Acrylic Fiber Market Is Expected To Grow At CAGR 0.82% From 2016 To 2022

 Fiber World

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Acrylic fiber is a man-made fiber also known as the synthetic fiber made up from 85% weight of acrylonitrile, a key raw material. Acrylic fiber is one of the most innovative product in apparel industry replacing wool in its characteristics and has advantages over the wool such as good drying capacity, high moisture management, resistance to moths and chemical substances, and good resiliency among other properties.

The global market for Acrylic Fiber has witnessed steady growth during the last few years and is estimated to further grow at 1,878.4 kilo tons by end of 2022 with CAGR of 0.82% from 2016 to 2022.

Acrylic fiber is available in two forms namely staple acrylic fiber and filament acrylic fiber is also known as tow. Currently, staple acrylic fiber is accounting the highest market share of 75% in 2016, owing to dimensional stability and discrete length. Filament which is also known as tow acrylic fiber is estimated to catch up the growth in near future.

The growing apparel industry with changing climatic conditions and rise in the standard of living with modern trends in furniture is expected to drive the global acrylic fiber market. However, latter industry is facing a high competition within the players in production and import pricing being low price (dumping) from various countries like Thailand, Turkey and Japan is causing problem to the manufacturer's in the domestic market. Moreover, due to high competition from substitute products like polyester, acrylic fiber market is affected and these can be seen in terms of volume and pricing.

Considering the end user of acrylic fiber, utilization of acrylic fiber in the apparel industry is estimated to be on the higher end with more than 65% of share in 2016, owing to versatile application of acrylic fiber in sweaters, socks, fleece wear, circular knit apparel and sportswear among others.

Asia Pacific is leading market in acrylic fiber and is expected to dominate the market over the forecasted period due to rising standard of living, increase in per capita income and changing fashion trends among the youth population. Though largest producer of acrylic fiber known as AKSA is situated in Turkey, Asia Pacific is expected to grow at highest CAGR followed by Middle East & Africa.
Some of the major players in the market include Aksa Akrilik Kimya Sanayii A.Ş. (Aksa), Dralon, JILIN QIFENG CHEMICAL FIBER CO.LTD, Jilin JiMont Acrylic Fiber Co.Ltd, Thai Acrylic Fiber Co. Ltd., Kaltex, Indian Acrylics Limited and, Pasupati Acrylon Limited. AKSA is the largest producer of acrylic fiber with a production capacity of 315 kilo tons per annum and has a market share of 17% globally.

Date Added: 2019-05-15

Category: Fiber World

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