibers are known for
their synthetic nature and non-biodegradable properties. However, manufacturers
are now focusing on developing eco-friendly acrylic fibers by using recycled
materials and improving the biodegradability of the fibers. This trend is
driven by the need to reduce the carbon footprint of the textile industry and
meet the growing demand for sustainable fashion. Furthermore, government
regulations and initiatives promoting sustainability are also supporting the adoption
of eco-friendly acrylic fibers in the industry.
Overall, the acrylic fibers market is witnessing high growth due to the
increasing demand for lightweight and durable fabrics, as well as the growing
trend towards eco-friendly products in the textile industry.
PEST Analysis:
Political: The political factors influencing the acrylic fibers market include
trade policies, regulations, and government support. For example, government
initiatives to promote domestic manufacturing and reduce dependence on imports
can impact the market.
Economic: The economic factors affecting the market include GDP growth,
inflation rates, and disposable income. Economic stability and growth can
increase consumer spending on textiles and drive market growth.
Social: The social factors influencing the market include changing fashion
trends, consumer preferences, and increased awareness about sustainable and
eco-friendly products. Growing demand for clothing made from recycled materials
can drive the adoption of acrylic fibers.
Technological: Technological factors include advancements in manufacturing
processes, automation, and digitalization. Innovations in acrylic fiber
production can lead to improved quality and reduced costs, driving market
growth.
Key Takeaways:
The global
acrylic fibers market is expected to witness high growth, exhibiting a
CAGR of 4.01% over the forecast period. This growth can be attributed to
increasing consumer demand for clothing and textiles, particularly in emerging
economies. Rising disposable income and urbanization contribute to the market
expansion.
In terms of regional analysis, the Asia Pacific region is projected to be the
fastest-growing and dominating market for acrylic fibers. This can be
attributed to the presence of key textile manufacturing countries like China,
India, and Bangladesh. The region's growing population, rising disposable
income, and favorable government policies contribute to market growth.
Key players operating in the acrylic fibers market include Aksa Akrilik Kimya Sanayii
A.S. (Aksa), Dralon, Aditya Birla Group, Jilin Chemical Fibre Company, Taekwang
Industrial Co., LTD, Exlan Japan Co., Ltd., Kaneka Corporation, Indian Acrylics
Limited, Pasupati Acrylon Ltd., and Vardhman Acrylics Ltd. These players have
considerable market share and contribute to the market's competitive landscape.
In summary, the acrylic fibers market is expected to grow significantly due to
political and economic factors, along with social and technological
advancements. The Asia Pacific region is projected to be the key market for
acrylic fibers, and several key players operate in this market.
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