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Acrylic Fiber Market Driven by Growing Demand for Household Furnishings
The global acrylic fiber market is expected to exhibit a steady but slow 1.38% CAGR over the forecast period from 2021 to 2030, according to the latest research report from Market Research Future (MRFR). The global acrylic fiber market is expected to rise to a valuation of more than USD 5 billion by 2030. The report presents a detailed analysis of the growth trajectory of the global acrylic fiber market, including a detailed analysis of the global market’s historical growth trajectory. This is used to base projections regarding the market’s growth over the forecast period from 2021 to 2030. The impact of the COVID-19 pandemic on the global acrylic fiber market is also examined in the report.
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Acrylic fibers are widely used in apparels. Acrylic fibers present several advantages to the apparel industry, such as low density, high elasticity, and high electric resistance. Industrial apparel is likely to remain a major end use for the global acrylic fiber market over the forecast period due to the growing demand for effective apparel that protects the wearers from common industrial risks such as fire and electricity. The low density of acrylic fiber also makes it a popular material for apparel, as the apparel obtained from acrylic fiber is lighter than conventional clothing and thus helps enable easy movement for the wearer. The increasing demand for protective industrial apparel that lets the user move freely without restricting their movement is likely to be a major driver for the global acrylic fiber market over the forecast period.
The growing demand for acrylic fiber in household furnishings is also likely to be a major driver for the global acrylic fiber market over the forecast period. The low density and high elasticity of acrylic fiber make it perfect for use in household furnishings, which need to be light and moderately stretchable. The growing residential construction industry and urbanization in developing economies is likely to be a major driver for the global acrylic fiber market over the forecast period. As the number of households in urban areas has increased, the demand for high-class household furnishings that reflect a certain lifestyle has increased. This has been a key driver for the global acrylic fiber market and is likely to remain a vital driver for the market over the forecast period.
On the other hand, fluctuating raw material prices are likely to remain a key restraint on the global acrylic fiber market over the forecast period from 2021 to 2030.
Competitive Analysis:
Leading players in the global acrylic fiber industry include Polymir, Formosa Plastic Group, SINOPEC, Pasupati Acrylon Limited, Indian Acrylics Ltd., Kaltex, Thai Acrylic Fiber Co. Ltd., Jilin Qifeng Chemical Fiber Co. Ltd., Dralon, and Aksa Akrilik Kimya Sanayii AS.
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Segmentation:
The global acrylic fiber market is segmented on the basis of form, blending, end use industry, and region.
By form, the global acrylic fiber market is segmented into staple and filament.
By blending, the global acrylic fiber market is segmented into cotton, wool, and others. The cotton segment holds a dominant share in the global acrylic fiber market and is likely to remain a major segment of the global acrylic fiber market over the forecast period. Wool blending is also an important segment of the global acrylic fiber market and is likely to retain an important share over the forecast period.
By end use, the global acrylic fiber market is segmented into apparel, household furnishing, industrial, and others. The apparel and household furnishing segments dominate the global acrylic fiber market.
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Regional Analysis:
Asia Pacific is likely to be the largest regional market for acrylic fiber over the forecast period. The growing industrial sector in Asia Pacific is likely to remain a major driver for the global acrylic fiber market over the forecast period. The growing urbanization in APAC economies such as China and India is also likely to be a major driver for the global acrylic fiber market.
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