LONDON--(BUSINESS WIRE)--New market research study by Technavio on the global acrylic fibers market projects the market to grow at a CAGR of close to 3% during the period 2019-2023. This research report provides an in-depth analysis of the market in terms of revenue, top drivers and emerging market trends. It also includes detailed insights and forecasts for all the market segments across different geographies.
Increase in demand for acrylic fibers in blended fabrics
The growing use of acrylic fibers in the production of blended fabrics, in addition to other fibers such as wool and cotton, is expected to drive market growth. Blending accords better strength, stability, and absorbency to the final fabric. For instance, the blending of wool with acrylic fibers improves the elasticity and durability of the final product. Also, acrylic-blended wool is easy to wash and is resilient. Furthermore, acrylic fibers make the yarn softer and more durable. Thus, the increase in the use of acrylic fibers for blended fabrics is expected to impact market growth during the forecast period positively.
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Growth in demand from niche applications
Currently, acrylic fibers are being used in the production of car batteries and brake lining in the automotive industry. The better durability and fire-retardant properties of acrylic fibers make them suitable for these applications. The increase in demand for passengers and commercial vehicles in APAC is expected to drive market growth. An increase in the use of acrylic fibers in other niche applications such as power generation and automotive industry is also expected to drive market growth during the forecast period.
According to an analyst at Technavio for chemicals research, “The rise in preference for intelligent textiles is another factor boosting the market growth. Intelligent textiles are fabrics with embedded electronic components such as conductors, sensors, integrated circuits, and LED lights that offer protection and safety, and health monitoring. Currently, these features are mostly found in sportswear and the data provided by these smart fabrics help players and coaches in improving performance. Thus, the growing interest toward a healthy lifestyle is expected to drive the demand for intelligent textiles during the forecast period.”
Volatility in raw material prices
Acrylonitrile is the main raw material used in the production of acrylic fibers. The increase in the prices of acrylonitrile is expected to hinder the growth of the global acrylic fibers market as the oil and gas industry is a major supplier of propylene to the producers of acrylonitrile. The fluctuations in crude oil prices will negatively affect the prices of petroleum fraction products, impacting the production cost of acrylonitrile. Thus, the heavy dependency of the global acrylic fibers market on acrylonitrile is expected to hinder the market growth.
Top players in the global acrylic fibers market:
- Aksa Akrilik Kimya Sanayii AS
- Dralon GmbH
- Formosa Plastics Group
- TAEKWANG INDUSTRIAL Co. Ltd.
- Toray Industries Inc.
- Thai Acrylic Fibre Co. Ltd.
Some of the key topics covered in the global acrylic fibers market include:
- Market ecosystem
- Market characteristics
- Market segmentation analysis
- Market definition
- Market size and forecast
Five Forces Analysis
- Regional comparison
- Key leading countries
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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