Acrylic fibers are synthetic fibers made from polyacrylonitrile or PAN. They are commonly used in clothing such as sweaters, hats, gloves, and scarves due to their wool-like properties. Acrylic fibers have several advantages such as easy-care, fluff resistance, good insulation, and low cost. The growing apparel and construction industries have significantly increased the demand for acrylic fibers.
The global Acrylic Fibers Market is estimated to be valued at US$ 5506.6 Mn in 2023 and is expected to exhibit a CAGR of 13% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Rapid infrastructural growth in developing economies, especially in Asia Pacific, has propelled the demand for Acrylic Fibers Market Demand in construction applications such as carpets, blankets, upholstery, and insulation products. Acrylic fibers have high tensile strength and ability to retain body heat, which makes them suitable for constructions undertakings. According to the World Bank, the global infrastructure spending is estimated to grow at 3.9% annually till 2040 with major investments flowing into Asia, Middle East, and Latin America. This explosive growth of the construction industry will continue augmenting the consumption of acrylic fibers during the forecast period.
SWOT Analysis
Strength: Acrylic fibers have good resilience, are extremely durable, moisture-wicking and quick drying. They offer thermal insulation and have high UV resistance.
Weakness: Acrylic fibers are not as soft and breathable as other natural fibers like cotton. They are prone to pilling or fuzzing with wears and tears.
Opportunity: Increasing demand for affordable synthetic fabrics in developing regions creates good opportunity. Growth in athleisure and activewear industry fuels demand.
Threats: Volatility in crude oil prices impacts raw material costs. Stringent environmental regulations for acrylic fiber production pose challenges.
Key Takeaways
The Global Acrylic Fibers Market is expected to witness high growth during the forecast period of 2023-2030. The global Acrylic Fibers Market is estimated to be valued at US$ 5506.6 Mn in 2023 and is expected to exhibit a CAGR of 13% over the forecast period 2023 to 2030.
Regional analysis Asia Pacific currently dominates the market with largest consumption. Factors such as rapid infrastructure development, urbanization and rising disposable incomes in countries like China and India drive demand.
Key players operating in the acrylic fibers market are Accenture, Appian Corporation, Genpact, Infosys Limited (Infosys BPM), Open Text Corporation, Kissflow Inc., Nintex Global Ltd., Software AG, International Business Machines Corporation, Tata Consultancy Services Limited., and Pegasystems Inc. The market witnesses partnerships and new product launches as key strategies adopted by market players to gain competitive advantage.
About Author – Money Singh
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