Global Acrylic Fiber Market Research Report: Forecast (2024-2030)

Market Definition

Acrylic fibers, crafted from synthetic polymers primarily consisting of polyacrylonitrile, boast an average molecular weight of approximately 1,000,000 units, equivalent to nearly 1,900 monomer units. These fibers demonstrate remarkable resilience against UV degradation, microbial growth, bleaching agents, and mild alkalis. Renowned for their exceptional stability, elasticity, and low density, acrylic fibers find extensive applications in the apparel manufacturing industry.

Market Insights & Analysis: Global Acrylic Fiber Market (2024-30):

The Global Acrylic Fiber Market size is estimated at around USD 2.65 billion in 2024 & is expected to grow at a CAGR of around 3.5% during the forecast period, i.e., 2024-30.  The acrylic fiber industry is experiencing substantial growth & expansion driven by increasing demands within the textiles and apparel industries and the rising adoption of sustainable production methods utilizing innovative technology. The acrylic fiber offers better washability, UV resistance, and microbial attack resistance. Additionally, these fibers are available in various colors and provide resistance to shrinkage, unlike cotton and other natural fibers. According to the research conducted by academic institutes, the acrylic fibers shirk only 1.5% when treated with boiling water for 30 minutes. Owing to these unique attributes of the fibers, the top apparel companies are using acrylic fibers to make different clothing, fueling the Global Acrylic Fiber Market growth.

Moreover, the cost of natural fibers is relatively greater than that of acrylic fibers. According to East Asia Textile Technology Ltd., the price of acrylic fiber lies within the range of USD2-3/kg, whereas the cost of wool is more than USD8/kg. The low price of acrylic fibers is compelling the local apparel manufacturers to use these fibers to produce & sell garments company at significantly lower costs. Additionally, several top companies are seeking ways to reduce overall garment costs to attract more consumers. However, the costly raw materials previously used by the manufacturers accounted for the higher cost of garment manufacturing. According to the Online Clothing Study, around 60%-70% of the total garment costs are due to the expensive raw materials & fabric. Therefore, the top market players are increasingly using acrylic fibers to minimize their overall production costs & garment costs.

Additionally, the top companies are actively investing in Research and Development (R&D) to enhance the features and develop high-quality acrylic fiber. These strategic initiatives would result in the development of acrylic fibers with unique & advanced properties. As a result, several apparel manufacturers would continue to use these acrylic fibers to introduce their new apparel range, enlarging the Global Acrylic Fiber Market size.

Global Acrylic Fiber Market Driver:

Flourishing Apparel Industry to Augment Market Growth – The apparel industry across the world is being fueled by various factors, such as fast fashion and fluctuating financial situations. The consumption of clothing in emerging economies has increased rapidly due to a surge in GDP growth, especially observed in developing countries like China and India, which are investing heavily in their markets. Government schemes for textile manufacturing, like production-linked incentives, have been implemented by nations including India, which help boost manufacturing capabilities.

In 2022, Chinese textile companies had an incredible increase in profits of 25.5%, while also breaking records with garment exports valued at USD 315 billion. Thus enhancing its potential market value even further. The global apparel sector shows continued positive incremental growth projections where levels will hit peak values exceeding the USD 2.9 trillion mark, expanding up to rates of around 3-8% annually in the coming years. Therefore, the growing apparel industry leads to a higher demand for acrylic fiber.

Global Acrylic Fiber Market Challenge:

Availability of Substitutes for Acrylic Fibers Impeding Market Growth – A significant market challenge for acrylic fiber lies in the plethora of substitutes readily available in the synthetic fiber market. With alternatives like polyester, polyamide, and polypropylene dominating the industry, acrylic fiber faces stiff competition. Polyester, in particular, boasts widespread usage globally due to its robustness, lightweight nature, and excellent dye retention. Textile Exchange data highlights polyester's dominance, commanding a staggering 52% market share in 2020, while acrylic fiber lagged significantly behind at just 1.6%. Hence, the primary hurdle for the acrylic fiber market in the forecast period is navigating through the abundance of substitute options vying for market attention.

Global Acrylic Fiber Market Trend:

Rise in E-Commerce for the Furniture & Upholstery Industry Changing Market Dynamics – The furniture and upholstery sector is driving significant growth in the Global Acrylic Fiber Market, largely due to the rise of e-commerce. This offers consumers unparalleled convenience and accessibility when browsing or purchasing related products. Additionally, with stay-at-home practices and social distancing becoming prevalent amidst current circumstances, online sales have soared. As per the India Brand Equity Foundation (IBEF), by 2030, roughly 37% of retail demand in India will be delivered via online channels, accounting for around 4%. Furniture & upholstery have occupied a substantial market share in recent years.

Moreover, investments are increasing within this industry due to escalating preferences for eco-friendly goods that can adapt as workspaces evolve, making it look optimistic for the acrylic fiber market's future.

Global Acrylic Fiber Market (2024-30): Segmentation Analysis

The Global Acrylic Fiber Market study of MarkNtel Advisors evaluates & highlights the major trends and influencing factors in each segment. It includes predictions for the period 2024-2030 at the global level. According to the analysis, the market has been further classified as:

Based on Blend:

• Acrylic-Wool
• Acrylic-Viscose
• Acrylic-Nylon
• Acrylic-Cotton
• Others (Cellulose, Rayon, etc.)

The acrylic-wood blend segment dominates the acrylic fiber industry, holding the largest market share. Acrylic fibers are frequently combined with various other fibers, such as wool, nylon, and cotton, to amplify their characteristics and yield more resilient fibers. Acrylic wool blends offer exceptional durability, washability, and resistance to shrinkage, among other qualities, making them highly sought after, particularly in the production of sportswear and circular knitted textiles. With wool being the favored animal fiber, boasting a total production of 1 million tons in recent years, according to Textile Exchange, advancements in wool production, including initiatives like the Responsible Wool Standard (RWS), have further bolstered this segment.

Notably, RWS-certified wool accounted for 25.5% of the global wool market share in 2022. Among these, wool stands out, generating approximately 47% (USD 1.9 billion) of income in 2022. The innate ability of wool to bounce back from distortion over time underscores its allure, rendering garments crafted from these fibers highly appealing. Moreover, with Textile Exchange reporting a production of 1.03 million tons of woolen fiber in 2021, a steady increase is anticipated in the coming years as well.

Based on End-Use Industry:

• Textiles & Apparel
• Furniture & Upholstery
• Industrial
• Building & Construction
• Automotive
• Others

The acrylic fiber industry is set to experience significant growth, largely attributed to the textile and apparel industry, which currently holds the largest market share. Forecasts predict a substantial increase in this sector's expansion in the upcoming years. Acrylic fibers are essential components for furnishing fabrics due to their durability against moths, oils, and chemicals, as well as their softness and lightweight nature. They can also be formed into staple lengths after being initially produced as filaments by spinning them into yarns during manufacturing processes where versatility reigns supreme. Additionally, these fibers possess excellent moisture-wicking properties that make them highly sought-after materials suitable for activewear or outdoor clothing purposes. Moreover, Business Finland forecasts anticipate global revenues from high-end fashion production reaching USD 2.85 trillion by 2025, bringing forth another wave of demand surge within the forecast period. This results in wider market extension opportunities for acrylic fiber suppliers worldwide.

Global Acrylic Fiber Market (2024-30): Regional Projections

Geographically, the Global Acrylic Fiber Market expands across:

• North America
• South America
• Europe
• The Middle East and Africa
• Asia-Pacific

Throughout the forecast period, the Asia-Pacific Acrylic Fiber Market is set to maintain its dominant position, fueled by key factors such as increased urbanization, novel applications for acrylic fibers, and online fashion retailing. China continues to lead in terms of market share, but substantial growth within India's acrylic fiber sector can be expected. The region holds a commendable 38% share of global trade due greatly to expansion within textile industries across nations like Australia, Korea, Malaysia, and most notably China and India, where GDP and export earnings have reaped significantly from this industry. In FY2021 alone, it was estimated that India produced close to 2.5 million metric tons of synthetic resin, with both countries continuing on an upward trajectory toward further expanding their respective markets, particularly through successful investments in textiles.

Global Acrylic Fiber Industry Recent Development:

• 2024: Reliance Industries Limited (RIL) announced the launch of Ecotherm, an acrylic fiber product that has completely transformed the textile industry, and offered a sneak peek at the Circular Design Challenge's (CDC) global growth. The distinguished "Reliance Sourcing Solutions Pavilion" at BharatTex 2024 is the site of this launch of innovative acrylic fiber.
• 2022: Thai Acrylic Fiber Co. Ltd. (TAF) unveiled its latest initiative with the launch of a groundbreaking film advocating for the recycling of pre-consumed acrylic fibers as a pivotal waste management strategy within the textile and garment industry. Introducing their newest fiber brand, Regel Fiber, TAF champions the use of recycled acrylic fibers as a sustainable solution, emphasizing its role in tackling waste generated by the clothing sector and promoting a greener approach to manufacturing.

Gain a Competitive Edge with Our Global Acrylic Fiber Market Report

1. Global Acrylic Fiber Market Report by MarkNtel Advisors provides a detailed & thorough analysis of market size & share, growth rate, competitive landscape, and key players. This comprehensive analysis helps businesses gain a holistic understanding of market dynamics & make informed decisions.
2. This report also highlights current market trends & future projections, allowing businesses to identify emerging opportunities & potential challenges. By understanding market forecasts, companies can align their strategies & stay ahead of the competition.
3. Global Acrylic Fiber Market Report aids in assessing & mitigating risks associated with entering or operating in the market. By understanding market dynamics, regulatory frameworks, and potential challenges, businesses can develop strategies to minimize risks & optimize their operations.