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.
New York, June 24, 2020 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Acrylic Fiber Market - Growth, Trends, and Forecast (2020 - 2025)" - https://www.reportlinker.com/p05916345/?utm_source=GNW
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.
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. ?
- 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 pleatability.?
- 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 have excellent durability and shape retention. The 70/30 acrylic wool blend is used to make slacks.?
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 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 UAE 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 reduced utilization rate due to decrease in demand for these fibers as the industry is rapidly moving towards other alternatives like polyester fibers. Moreover, the rising prices of the raw material is also negatively affecting the acrylic fiber market in the country and across the globe.?
- 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.?
The global acrylic fiber market is partially consolidated in nature, with the top five players occupying around 50% of the market, as of 2019. Global production capacity in the year 2019 was estimated at 1,737 kilo tons. 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 A?., among others.
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