The global acrylic fibers market has witnessed steady growth over the past few decades. Acrylic fibers are man-made fibers derived from acrylonitrile. They are extremely soft and absorbent in nature, with advantages such as easy dyeability, resilience to pilling and abrasion, crease resistance, bulkiness, and low moisture absorption. These fibers find widespread applications in various fabrics such as tweed, coats, suits, dresses, sweaters, and blankets. They are commonly utilized in textiles requiring water retention, light weight, and soft feel. The global acrylic fibers market demand is driven by the booming textiles and apparel industry.
The Global Acrylic Fibers Market is estimated to be valued at US$ 6343.61 Mn in 2024 and is expected to exhibit a CAGR of 8.0% over the forecast period 2024 to 2031.
Key Takeaways
Key players operating in the acrylic fibers market are QuintilesIMS (now IQVIA), Parexel International Corporation, ICON plc, PRA Health Sciences, Covance Inc., Charles River Laboratories International Inc., Syneos Health, Pharmaceutical Product Development, LLC (PPD), Medpace Holdings, Inc., LabCorp (Laboratory Corporation of America Holdings), Wuxi AppTec, inVentiv Health (now Syneos Health), PAREXEL International (now part of PPD), Accenture, Cognizant. The key players are focusing on new product launches and partnerships to expand their global footprint and meet the growing demand.
The Global Acrylic Fibers Market Demand is increasing due to their extensive usage in various fabrics and apparel. Properties like light weight, moisture wicking, soft texture, and easy dyeing make acrylic fibers suitable for various fashion clothing. The increasing population and changing lifestyle trends are propelling the textile industry growth.
The global acrylic fibers market players are expanding their business operations across different geographies. Many companies are investing in capacity expansions and facility upgradations to tap the opportunities in emerging markets of Asia Pacific and Middle East & Africa. Countries with booming textiles sectors like India, China, Bangladesh, Indonesia, Pakistan are attracting major FDI investments for acrylic fiber production facilities.
Market Drivers
The booming textiles and apparel industry remains the key driver for the global acrylic fibers market growth. Properties such as lightweight, moisture control, soft texture, and easy dyeability have augmented the applications of acrylic fibers in fabrics like sweaters, coats, suits, dresses, and home furnishings. Changing consumer lifestyles and increasing spending on fashion clothing have been escalating the demand for a variety of fabrics. The rising population and growing fashion consciousness are expected to propel the textiles market during the forecast period, thereby driving the acrylic fibers market.
Effects of Current Geopolitical Situation on Acrylic Fibers Market Growth
The ongoing geopolitical conflicts and rising tensions between major economies are affecting the growth trajectory of the global acrylic fibers market. Political instability, economic sanctions, supply chain disruptions caused by the Russia-Ukraine war are hindering trade relations between different countries. This is negatively impacting the exports and imports of key raw materials used in acrylic fiber production such as acrylonitrile. Rising crude oil and natural gas prices due to sanctions on Russian energy exports are escalating raw material procurement costs for acrylic fiber manufacturers. Shifting trade policies and the reorientation of global supply chains are compelling firms to find new suppliers and adjust their strategies, adding challenges to operations. The market is also facing short-term demand fluctuations and uncertainty as the economic outlook remains fragile in the wake of high inflationary pressures. Companies will need to closely monitor the evolving political scenarios, diversify supplier networks, and focus on regional markets to counter risks arising from geopolitical vulnerabilities in the coming years.
The Asia Pacific region currently accounts for the largest share of the global acrylic fibers market in terms of value. China, Japan, India, South Korea and Indonesia have emerged as major consumers and producers of acrylic fibers owing to their large textiles and apparel industries. The Asia Pacific acrylic fibers market is estimated to reach USD 4.73 billion by 2028, growing at a CAGR of 8.5% during 2023-2028. The market in North America is forecast to witness steady expansion at a CAGR of 7.2% through 2028 due to the recovering economy and rising utilization of acrylic fibers in various industrial applications across the U.S and Canada. The acrylic fibers market in Middle East and Africa is anticipated to experience the fastest growth during the forecast period with a projected CAGR of 9.0% until 2028 on account of rapid industrialization and rising standards of living especially in GCC countries.
Effects of Current Geopolitical Situation on Acrylic Fibers Market Growth
The Middle East Africa region is projected to witness the fastest growth in the global acrylic fibers market during the forecast period on account of various factors. There is rapid industrialization taking place across many countries in the MEA region such as Saudi Arabia, UAE, Egypt, South Africa etc. which is driving the demand for acrylic fibers from various end use industries. The construction industry in the MEA region is growing steadily which is utilizing acrylic fibers for producing various construction materials such as insulating materials, roofing felts, ceiling tiles etc. There is steady growth of the textiles industry in countries like Turkey and Egypt which is propelling the consumption of acrylic fibers for production of apparel, home furnishing products. Rising disposable income and growing population is also augmenting the demand for clothing and household items in the region. Various government initiatives focused on diversifying economies, developing manufacturing sectors and improving standards of living in the MEA region are supporting the growth of the acrylic fibers market. However, current geopolitical conflicts and economic uncertainties can pose challenges to market growth in some nations.
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