Synopsis of Acrylic Fiber Market:
The Global Acrylic Fiber Market is expected to witness a significant growth by 2022 with CAGR of ~1.38% between 2016 and 2022.
Acrylic Fiber is fiber forming substance that can be long chain synthetic polymer which contains at least 85% by weight of acrylonitrile monomer. Acrylic Fiber resembles to wool in its character but has advantages over wool such as good drying capacity, high moisture management, resistance to moths and chemical substances, and good resiliency among other properties. Acrylic Fiber is produced by two different methods i.e. wet and dry spinning method. The most comonomers employed in manufacturing are methyl acrylate and vinyl acetate along with some percent of ionogenic comonomers such as sodium itaconate. These comonomers helps to improve the dye ability, fiber flexibility and textile process ability in acrylic fiber.
The Global Acrylic Fiber has seen a steady growth over the past year and it is expected to see the similar growth in next coming years. The factors that has influenced the global market are; growing demand of Apparel with changing climatic conditions and changing demographics, increasing standard of living with modern trends in household furnishing is expected to lead the market growth. Thus, with fluctuation in raw material prices has affected the profit margin and growing environmental concerns and increasing energy prices has hampered the market growth. Moreover, owing to high competition of substitute products like polyester, Acrylic Fiber Market is affected and these can be seen in terms of volume. The opportunities for Acrylic Fiber producers are expanding more into capacity because to sustain in market by developing the products through R&D and maintaining the less environmental effect through technological innovations. However, the major producers are focusing into value added products in order to maintain market share.
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Global Acrylic Fiber market is projected to reach USD 5,274.6 million in 2015 and expected to reach USD 5,768.1 million in 2022 with a CAGR of 1.38%.
Asia Pacific accounted for largest share due to growing application industries such as apparel and household furnishing industry in this region.
AKSA is largest producer with production capacity of around 315,000 tons a year and are focusing more into reduction of acrylic fiber cost over other fibers through expansion and addition of value added products that can add up value compared to other fibers.
Acrylic fiber market is a fragmented market, however, tier 1 and tier 2 manufacturers dominate the market.
Asia Pacific dominate the market for with 50%, followed by Middle East & Africa and Europe. Asia Pacific is forecast to be the fastest growing region in Acrylic Fiber market at close to 1.61% CAGR from 2016 to 2022
Staple form is dominating segment over filament form owing to dimensional stability and discrete length.
Geographically, Asia Pacific region is the largest market of Acrylic Fiber due to growing acrylic fiber manufacturers because of less legislations by environmental regulation bodies. Apparel industry is dominating segment in China, Indonesia, Japan and others. With rapid urbanization and changing lifestyle of consumer along with increase in household spending especially in domestic market is expected to drive the market growth in developing regions.
China is dominating segment with over more than 50% market share although the world largest producer, AKSA is based in Turkey. However, in spite China being largest capacity holder, it is self-insufficient of acrylic fiber supply and imports more than 15% of acrylic fiber in order to meet the demand. With increasing presence of producers coupled with cheap labour cost is driving the acrylic fiber market in developing regions. Furthermore, the second largest market of Acrylic Fiber is Middle East & Africa region owing to presence of acrylonitrile raw material producers. Europe region is having few producers which focuses on other applications more than acrylic fiber owing to cost advantage in fiber like polyester. However the consumption of Acrylic Fiber is comparatively less in the North America and Latin America.
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