Market Research Future (MRFR) analyzed the global acrylic fiber market 2020 across the review period till 2023. The acrylic fiber market can expand at 3.7% CAGR between 2021 and 2030. By 2030, the acrylic fiber market can value at USD 5,000 Million. The growth of the acrylic fiber market can be attributed to the increase in number of production textile looms across developing countries. The increase in global population and rapid urbanization are playing significant role in expansion of the textile industry. These are expected to impact the acrylic fiber market in the near future. The introduction of new fashion trends and improving economic conditions, influencing consumers’ purchasing decision, can support the market rise. On the downside, stringent regulations for textile production, price volatility of feedstocks, and issues with demand and supply can restrict the market expansion in the review period. Newly developed alternatives of acrylic fiber can add to these market challenges. However, increasing usage of acrylic fiber and rise in its sales can counter the market slow-down.
Acrylic Fiber Market Segment
The segment study of the worldwide acrylic fiber market is based on form, blending, and end-user. The form-based segments of the acrylic fiber market are staple and filament. The filaments segment can earn high profit for the market by end of the assessment tenure. The blending-based segments of the acrylic fiber market are wool, and cotton among others. The growing demand for cotton products can add to the market upsurge. The end-user-based segments of the acrylic fiber market are apparel, industrial, and household furnishing among others. The household segment can earn decent revenue for the market. The industrial segment can thrive at the highest CAGR by 2023.
Regional Study
In Asia Pacific, the acrylic fiber market can rise at high growth pace. Increase in urban households’ applications and rise in the number of new applications of acrylic fibers can augment sale in garments and apparels. The gradual expansion of online fashion market across India, South Korea, and Taiwan can favor expansion of the acrylic market in the APAC region. The rise in consumption of the acrylic fiber in the region can favor market surge. In Europe, the acrylic fiber market can secure decent market share, following Latin America. In Middle East Asia, the rise in applications of the various types of fibers, such as; silk, cotton, wool, viscose, and nylon among others.
In regions, such as; India, South Africa, and Brazil, the market can thrive due to abundance of natural resources present in these regions and the existence of cost-competitive labor force. The availability of other types of natural resources that are used in the making of these fibers can also earn support the market rise in these regions. Markets in the emerging economies can witness rapid expansion of acrylic fiber due to cost-effective and easy and production processes. MEA acrylic fiber market can rise at steady pace.
Acrylic Fiber Market Key Players
Thai Acrylic Fiber Co.Ltd., Aksa Akrilik Kimya Sanayii A.Ş. (Aksa), Formosa Plastic Group Dralon, JILIN QIFENG CHEMICAL FIBER CO.LTD, Kaltex, Pasupati Acrylon Limited, Indian Acrylics Limited, SINOPEC, and Polymir are some renowned players in the global acrylic fiber market that are studied by MRFR to gain insights on the growth dynamics of the market. The key players analysis includes information associated with revenue and segmental share of these players. SWOT, geographical income, new product launch, growth strategies, latest R&D initiatives, and M&A activities concerning these marketers are discussed in the report.
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