Seattle, Washington Jan 6, 2020 (Issuewire.com) - The global acrylic fibers market was valued at US$ 4,587.8 million in 2018 and is expected to exhibit a CAGR of 3.9% over the forecast period (2019–2027).
Acrylic fibers are composed of polymer produced addition of polymerization of at least 85% by weight of acrylonitrile compound. DuPont is the first company that manufactured acrylic fibers in 1944 and began commercial production in 1950. Wet spinning and dry spinning are the two methods that are used to produce acrylic fiber. Acrylic has applications in knitted apparels such as socks, fleece, and sweaters, and sportswear. It is also used to manufacture craft yarns, fake fur, carpet, upholstery fabric, luggage, awnings, and vehicle covers.
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Drivers
Increasing launch of new acrylic fibers by the major player is projected to propel the market growth of acrylic fiber. For instance, in January 2019, Thai Acrylic Fiber Co. announced the launch of 10 new shades of Durashine fiber, the premium solution-dyed acrylic fiber. Durashine fiber is made to withstand the extreme conditions of rain, UV, abrasion that helps fabrics to maintain its color and strength for longer duration. Hence, the rising launch of new-generation acrylic fiber is projected to boost market growth.
Rising needs to conserve energy and growing environmental concern, various manufacturers are adopting advanced and efficient technology to produce the acrylic fiber which is also projected to propel the market growth of acrylic fiber. For instance, in June 2018, Thai Acrylic Fiber has introduced a new gel-dyed acrylic textile fiber which utilizes less energy and water than conventionally dyed acrylics. Moreover, the gel-dyeing method is supposed to offer an average of 20 percent savings in water and energy compared to conventional techniques. Also, as there’s no need to dye at the yarn or fabric stage, the process lightens the effluent pollution load of wet processing further downstream.
Market Opportunities
Ongoing research & development for modifying and improvise the properties of acrylic fiber by the various manufacturer is expected to offer enormous growth opportunities over the forecast period. Moreover, the rising number of investments by various key players in order to sustain in the market is further projected to propel the market growth of acrylic fiber. In October 2018, BASF has announced to double its capacity for acrylics dispersions with a new production line at its site in Pasir Gudang, Malaysia. Through the investment, BASF is planning to offer a reliable supply of high-quality dispersion solutions to customers in the fast-growing ASEAN, Australia, and New Zealand markets.
The rising number of partnerships by the manufactures for offering differentiation in the product is protected to add immense growth to the market of acrylic fiber in the near future. For instance, in October 2018, the European Spinning Group (ESG) has partnered with Thai Acrylic Fibre to produce a new generation of solution-dyed acrylic yarns for outdoor applications. This yarn is marketed under the brand name 'ESG RA Outdoor' powered by Durashine fiber suitable for various outdoor applications such as outdoor furniture, awnings, carpets, and marine exterior, etc.
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Market Restraints
Increasing usage of substitutes of acrylic fibers such as polyester, nylon, cellulose, etc. as they have numerous advantages over acrylic fiber due to improved raw materials availability and recyclability is projected to hinder the market growth of acrylic fiber. Moreover, various production units are shutting down across various regions due to intense competition especially from polyester fibers is further expected to hamper the market growth.
Market Trends/Key Takeaways
Increasing expansion of production plants by manufacture in order to serve in end-use applications is gaining traction in the market. For instance, in May 2016, Evonik has planned to construct a stretching, grinding, and polishing plant for acrylic sheeting at its Weiterstadt (Germany) site. The new plant producing stretched ACRYLITE® for aircraft materials is being installed by the side of the existing facility for the cast acrylic block, the base materials for the stretching process.
The promotion of higher standards in the acrylic fiber industry by manufacture in Turkey is one of the major trends that has observed in the region. For instance, in March 2015, the European bank of reconstruction and development promoted higher standards in Turkey’s chemical industry, providing loans to the world’s leading acrylic fiber producer named Aksa. This factor is projected to propel the market growth of acrylic fiber over the forecast period.
Company Profiles
Players active in the market are Aksa Akrilik Kimya Sanayii A.Ş.(Aksa), Dralon, Aditya Birla Group, Jilin Chemical Fibre Company, Taekwang Industrial Co., Ltd, Exlan Japan Co., Ltd., Kaneka Corporation, Indian Acrylics Limited, Pasupati Acrylon Ltd., and Vardhman Acrylics Ltd.
Few Recent Developments
Aditya Birla Group
In August 2018, Thai Acrylic Fibre Co. (Aditya Birla Group) and Bulliontex Co. Ltd. have announced a partnership to offer quality outdoor fabrics to the Thailand market. These fabrics, made with Thai Acrylic Fibre Co.’s Durashine™ fiber are used for awnings, outdoor furniture, and marine fabrics.
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Taxonomy (Scope, segments)
By Dyeing Method
- Acid
- Gel
- Undyed
By Fiber Form
- Staple
- Filament
By Blending
- Wool
- Cotton
- Others
By End-Use
- Apparels
- Home Furnishing
- Industrial
- Outdoor
By Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
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