DUBLIN--(BUSINESS WIRE)--The "Acrylic Fiber Market - Growth, Trends, and Forecast (2020 - 2025)" report has been added to ResearchAndMarkets.com's offering.
The market for acrylic fiber is expected to register a CAGR of around 1% during the forecast period. The major factor driving the growth of the market studied include the high demand from the use of apparel.
On the flipside, availability of substitutes like polyester, stringent regulations worldwide on the production of acrylic fiber, and the negative impact of Covid-19 on the overall market are expected to hinder the growth of the market studied.
By form, the filament segment accounted for the largest market share, and 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.
- Aditya Birla Management Corporation Pvt. Ltd.
- Aksa Akrilik Kimya Sanayii A..
- China Petroleum & Chemical Corporation
- FORMOSA PLASTIICS CORPORATIION
- Indian Acrylics Limited
- Japan Exlan Co., Ltd.
- Jilin Chemical Fiber Group Co., Ltd
- KANEKA CORPORATION
- Mitsubishi Chemical Corporation
- Pasupati Acrylon Ltd
- PetroChina Company Limited
- TAEKWANG INDUSTRIAL CO., LTD
- TORAY INDUSTRIES, INC.
Vardhman Acrylics Ltd.
Key Market Trends
Wool Segment to Dominate the Market
- The use of wool for clothing ages back to the 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 are 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.
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. The economic growth rate of China in 2020 was initially expected to be moderate as compared to the previous year.
- Nearly all of China's major industrial companies have reportedly resumed production. According to the 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 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 apparels across the globe. However, the US-China trade war has affected this trade negatively. The United States has 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.
Key Topics Covered:
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1.1 High Demand for Use in Apparels
4.2.1 Availability of Substitutes, like Polyester
4.2.2 Stringent Regulations Worldwide on the Production of Acrylic Fiber
4.2.3 Negative Impact of Covid-19 and Other Restraints
4.3 Industry Value Chain Analysis
4.4 Porter's Five Forces Analysis
4.5 Technological Snapshot
5 MARKET SEGMENTATION
5.2.3 Other Blendings
5.3.2 Household Furnishing
5.3.4 Other Applications (Outdoor)
5.4.2 North America
5.4.4 South America
5.4.5 Middle-East and Africa
6 COMPETITIVE LANDSCAPE
6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
6.2 Market Share Analysis
6.3 Strategies Adopted by Leading Players
6.4 Company Profiles
7 MARKET OPPORTUNITIES AND FUTURE TRENDS
For more information about this report visit https://www.researchandmarkets.com/r/gt91io