Acrylic Fiber Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)

The Acrylic Fiber Market is segmented by Form (Staple and Filament), Blending (Wool, Cotton, and Other Blendings), Application (Apparel, Household Furnishing, Industrial, and Other Applications), and Geography (Asia-Pacific, North America, Europe, South America, and Middle-East and Africa).

Market Snapshot

Acrylic Fiber Market Bar Graph
Study Period: 2016 - 2026
Base Year: 2020
Fastest Growing Market: Asia Pacific
Largest Market: Asia Pacific
CAGR: <1 %
Acrylic Fiber Market Major Players

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Market Overview

The acrylic fiber market size was estimated at 1,269.51 kiloton in 2020, and the market is projected to register a CAGR of less than 1% during the forecast period (2021-2026).

The market was negatively impacted by COVID-19 in 2020, as the pandemic resulted in the shut down of businesses, production, and manufacturing facilities, resulting in no economic activity. Moreover, with the increase in the prices of acrylonitrile across the world during the pandemic, which is a major constituent of acrylic fibers, the rates of profits are decreasing, prompting the manufacturers to reduce operating rates to shut down the production facilities totally.

  • Over the medium term, the major factor driving the growth of the market studied includes the high demand from the use of apparel. Acrylic fabrics are known for their high performance and luxurious feel. They have a very low specific gravity, which makes them very light. They are comfortable to wear in dry and cold conditions due to their high moisture management and insulation. These fibers are extensively used as a substitute for wool due to their heat retention, shape retention, and quick-dry qualities. They are also used for manufacturing synthetic cotton, which is comparatively less.
  • On the flipside, the availability of substitutes like polyester and stringent regulations worldwide on the production of acrylic fiber are expected to hinder the growth of the market studied.
  • By form, the filament segment accounted for the largest market share, and it is expected to grow during the forecast period.
  • Asia-Pacific dominated the global acrylic fiber market due to high demand from the ASEAN countries and India.

Scope of the Report

Acrylic fibers are mainly synthetic fibers. The major raw materials used to manufacture acrylic fibers include acrylonitrile, comonomers DMF, and additives. Acrylonitrile is the major raw material used in the production of acrylic fiber, which is about 85% of the acrylonitrile units by weight. The market is segmented by form, blending, application and geography. By form, the market is segmented into staple and filament. By blending, the market is segmented into wool, cotton, and other blendings. By application, the market is segmented into apparel, household furnishing, industrial, and other applications. The report also covers the market size and forecasts for the acrylic fiber market in 20 countries across major regions. For each segment, the market sizing and forecasts have been done on the basis of volume (kiloton).

Form
Staple
Filament
Blending
Wool
Cotton
Other Blendings
Application
Apparel
Household Furnishing
Industrial
Other Applications
Geography
Asia-Pacific
China
India
Japan
South Korea
ASEAN Countries
Rest of Asia-Pacific
North America
United States
Canada
Mexico
Rest of North America
Europe
Germany
United Kingdom
Italy
France
Russia
Spain
Turkey
Rest of Europe
South America
Brazil
Argentina
Rest of South America
Middle-East and Africa
Saudi Arabia
South Africa
Iran
Rest of Middle-East and Africa

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Key Market Trends

Wool Segment to Dominate the Market

  • The use of wool for clothing ages back to ancient times. Wool has outstanding properties, such as resistance to wrinkles, moisture absorption, and warmth. A significant feature of wool is its ability to recover from deformation over time. Hence, clothing made from these fibers is attractive. ​
  • Additionally, the rate at which the fiber takes up and diffuses moisture gives woolen clothes a comfortable feel. Fabrics that are woven or knitted with 100% wool fiber have become a standard in making apparel, like casual slacks and trousers, and sweaters, and other knitted outerwear. ​
  • Although great improvements have been made in terms of washability, resistance to shrinkage, and mothproofing of wool, this natural fiber still has to be handled with care while cleaning. ​
  • Blends of 55% wool and 45% acrylic fiber are used to make circular knit goods. This blend is particularly used in making sportswear, which has characteristics like ease of care, durability, appearance retention, color styling, and palatability.​
  • Depending on the requirements, there are different blends that are widely used across the world. The 50/50 and 70/30 acrylic wool blends are popular among those that are inexpensive, look good, and are easy to handle. The 50/50 acrylic wool blend is used to make lightweight apparel that has excellent durability and shape retention. The 70/30 acrylic wool blend is used to make slacks.​
  • Thus, owing to all the aforementioned factors, the market is expected to grow in the coming years.
Acrylic Fiber Market Key Trends

China to Dominate the Asia-Pacific Region

  • In the Asia-Pacific region, China is the largest economy in terms of GDP. The country witnessed about 6.1% growth in its GDP during 2019, even after the trade disturbance caused due to its trade war with the United States. According to the IMF, in 2020, the GDP of China has grown by 1.9 %. However, the GDP is expected to reach 8.2% in 2021.
  • Nearly all of China’s major industrial companies have reportedly resumed production. According to Chinese officials, over 95% of large enterprises, including in the hard-hit province of Hubei, after much of the country’s economy shut down to contain the COVID-19 virus, have resumed production. Also, the major enterprises in the country’s main industrial belt, like the provinces of Jiangsu, Zhejiang, and Guangdong, are fully open, but a quarter of small- and medium-sized businesses in China are still shut down.​
  • China is the largest producer of acrylic fibers across the world, accounting for a share of more than 30% of the global acrylic fiber production. Owing to the demand from domestic and international markets, primarily from ASEAN countries, Europe, the United States, and Japan, the textile industry in China has expanded over the years. ​
  • Iran, India, Vietnam, Pakistan, and the United Arab Emirates are some of the largest markets where China exports acrylic fibers. The country also imports acrylic fiber from countries like Japan, Germany, Thailand, South Korea, and Turkey.​
  • However, the industry is now operating at a reduced utilization rate due to a decrease in demand for these fibers, as the industry is rapidly moving toward other alternatives like polyester fibers. Moreover, the rising prices of the raw material are also negatively affecting the acrylic fiber market in the country and across the world.​
  • China is the largest textile producing and exporting country in the world. With its rapid growth over the last two decades, the Chinese textile industry has become one of the main pillars of the country’s economy and contributes ~7% to China's GDP. ​
  • China is the largest exporter of textiles and apparel across the world. However, the US-China trade war has affected this trade negatively. The United States had reduced the punitive tariff from earlier 15% to 7.5% in January 2020; however, after the COVID-19 outbreak, it is expected that the country will take more serious steps to reduce the imports from China. ​
  • It is further likely to negatively affect the market for acrylic fiber, which is already struggling to perform at its optimum level.​
Acrylic Fiber Market Growth By Region

Competitive Landscape

The acrylic fiber market is partially consolidated in nature, with the top five players occupying around 50% of the market. Some of the major players of the market studied include Aditya Birla Management Corporation Pvt Ltd, Dralon, Montefibre SpA, Jilin Chemical Fiber Group Co., Ltd., Formosa Plastics Corporation, and Aksa Akrilik Kimya Sanayii AŞ, among others.

Recent Developments

  • In August 2018, Thai Acrylic Fibre Co. (Aditya Birla Group) and Bulliontex Co. Ltd announced a partnership to offer quality outdoor fabrics to the Thai market.
  • In May 2018, Dralon GmbH acquired Dolan GmbH, a producer of spun dyed acrylic fiber in Germany to enhance its product portfolio.

Table of Contents

  1. 1. INTRODUCTION

    1. 1.1 Study Assumptions

    2. 1.2 Scope of the Study

  2. 2. RESEARCH METHODOLOGY

  3. 3. EXECUTIVE SUMMARY

  4. 4. MARKET DYNAMICS

    1. 4.1 Drivers

      1. 4.1.1 High Demand for Use in Apparels

    2. 4.2 Restraints

      1. 4.2.1 Availability of Substitutes, like Polyester

      2. 4.2.2 Stringent Regulations Worldwide on the Production of Acrylic Fiber

      3. 4.2.3 Negative Impact of COVID-19 and Other Restraints

    3. 4.3 Industry Value Chain Analysis

    4. 4.4 Porter's Five Forces Analysis

      1. 4.4.1 Bargaining Power of Suppliers

      2. 4.4.2 Bargaining Power of Buyers

      3. 4.4.3 Threat of New Entrants

      4. 4.4.4 Threat of Substitute Products and Services

      5. 4.4.5 Degree of Competition

    5. 4.5 Technological Snapshot

  5. 5. MARKET SEGMENTATION (Market Size by Volume)

    1. 5.1 Form

      1. 5.1.1 Staple

      2. 5.1.2 Filament

    2. 5.2 Blending

      1. 5.2.1 Wool

      2. 5.2.2 Cotton

      3. 5.2.3 Other Blendings

    3. 5.3 Application

      1. 5.3.1 Apparel

      2. 5.3.2 Household Furnishing

      3. 5.3.3 Industrial

      4. 5.3.4 Other Applications

    4. 5.4 Geography

      1. 5.4.1 Asia-Pacific

        1. 5.4.1.1 China

        2. 5.4.1.2 India

        3. 5.4.1.3 Japan

        4. 5.4.1.4 South Korea

        5. 5.4.1.5 ASEAN Countries

        6. 5.4.1.6 Rest of Asia-Pacific

      2. 5.4.2 North America

        1. 5.4.2.1 United States

        2. 5.4.2.2 Canada

        3. 5.4.2.3 Mexico

        4. 5.4.2.4 Rest of North America

      3. 5.4.3 Europe

        1. 5.4.3.1 Germany

        2. 5.4.3.2 United Kingdom

        3. 5.4.3.3 Italy

        4. 5.4.3.4 France

        5. 5.4.3.5 Russia

        6. 5.4.3.6 Spain

        7. 5.4.3.7 Turkey

        8. 5.4.3.8 Rest of Europe

      4. 5.4.4 South America

        1. 5.4.4.1 Brazil

        2. 5.4.4.2 Argentina

        3. 5.4.4.3 Rest of South America

      5. 5.4.5 Middle-East and Africa

        1. 5.4.5.1 Saudi Arabia

        2. 5.4.5.2 South Africa

        3. 5.4.5.3 Iran

        4. 5.4.5.4 Rest of Middle-East and Africa

  6. 6. COMPETITIVE LANDSCAPE

    1. 6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements

    2. 6.2 Market Share Analysis

    3. 6.3 Strategies Adopted by Leading Players

    4. 6.4 Company Profiles

      1. 6.4.1 Aditya Birla Management Corporation Pvt. Ltd

      2. 6.4.2 Aksa Akrilik Kimya Sanayii A.Ş.

      3. 6.4.3 China Petroleum & Chemical Corporation

      4. 6.4.4 Dralon

      5. 6.4.5 FORMOSA PLASTIICS CORPORATIION

      6. 6.4.6 Indian Acrylics Limited

      7. 6.4.7 Japan Exlan Co. Ltd.

      8. 6.4.8 Jilin Chemical Fiber Group Co. Ltd

      9. 6.4.9 Kaltex

      10. 6.4.10 KANEKA CORPORATION

      11. 6.4.11 Mitsubishi Chemical Corporation

      12. 6.4.12 Pasupati Acrylon Ltd

      13. 6.4.13 PetroChina Company Limited

      14. 6.4.14 TAEKWANG INDUSTRIAL CO. LTD

      15. 6.4.15 TORAY INDUSTRIES INC.

      16. 6.4.16 Vardhman Acrylics Ltd

    5. *List Not Exhaustive
  7. 7. MARKET OPPORTUNITIES AND FUTURE TRENDS

    1. 7.1 Future Market for Acrylic Paper

**Subject to Availability

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Frequently Asked Questions

The Acrylic Fiber Market market is studied from 2016 - 2026.

The Acrylic Fiber Market is growing at a CAGR of <1% over the next 5 years.

Asia Pacific is growing at the highest CAGR over 2021- 2026.

Asia Pacific holds highest share in 2020.

Aditya Birla Management Corporation Pvt Ltd., Dralon, Jilin Chemical Fiber Group Co., Ltd., FORMOSA PLASTIICS CORPORATIION, Aksa Akrilik Kimya Sanayii AŞ are the major companies operating in Acrylic Fiber Market.

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