Global Acrylic Fiber Market Information-by Form (Staple, Filament), by Blending (Wool, Cotton, Others), by End Use (Apparel, Household Furnishing, Industrial) and by Region - Forecast till 2023
Pune, India - October 15, 2019 /MarketersMedia/ —
The Global Acrylic Fiber Market is expected to progress at a steady 1.38% CAGR over the forecast period from 2017 to 2023, according to the latest research report from Market Research Future (MRFR). The report predicts the Global Acrylic Fiber Market to reach a valuation of more than USD 5 billion by 2023.
The growing apparel industry could provide a steady boost to the Global Acrylic Fiber Market over the forecast period. Acrylic fibers are used in a wide variety of specialty industrial apparel due to their high electrical resistance, which is likely to remain a key application for the Acrylic Fiber Market over the forecast period. The growing industrial applications in Asia Pacific and other emerging regions could prove to be a valuable refuge for the Global Acrylic Fiber Market over the forecast period.
However, the Global Acrylic Fiber Market is on the decline due to the growing demand for substitutes that are more environmentally viable and more widely usable. Acrylic Fibers are made from polyacronitrile, a petroleum byproduct. The growing awareness about the scarcity of petroleum resources and the growing emphasis on finding solutions that satisfy both the need for the expansion of human endeavor and environmental requirements is likely to lead to a slow decline of the Acrylic Fibers Market over the forecast period and beyond.
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Competitive Analysis:
Leading players in the Global Acrylic Fiber Market include Aksa Akrilik Kimya Sanayii A.S., Jilin Qifeng Chemical Fiber Co. Ltd., Kaltex, Pasupati Acrylon Limited, Formosa Plastic Group, Polymir, Sinopec, Indian Acrylics Limited, Thai Acrylic Fiber Co. Ltd., and Dralon. Product innovations are likely to be a popular competitive strategy for players in the Global Acrylic Fiber Market over the forecast period.
The growing demand for alternatives is likely to be the dominant theme in the Global Acrylic Fiber Market over the forecast period. In April 2019, Qwstion, a Swiss maker of bags and other accessories, developed a yarn from the fibers of the banana plant, called Bananatex. The textile is already being used to produce bags. Such developments could hinder the global acrylic fibers market’s growth over the forecast period. Fluctuations in the prices of the fossil fuel-based raw materials of Acrylic Fibers could also be a major restraint on the Global Acrylic Fiber Market over the forecast period.
Segmentation:
The Global Acrylic Fiber Market has been segmented based on Form, Blending, End User and Region.
By Form, the Global Acrylic Fiber Market is segmented into staple and filament. The staple segment accounted for a share of more than two-thirds in the Global Acrylic Fiber Market in 2016 and is likely to remain the dominant revenue generator over the forecast period. The staple segment is expected to exhibit a strong 1.49% CAGR over the forecast period.
By Blending, the Global Acrylic Fiber Market is segmented into cotton, wool, and others. The wool segment is expected to account for the dominant share in the Global Acrylic Fiber Market, accounting for a valuation of USD 2.9 billion by the end of the forecast period. The wool segment is expected to exhibit a strong 1.43% CAGR over the forecast period.
By End Use, the Global Acrylic Fiber Market is segmented into apparel, household furnishing, industrial, and others. The apparel segment holds the dominant share in the Global Acrylic Fiber Market and is expected to account for a valuation of more than USD 3.8 billion by the end of the forecast period.
Regional Analysis:
Asia Pacific dominates the Global Acrylic Fiber Market due to the strong presence of the apparel industry in the region. The Asia Pacific market for Acrylic Fiber was valued at more than USD 2.8 billion in 2016 and is expected to exhibit growth at a robust CAGR of 1.61% over the forecast period. China is the leading producer of Acrylic Fibers in Asia Pacific and is likely to hold onto the mantle over the forecast period due to steady growth of the acrylics manufacturing sector in the country.
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