Market Overview:

Acrylic Fibers are synthetic fibers, generally containing around 85% of acrylonitrile monomer and comonomers such as vinyl acetate or methyl acrylate. According to the report that has been recently published by Market Research Future (MRFR), the Global Acrylic Fiber Market is anticipated to register a CAGR of 1.38% during the forecast period of 2017-2023.

Industry Updates:

In July 2018, the researchers at Pacific Northwest National Laboratory, working with the engineers from LCW Supercritical Technologies, have developed the acrylic fiber which can attract and hold dissolved uranium naturally present in the ocean water. Enough uranium has been extracted using this newly developed acrylic fiber to make five grams of yellowcake.

Market Drivers and Restraints:

Acrylic Fibers are synthesized in various forms such as acrylic staple, tow and filament. The widespread application of acrylic fibers for manufacturing apparels, boat covers, outdoor furniture, awnings, carpets and others is propelling the growth of the Global Acrylic Fibers Market. Owing to its important properties such as moisture transportation and wicking capabilities, products made from Acrylic Fibers are gaining traction in the global market, resulting in the expansion of the Global Acrylic Fibers Market.

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The increasing utilization of Acrylic Fibers in the textile industry as they can be made to mimic other fibers such as wool and cotton and rise in demand for apparels made from Acrylic Fiber owing to its light weight and softness are some of the major drivers of the Global Acrylic Fibers Market. However, the fluctuations in the prices of acrylonitrile, a major component of acrylic fibers, are creating hindrance in the growth of the Global Acrylic Fibers Market.

Key Players:

The prominent players that are profiled in the report by MRFR on the Global Acrylic Fibers Market are Kaltex, Aksa Akrilik Kimya Sanayii A.?. (Aksa), Pasupati Acrylon Limited, Formosa Plastic Group and Polymir, JILIN QIFENG CHEMICAL FIBER CO.LTD, Dralon, Thai Acrylic Fiber Co.Ltd., Indian Acrylics Limited and SINOPEC.

Market Segmentation:

The Global Acrylic Fiber Market has been segmented on the basis of Form, Blending and End-Use Industry.

Based on Form, the Acrylic Fiber Market is segmented into staple and filament. The staple segment is anticipated to account for the major share in the Global Acrylic Fiber Market.

Based on Blending, the Acrylic Fiber Market is segmented into wool, cotton and others. The cotton blending segment is anticipated to witness significant growth in the Global Acrylic Fiber Market owing to the increased use of Acrylic Fiber in blend application.

Based on End-Use Industry, the Acrylic Fiber Market is segmented into apparel, household furnishing, industrial and others. The apparel segment is projected to be dominating the Global Acrylic Fiber Market owing to the high demand for Acrylic Fiber in the textile industry.

Regional Analysis:

Geographically, the Global Acrylic Fiber Market is segmented into five major regions such as North America, Europe, Asia Pacific, the Middle East and Africa, and Latin America. The Asia Pacific region (APAC) accounts for the largest share in the Global Acrylic Fiber Market owing to the presence of large portion of Acrylic Fiber manufacturing industry in the emerging economy such as China in this region.

The Acrylic Fiber Market in the North America region is anticipated to project noteworthy owing to the high demand for acrylic fibers in the rapidly expanding textile industry and increasing popularity of modern household furniture in this region.

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Tags: Acrylic Fiber Market