Market Research Future (MRFR) Announces the Publication of its Research Report – Global Acrylic Fiber Market 2016-2022. Global Acrylic Fiber Market is expected to grow at 1.38% CAGR by 2022.
The Global Acrylic Fiber Market has seen a slow growth owing to increase in raw material prices of acrylonitrile and huge fluctuations in raw material prices. However, increasing apparel industry with changing demographics and climatic conditions are expected to drive the demand of acrylic fiber. However, acrylic fiber is making a household furnishing market a trending market with rapid urbanization and changing lifestyle of consumer. There are various opportunities which help the Acrylic Fiber market to grow but on the different side there are some factors which have hampered the growth and development of this market. The factor which may hamper the growth are fluctuating prices across the region and rising energy and power cost affect the price of acrylic fiber. Moreover, substitute are capturing the market share.
Commenting on this report, an analyst from Market Research Future (MRFR)’s team said, “Global Acrylic Fiber Market size is expected to grow at ~1.38% CAGR by 2022. Acrylic Fiber is synthetic fiber having more than 85% weight of acrylonitrile, a key raw material extracted from crude oil. 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.
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Market Research Future (MRFR) recognizes the following companies as the key players in the global Acrylic Fiber market: AKSA Akrilik Kimya Sanayii A.S, Dralon, JILIN QIFENG CHEMICAL FIBER CO., LTD, Thai Acrylic Fiber Co. Ltd, Kaltex, Indian Acrylics Limited and Pasupati Acrylon Limited among others.
The global Acrylic Fiber market has been segmented into forms, blending and end use. On the basis of forms, the market has been divided into staple and filament.
Staple has occupied the largest share among the segment in 2016, with 75% market share. There are two methods through which acrylic fiber are produced viz., dry spinning and wet spinning. Acrylic staple fiber produced from dry spinning method has advantages such as dimensional stability and discrete length. Acrylic staple fiber is widely used in various applications such as sweaters, socks, carpets etc. On the other hand filament fiber refers to long continuous fiber, called as tow. Owing to continuous extrusion of fiber, tow acrylic fiber is used in manufacturing of blankets, gloves, stockings, wool fabrics etc.
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According to blending segment, acrylic fiber is segmented into wool, cotton and others. To enhance the ability of resulting fiber to absorb dyes, acrylic fiber is mixed with other blending materials viz., cotton and wool. Wool is dominating segment throughout the forecasted period expanding at CAGR of 1.43%. When acrylic fiber is blended with wool, it creates non-itchy, more affordable and comfortable fabric. Cotton are blended with natural or synthetic fibers to produce superior properties in order to contribute softness, warmness and durability to be name some. Asia Pacific accounts for largest market share of 53% in cotton segment as availability of cotton and prices of same depends on favorable climatic conditions.
Based on end use, apparel segment is dominating segment followed by household furnishing and industrial segment. Changing lifestyle, increase in standard of living and changing climatic conditions are the factors driving the apparel industry. Major players in acrylic fiber are in to development of value added products in application segment in order to increase their market share in acrylic fiber market. Development such as Eco-Fur which replace animal fur, substituting asbestos fiber for industrial application with special fibrillated acrylic fiber and anti-pilling fiber which ensures no pilling after repeated washing are some of the developments that are increasing the competition among players. The apparel industry of acrylic fiber includes sweaters, socks, fleece wear, children wear, sportswear and circular knit apparel among others. With rise in per capita income and ongoing development in interior and furniture industry are some affluent factors might increase the consumption of acrylic fiber in household industry.
The study was conducted using an objective combination of primary and secondary information including inputs from key participants in the industry. The report contains a comprehensive market and vendor landscape in addition to a SWOT analysis of key vendors.
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