Growth Accelerated By Increased Demand For Acrylic Fibers In Apparel Industry
Acrylic Fibers Market |
Acrylic fibers are synthetic
thermoplastic materials that are derived from polyacrylonitrile or
acrylonitrile polymer. Acrylic fibers provide numerous advantages such as
resilience, elasticity, softness, and dye-ability making them suitable for
apparel and other textile applications. The growing demand for affordable yet
comfortable clothing among consumers is fueling 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:
The increasing demand for acrylic
fibers in apparel industry is one of the key trends driving the growth of the
acrylic fibers market. Acrylic fibers offer properties like resilience,
softness, elastic recovery and excellent dye absorption which make it suitable
for knitwear and sweaters. The apparel industry stands to be the largest
end-use industry for acrylic fibers accounting for nearly 60% of total acrylic
fiber demand. Factors such as affordability of acrylic fiber based clothing as
well as improved lifestyle of consumers in developing regions is propelling the
demand for acrylic apparel globally.
Segment Analysis
The global Acrylic Fibers market
is dominated by the Apparel & Home Furnishings segment, accounting for
nearly 55% of overall market share. Acrylic fibers are extensively used as
clothing fiber for their affordability and resemblance to wool. They are
blended with natural/synthetic fibers in home furnishing products like
blankets, towels, curtains etc. due to their soft texture and moisture
absorption capabilities.
Key Takeaways
The Global
Acrylic Fibers Market Size is expected to witness high growth on
account of rising demand from various end-use industries especially the apparel
and home furnishings segment. 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 holds the
largest share of the acrylic fibers market and is expected to maintain its
dominance during the forecast period. This can be attributed to the presence of
emerging economies like China, India and Southeast Asian countries which are
major consumers as well as producers of acrylic fibers. Countries like China,
India, and Indonesia have witnessed significant year-on-year growth in acrylic
fiber production and consumption owing to expanding textile industries and
growing middle-class population.
Key players
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. Accenture is a leading
management consulting and professional services company catering to various
industries including chemicals. The company offers end-to-end services for
acrylic fiber companies from consulting to IT services and business process
outsourcing.
Get More Insights Here
https://www.newsstatix.com/acrylic-fibers-market-size-share-growth-outlook-2023/
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