Skip to main content

Acrylic Fiber Market is Estimated to Witness High Growth

Acrylic Fibers Market

Acrylic fibers, also known as acrylic filaments or polyacrylonitrile (PAN) fibers, are synthetic fibers made from polyacrylonitrile (PAN) polymer. Acrylic fibers have several advantages over natural fibers such as wool and cotton, including wrinkle resistance, shrink resistance and soft hand or feel. They are often used as an inexpensive substitute for wool or cashmere in knitted and woven apparel and home textiles applications. The demand for acrylic fibers is increasing from the apparel industry owing to their soft texture, ease of dyeing and competitive pricing.

The global acrylic fibers market is estimated to be valued at US$ 6,343.61 million in 2023 and is expected to exhibit a CAGR of 8.0% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.

Market Opportunity:

The rising demand for low-cost apparel from emerging economies represents a key opportunity for growth of the acrylic fibers market over the forecast period. Acrylic fibers are significantly cheaper to produce than natural fibers like wool and plant-based fibers. This allows apparel manufacturers to offer affordable clothing to price-sensitive consumers in developing nations. The rapidly growing middle class population in countries like India, China, Indonesia and others who are willing to spend more on apparel presents a lucrative market for acrylic fiber producers. If producers focus on expanding distribution and promotion in these emerging markets, it can help drive higher sales of acrylic fibers during the forecast period.

Porter’s Analysis

Threat of new entrants: The threat of new entrants is moderate as acrylic fibers have technical expertise required for production and the industry has economies of scale. However, capital requirement for setting up of plant is lower.

Bargaining power of buyers: Bargaining power of buyers is moderate as buyers have many alternatives available and are price sensitive. However, switching costs are low.

Bargaining power of suppliers: Bargaining power of suppliers is moderate as raw materials like acrylonitrile are commoditized. However, for specialized intermediaries power is high.

Threat of new substitutes: Threat of new substitutes is moderate as alternatives like polyester are available but acrylic fibers have advantages related to properties, cost and production process.

Competitive rivalry: Competition in the market is high due to presence of major international players.

SWOT Analysis

Strength: Acrylic fibers have properties like softness, moisture absorption, UV resistance and affordability. Production process is easily scalable.

Weakness: Acrylic fibers are less durable and elastic as compared to other synthetic fibers. Volatility in raw material prices impacts profitability.

Opportunity: Growth in apparel and home furnishing industries opens up opportunities. Demand from developing regions still untapped.

Threats: Stringent environmental regulations can impact production. Substitute fibers eating into market share pose threat.

Key Takeaways

The Global Acrylic Fibers Market Growth is expected to witness high during the forecast period of 2024 to 2031. The global acrylic fibers market is estimated to be valued at US$ 6343.61 Mn in 2023 and is expected to exhibit a CAGR of 8.0% over the forecast period 2024 to 2031.

Regional analysis: Asia Pacific dominates the global acrylic fibers market with a share of over 50% in 2024 due to large fibers manufacturing base and textile industry in countries like China and India. The region is expected to witness fastest growth during the forecast period due to rising incomes, increasing apparel demand and growth in home furnishing sector.

Key players: Key players operating in the acrylic fibers market are QuintilesIMS (now IQVIA), Parexel International Corporation, ICON plc, PRA Health Sciences, Covance Inc., Charles River Laboratories International Inc., Syneos Health, Pharmaceutical Product Development, LLC (PPD), Medpace Holdings, Inc., LabCorp (Laboratory Corporation of America Holdings), Wuxi AppTec, inVentiv Health (now Syneos Health), PAREXEL International (now part of PPD), Accenture, Cognizant. Major producers are focused on capacity expansion and new product development to strengthen their position.

Explore more information on this topic, Please visit -

https://www.ukwebwire.com/acrylic-fibers-market-growth-and-outlook-analysis-2/ 

Explore more trending article related this topic -

https://www.pressreleasebulletin.com/geotextile-market-growth-and-forecasts-analysis/ 

Labels:

Comments

Post a Comment

Popular posts from this blog

Rails to Resilience: Strategies Driving Growth in the Railway Coatings Market

Railway Coatings Market Railway coatings play a critical role in protecting rail infrastructure against corrosion, abrasion, and weathering, thereby extending the lifespan of railway assets and enhancing operational efficiency. The Railway Coatings Market encompasses a diverse range of coatings specifically formulated to meet the unique requirements of rail applications, including coatings for rolling stock, track components, bridges, and stations. As the global rail industry continues to expand and modernize, the demand for high-performance coatings that offer durability, safety, and environmental sustainability is on the rise. The railway coatings market was valued at  US$ 2,334.2 Mn in 2024 , and is expected to exhibit a  CAGR of 5.2% , in terms of revenue, over the forecast period  2024-2031  to reach  US$ 3,497.6 Mn by 2031 . Key Takeaways: The Railway Coatings Market is witnessing steady growth, driven by various factors such as infrastructure development ...
Post a Comment
Read more

Global Amphibious Vehicle Market is Anticipated to Witness High Growth Owing to Growing Demand

Amphibious Transport Amphibious vehicles, commonly referred as 'amphibians', are wheeled or tracked vehicles that have the capability to travel through both land and water. They are widely used by military forces across the world for tactical mobility options. Amphibious vehicles provide unique advantages for various military operations conducted near water bodies or in flooded areas. They allow rapid deployment of troops and equipment without requiring additional logistical support. Some key uses of amphibious vehicles include border patrolling, transportation across rivers, and transportation of supplies to islands. The growing focus on military modernization programs and increasing defense budgets globally has augmented the demand for advanced amphibious vehicles. The Global Amphibious Vehicle Market is estimated to be valued at US$ 5.08 Bn in 2024 and is expected to exhibit a CAGR of 10% over the forecast period 2024 To 2031. Key Takeaways Key players operating in the Globa...
Post a Comment
Read more

Active Protection Systems Market is Anticipated to Witness High Growth

Active Protection Systems Market Active protection systems (APS) are anti-weapon defense system employed on armored fighting vehicles and tanks that protect them against incoming anti-tank missiles and rockets. An APS utilizes sensors for detecting the threat, followed by countermeasures that include projectile interceptors, direct energy weapons or smoke screens to neutralize the threat. The increasing modernization initiatives by militaries worldwide coupled with rising defense budgets is stimulating the demand for advanced protection systems for tanks and armored vehicles. The Global active protection systems market is estimated to be valued at US$ 4.30 Bn in 2024 and is expected to exhibit a CAGR of 5.6% over the forecast period 2024 to 2031. Active Protection Systems Market Growth   provides effective self-defence solutions and are becoming an integral part of the protection suites being developed for next-gen armored platforms. These systems play a crucial role in saving live...
Post a Comment
Read more