Acrylic Fiber Market Checkout the Unexpected Future 2030
Acrylic Fiber Market Overview -
Acrylic Fiber Market will surpass a valuation of USD 5,000 Mn by the end of 2030. The properties of acrylic fiber it an appropriate industrial material as it closely resembles the wool in its character, especially in the apparel industry. 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.
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.
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Eminent Firms:
Aksa Akrilik Kimya Sanayii A.?. (Aksa), JILIN QIFENG CHEMICAL FIBER CO.LTD, Thai Acrylic Fiber Co.Ltd., Kaltex, Indian Acrylics Limited, Pasupati Acrylon Limited, SINOPEC, Formosa Plastic Group, Polymir, and others.
Market Potential and Pitfalls :-
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.
Over the past few years, the Acrylic Fiber Market market is witnessing a huge growth mainly due to the demand for sturdy, yet light-weight materials in the fields of marine and aircraft building. Moreover, the rising demand for low weight, mouldability, and high-quality surface finishes in the automotive manufacturing sector escalates market on the global platform.
According to Market Research Future (MRFR), a leading research firm, the global Acrylic Fiber Market market, is estimated to witness a thriving growth by 2023. In its recent study, MRFR also asserts that the market would register an impressive CAGR during the anticipated period (2021 – 2030). Rapid industrialization, urbanization, and improving economic conditions worldwide are the key trends driving the Acrylic Fiber Market.
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Segment Study of Acrylic Fiber Market :-
The global acrylic fiber market is segmented by form, blending, and end use.
By form, the report covers two major market segments - staple and filament. The staple segment accounted for more than two-thirds of the market in 2016. It can exhibit a CAGR of 1.49% during the forecast period. While the filament segment may experience a damp growth rate during the same aforementioned period.
By blending, it is segmented into wool, cotton, and others. The wool segment is projected to touch a valuation of USD 2900 million by 2023 while exhibiting a CAGR of 1.43% during the assessment period. Cotton and wool are blended with different materials for improving the warmth and comfort of clothes.
By end use, the market is segmented into apparel, household furnishing, industrial and others. The apparel segment is expected to retain the top position in the market till 2023. It can touch a value of USD 3800 million by the end of the forecast period owing to the large dependency on acrylic fibers.
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Acrylic Fiber Market Market - Geographical Analysis :-
The Asia Pacific region leads the global Acrylic Fiber Market with the largest market share. The considerable growth in major end-user industries in the region is a growth driver for the regional market. Furthermore, raw material advantage, cost-competitive labor force, and moderate regulatory framework are contributing to the growth of the regional market. Also, augmenting demand from the burgeoning construction industry in India and China is fostering the growth of the APAC Acrylic Fiber Market.
North America accounts for the second-largest market in the global Acrylic Fiber Market. Factors such as the strong base for various industries and rising investments in the field of R&D drive the regional market growth. Rapid industrialization and growth in construction activities are creating colossal market demand. The US, backed by the growing demand from surging reconstruction activities in the country, accounts for the largest market in the region. North American Acrylic Fiber Market is estimated to reach USD 7,201.60 MN by 2023.
Europe is a substantial market in the global Acrylic Fiber Market. The region accounted for around 17% of the market share in 2016. European countries such as Germany and the UK are prominent consumer markets for these chemicals. Rising expenditure on innovation and growing purchasing power of consumers support the market growth. Additionally, the presence of major manufacturers, especially, in Germany will be providing impetus to the regional market growth.
Industry/ Innovation /Related News:
May 23, 2019 --- Sika AG (Switzerland), a specialty chemical company for building and motor vehicle supplies, announced the completion of its acquisition of Parex USA Inc, a leading manufacturer, and supplier of building materials. Parex product range includes waterproofing, tile adhesives, facade mortars, and technical mortars. Parex acquisition would further expand its footprints in the building finishing market, strengthening its position as a world leader in construction chemicals.
Post to the acquisition of Romanian market leader in waterproofing systems - Arcon Membrane SRL, in December last years, Sika's position in the roofing and waterproofing markets had strengthened significantly. In addition to the product portfolio to meet the increasing market demand for complete waterproofing solutions, this particular acquisition also marked Sika's expansion in bituminous membranes. The purchase was following several acquisitions in recent years such as Index in Italy, KVK in the Czech Republic, and Bitbau Dörr in Austria.
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