The global acrylic fibers market represents a highly productive synthetic fiber with exceptional properties such as comfort, durability, vibrant colors along with the ability to imitate several natural fibers including wool and cotton. Used extensively across apparel, home furnishing and industrial fabrics, acrylic fibers provide affordability along with wrinkle and stain resistance as compared to natural alternatives. The growing demand for affordable and easy to maintain clothing along with increased consumer spending on fashion apparel in developing nations is fueling the demand of acrylic fibers.
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 from 2024 to 2031.
Key Takeaways
Key players: 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.
Growing demand: The Global Acrylic Fibers Market Demand for acrylic fibers is increasing significantly owing to rising spending on fashion clothing and changing preferences towards stylish and comfortable fabrics among millennial population. Acrylic fibers are widely used in fabrics for socks, sweaters, blankets owing to properties like moisture wicking and thermoregulation.
Global expansion: Key acrylic fiber producers are expanding their manufacturing footprint across Asia Pacific and Middle East & African regions to cater to the growing demand. China represents the largest producer and consumer of acrylic fibers owing to established textile industry. Other Asian countries like India and Vietnam are also emerging as key markets.
Market key trends
One of the key trends gaining traction in the Acrylic Fibers Market is the rising preference for specialty and performance acrylic fibers. Owing to superior physical and chemical properties, specialty acrylic fibers are increasingly used in geotextiles, automotive textiles, filtration fabrics. Rising demand for lightweight and quick drying sportswear and outdoor apparel is further propelling the demand of performance acrylic fibers.
Porter’s Analysis
Threat of new entrants: The acrylic fibers industry requires huge investments in machinery and production facilities. Moreover, established players have strong brand names and economies of scale which make it difficult for new players to enter the market.
Bargaining power of buyers: There are many established players in the acrylic fibers market supplying globally. However, the presence of substitute products like cotton and polyester fibers limits the bargaining power of buyers.
Bargaining power of suppliers: Raw material suppliers have moderate bargaining power due to availability of close substitutes and less product differentiation. Industry players can source raw materials from different geographies to avoid dependency on a few suppliers.
Threat of new substitutes: Other man-made fibers like polyester and cotton pose a moderate threat as substitutes for acrylic fibers. However, acrylic fibers have their unique properties like high absorbency, softness and flame retardancy.
Competitive rivalry: The global acrylic fibers market is moderately competitive owing to presence of numerous regional and international players. Market players compete based on innovation, product properties, and price.
Geographical Regions
North America holds the largest market share currently and is expected to maintain its dominance during the forecast period. Easy availability of raw materials and presence of major acrylic fiber producers in the US and Canada drives the market.
Asia Pacific is projected to be the fastest growing region owing to rapid industrialization and improving economic conditions in major countries like China, India and Southeast Asia. China dominates the global acrylic fibers production due to presence of large textile industry and availability of skilled labor at low costs.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
About Author – Money Singh
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemicals and materials, defense and aerospace, consumer goods, etc. LinkedIn Profile