Acrylic fibers find extensive use in the apparel industry owing to their desirable properties such as moisture absorbency, elasticity, resilience and softness. Acrylic fibers are used to manufacture a wide range of clothing such as sweaters, socks, hats, gloves, blankets and other linings. The growing demand for acrylic fabric in the apparel industry is expected to boost the acrylic fibers market over the forecast period. The rising disposable income coupled with changing fashion trends has led to increased spending on clothing and apparel. Additionally, acrylic fibers are a cheaper alternative to wool and provide similar properties, thereby increasing their popularity in the apparel industry.
Market key trends:
The key trend driving the growth of the acrylic fibers market is the high adoption of acrylic fabrics in the apparel industry. Acrylic fibers have moisture-wicking properties, are warm, soft and durable. These properties make acrylic fabrics suitable for activewear, sportswear, outdoor wear and casual clothing. Manufacturers are increasingly using acrylic fiber blends with other natural and synthetic fibers such as cotton, wool and polyester to enhance properties of fabrics. The blended fabrics offer benefits such as improved moisture management, easy care and softness. Rising consumer preference for affordable yet high-performance fabrics is propelling demand for fabrics made with acrylic fiber blends. Additionally, acrylic fabrics are gaining popularity as an alternative to expensive natural fabrics such as cashmere and merino wool. This is expected to drive market growth over the forecast period.
Segment Analysis
The global acrylic fibers market is segmented based on type and application. By type, the dominating segment is staple fiber which accounted for over 50% of the market share in 2024. Staple fibers are cheaper to produce and can be easily blended with other natural and synthetic fibers like cotton and polyester. Its comfort, affordability and easy availability have made it the preferred choice for clothing and home furnishing applications.
By application, the apparel segment dominated the market in 2024 with over 30% share. Acrylic fibers are extensively used in sweaters, socks, scarves, gloves, blankets and other warm clothing owing to properties like high moisture absorbency, quick drying and excellent insulation. The growing fashion industry along with rising disposable incomes in developing nations have boosted demand for acrylic apparel.
Key Takeaways
The Global Acrylic Fibers Market Demand is expected to witness high growth over 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 shows that Asia Pacific emerged as the fastest growing as well as dominating region in 2024 with over 40% share of the global market. This can be attributed to the large apparel and textile industries in China, India and other Asian countries which are major consumers of acrylic fibers. Presence of leading producers has also made Asia Pacific a key manufacturing hub for acrylic fibers.
Key players operating in the acrylic fibers market include 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. These players are focused on expanding their product portfolios and geographical reach through acquisitions and partnerships to strengthen market presence.
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