Global Acrylic Fiber Market - Segmented by Form, Blending, Application, and Geography - Growth, Trends, and Forecast (2018 - 2023)
In 2017, the global acrylic fiber market accounted for a value of about USD 4,929.4 million. The market is expected to register a CAGR of about 1.94% during 2018-2023 (the forecast period). The apparel segment of the market is dominating the global acrylic fiber market, with nearly 79.8% of the overall share. The industrial segment of the market is likely to register the fastest CAGR during the forecast period.
High Demand for use in Apparels
Due to its moisture transportation and wicking capabilities, acrylic fiber provides a quality of comfort, which makes it a viable choice to be used in apparels. The global acrylic fiber market is dominated by the apparels industry.
The apparels segment is expected to register a CAGR of 1.75%, over the forecast period.
Rising disposable income and decreased apparel cost, coupled with innovative sales techniques and strategies by marketers, are likely to propel the clothing industry in the coming years. Continuously evolving fashion trends in the apparel industry has helped apparel manufacturers, from various regions, to flourish with the parallel waves. This has made Asia-Pacific an emerging and leading exporter for clothing and textile as a whole; whereas China, the United States, Germany, Japan, and the United Kingdom were the largest retail markets for apparel manufacturers.
Asia-Pacific Dominates the Market
Asia-Pacific occupied the highest market share, accounting for around 55% of the global market in 2017. The Asia-Pacific market is highly driven by the apparel & clothing industry demand in the emerging markets, such as China, India, South Korea, Thailand, and Indonesia, among others. Owing to the notable economic development of various countries in the region and rise in per capita disposable income is anticipated to replicate the similar trend over the next five years as well. South America is the fastest growing region for acrylic fiber, which portrays huge potential for growth in the future, owing to the foothold of the major South American countries in the global textile & fashion apparel industry.
China is the Largest Producer
China is the largest producer of acrylic fiber, globally. The country holds approximately 30% share in the global market for acrylic fiber production. A significant boost in the demand for textile & apparels in domestic as well as in the international markets, such as ASEAN, Europe, the United States, and Japan, is playing a vital role in propelling the demand for acrylic fiber in the country. Increasing staple fiber demand coming from India is encouraging China to take definitive measures to improve the production of acrylic fiber.
Key Developments in the Market
July 2017: Dralon GmbH entered an agreement with Enzymicals AG, for a joint FNR-funded research project to produce polyacrylonitrile biocatalitically, so as to reduce CO2 footprint.
June 2017: DowAksa, a 50/50 joint venture between The Dow Chemical Company and Aksa Akrilik Kimya Sanayii AS, signed an agreement with Vestas Wind Systems AS, the largest consumer of carbon fiber and the largest supplier of wind turbines.
Major Players: Aksa, Montefibre+ jilin, Dralon, Aditya Birla group, and Shanghai Petroleum, among others.
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Regions or countries that are expected to witness the fastest growth rates during the forecast period
Product segment, which is going to dominate the market over the forecast period
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