Acrylic Fiber Market Size

Market Size Snapshot

Note – Market size depicts the revenue generated over the financial year

The acrylic fibre market is forecast to rise steadily from a current value of $4.4 billion in 2024 to $5.6 billion in 2032. This growth represents a CAGR of 3.22 per cent over the forecast period. The market's expansion is attributed to a number of factors, including the increasing demand for lightweight, durable fabrics in the fashion and automotive industries, as well as the growing popularity of acrylic fibres in home furnishings and upholstery applications. Also driving the market's growth are technological developments in the production and processing of the fibres. The development of eco-friendly production methods and high-performance fibres has enhanced the products' functionality and appeal, and has attracted a wider customer base. Several companies, such as the Mitsubishi Chemical Corp., the Aditya Birla Group, and Toray Industries, are actively pursuing growth strategies such as collaborations and research and development (R&D) initiatives. These efforts are expected to spur market growth and secure the fibres' position in various applications.

Regional Market Size

Regional Deep Dive

The Acrylic Fibre Market is experiencing a positive growth across regions, driven by a growing demand for the product from textiles, automobiles, and home furnishings. North America is characterized by a strong focus on innovation and green production. Europe, on the other hand, has a mature market, where high-quality products are in high demand, especially in the fashion and furniture industries. Asia-Pacific is the largest market for the product, driven by rapid industrialization and urbanization. The MEA region is the most promising, with a growing manufacturing base. Latin America is slowly gaining market share, driven by growing consumer demand and local production initiatives.

Europe

• In Europe, the European Union's Green Deal is influencing the acrylic fiber market by promoting the use of sustainable materials, leading to increased investments in innovative production technologies by companies such as Acrytex.
• The fashion industry's growing emphasis on circular economy principles is driving demand for recycled acrylic fibers, with brands like H&M and Zara actively seeking sustainable sourcing options.

Asia Pacific

• The Asia-Pacific region is witnessing significant investments in acrylic fiber production, with major players like Toray Industries expanding their manufacturing capabilities to meet the rising demand from the textile industry.
• China's focus on upgrading its textile industry through technological advancements is leading to the development of high-performance acrylic fibers, which are gaining popularity in both domestic and international markets.

Latin America

• Latin America is seeing a rise in local production of acrylic fibers, with companies like Grupo Almo developing new facilities to meet the growing demand for textiles in the region.
• The region's increasing focus on sustainable practices is leading to a rise in the use of recycled acrylic fibers, supported by initiatives from organizations like the Latin American Textile Association.

North America

• The North American market is turning towards the production of sustainable acrylic fibres. DuPont and Invista are investing in bio-based alternatives to replace the usual acrylic fibres, responding to the growing demand for eco-friendly products.
• Regulatory changes in the U.S. regarding textile waste management are prompting manufacturers to adopt more sustainable practices, which is expected to enhance the market for recycled acrylic fibers.

Middle East And Africa

• The Middle East is experiencing growth in the acrylic fiber market due to increased investments in textile manufacturing, with companies like Al-Ahlia Chemicals expanding their production facilities to cater to regional demand.
• Government initiatives in countries like Egypt to boost the textile sector are creating opportunities for acrylic fiber manufacturers, as local production is encouraged to reduce imports.

Did You Know?

“Acrylic fibers are known for their ability to mimic the properties of wool, making them a popular choice in the textile industry for producing warm and lightweight garments.” — Textile World

Segmental Market Size

The acrylic fibres market is experiencing steady growth, owing to its wide-ranging applications in the textile, home textiles, and automobile industries. The growing demand for lightweight and durable materials and the growing trend of sustainable fashion have been driving the demand for these fibres. Moreover, technological developments have been improving the quality and performance of these fibres, making them more attractive to manufacturers and consumers. DuPont and Mitsubishi are among the leading players investing in the development of new production methods and sustainable practices. Among the notable regions driving the market are Asia-Pacific, especially China and India, where the textile industry is flourishing. The main applications include clothing, upholstery, and industrial textiles, with these fibres mainly used for their softness and elasticity. Further growth drivers include the increasing focus on sustainable fashion, government regulations on eco-friendly materials, and the development of new production methods, such as spinning and the use of advanced chemistry.

Future Outlook

From 2024 to 2032, the Acrylic Fibre Market is expected to grow steadily from USD 4.41 billion to USD 5.68 billion, at a CAGR of 3.22%. This is mainly due to the increase in the textile industry, especially in the clothing and home textiles sector, where the advantages of light, durable and versatile properties of acrylic fibers are appreciated. As the demand for sustainable and high-performance materials grows, the market for acrylic fibers is expected to increase, especially in the form of blends and eco-friendly applications. The market will be influenced by the advancement of technology and the implementation of public policies. Developments in the field of bio-based acrylic fibers and new recycling methods are expected to improve the sustainable properties of the fiber and attract consumers and manufacturers. The government's efforts to reduce the carbon footprint of the textile industry will also support the market. The development of smart textiles and the popularity of athleisure are expected to drive the growth of the market for sportswear.