Introduction
In 2020, the overall sales for acrylic fibre witnessed a massive decline due to the Covid-19 crisis as lockdown was implemented and all the factorial units were closed which led the manufacturing companies to face immense losses. Now in 2021, the global manufacturers are giving entire focus on improving their sales and profitability through product innovations and upgrades.
Leading corporations including Dralon, Aditya Birla Group, Jilin Chemical Fiber Group Company, TAEKWANG INDUSTRIAL CO. LTD., Exlan Japan Co. Ltd., Kaneka Corporation, Indian Acrylics Limited, Pasupati Acrylon Ltd., and Vardhman Acrylics Ltd., are making high investments in the establishment of research institutes in different regions to come up with improvements in their offerings. They are adopting business strategies such as sales contracts, strategic alliances, acquiring technical expertise, product approvals, patents and events, joint ventures, partnership agreements, collaborations, digital marketing, mergers and acquisitions, capacity utilisations, technological advancements etc to lead the global market for acrylic fibre with largest market share.
For instance, in February 2021, India's leading fashion company, Aditya Birla Fashion and Retail Limited, a unit of Aditya Birla Group, announced a strategic partnership with Tarun Tahiliani to launch a new contemporary men's ethnic wear brand. The new brand will serve the clothing category that falls under premium occasion wear and promises to offer the entire range of high quality, sophisticated celebration wear for men at accessible price points. The brand aims to come out with more than 250 stores across the Indian subcontinent and reach Rs. 500 Cr business in the coming 5 years.
Asia Pacific is predicted to rule the global market for acrylic fibre through 2030 owing to increasing demands from the end use industries like Apparels, Home Furnishing, Industrial and Outdoor. Presence of leading manufacturing companies that produce and distribute superior class acrylic fibre globally contributes to make China a leading region with the fastest growing CAGR rate. The other key regions augmenting the growth of the acrylic fibre market include North America, Latin America, Western Europe, Eastern Europe, Japan and Middle East and Africa (MEA).
Acrylic fibre, commonly used for manufacturing apparels, outdoor furniture, boat covers, car covers, awnings, flooring carpets etc., is a synthetic fibre manufactured in various forms including acrylic staple, tow, and filament. Major demand for acrylic fibre is expected to come from Asia Pacific, Middle East & Africa, and Latin America over the forecast period and the global acrylic fibre market is projected to reach a market value of US$ 6,197.82 Mn by 2026 end, registering a CAGR of 3.6% over the forecast period.
Use of acrylic fibres blended with other materials is gaining popularity
Use of acrylic fibre is growing as it is used by blending with other materials such as staple fibers for imparting enhanced characteristics to end products. Also, weak supply of its competitor products such as wool and cotton are some of the factors impacting the global acrylic fibre market positively. These factors are expected to influence and upsurge the demand for acrylic fibre over the forecast period. However, growing prominence of acrylic fibre alternatives and limited demand for acrylic fibre in developed economies are expected to remain significant challenges for the growth of the global acrylic fibre market throughout the forecast period.
Market Segmentation
By Fibre Form
- Staple
- Filament
By Dyeing Method
- Acid
- Gel
- Undyed
By Blending
- Wool
- Cotton
- Others
By End Use
- Apparels
- Home Furnishing
- Industrial
- Outdoor
By Region
- North America
- Latin America
- Western Europe
- Eastern Europe
- APEJ
- Japan
- Middle East and Africa (MEA)
The gel dying segment is estimated to exhibit a CAGR of 3.8% over the forecast period
The gel dyeing segment is estimated to register a CAGR of 3.8% over the forecast period, creating total incremental opportunity of US$ 1,100.85 Mn between 2016 and 2026.
The staple fibre segment is likely to possess more than 60% share in the total incremental opportunity created between 2016 and 2026
The staple fibre segment is expected to hold a disproportionately large share in the global acrylic fibre market throughout the forecast period, accounting for more than 60% share in the total incremental opportunity created between 2016 and 2026.
Cotton blending segment is expected to exhibit a CAGR of 3.7% over the forecast period
The cotton blending segment is anticipated to register a CAGR of 3.7% over the forecast period. When used in blend with other materials, acrylic fibre enhances the physical and chemical characteristics of the end product; therefore, acrylic fibre increasingly finds use in blend applications.
Apparels end-use segment is estimated to create a significant incremental opportunity between 2016 and 2026
The apparels end-use segment is projected to register a CAGR of 3.6% over the forecast period, creating significant incremental opportunity between 2016 and 2026.
Lucrative opportunities for the global acrylic fibre market lie in the APEJ region
In terms of market value, the APEJ acrylic fibre market is projected to increase at a value CAGR of 4.4% over the forecast period, while markets in Japan, U.S., and Europe are expected to register a below average CAGR. Growth in the APEJ acrylic fibre market is largely attributed to a growing use of acrylic fibre for various applications along with macroeconomic growth of the population driven textile industry in the region.
Leading market players are focussing on adopting environment friendly production processes
Some key players in the global acrylic fibre market are Aksa Akrilik Kimya Sanayii A.?. (Aksa), Dralon, Aditya Birla Group, Jilin Chemical Fiber Group Company, TAEKWANG INDUSTRIAL CO. LTD., Exlan Japan Co. Ltd., Kaneka Corporation, Indian Acrylics Limited, Pasupati Acrylon Ltd., and Vardhman Acrylics Ltd. There are various stringent environmental regulations worldwide on the production of acrylic fibre and hence producers are directing their efforts to ensure compliance by adopting an environment friendly production process.
Key Segments Covered
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by - Sudip Saha, Managing Director and Co-Founder of Future Market Insights
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