Acrylic Fibers Market to Hit USD 7.1 Billion By 2032, Says Global Market Insights Inc.
Acrylic Fibers Industry size is predicted to register 3.4% CAGR between 2023 and 2032 driven by growing textile industry.
Selbyville, Delaware , Nov. 12, 2023 (GLOBE NEWSWIRE) — Global Acrylic Fibers Market could cross a valuation of USD 7.1 billion by 2032, according to the latest report by Global Market Insights Inc.
As per the report, the increasing demand for acrylic fibers attributed to their excellent thermal insulation and durability properties will accelerate business growth over 2023–2032. Additionally, the increasing focus on lightweight materials in the automotive sector will further drive the adoption of acrylic fibers, as they offer a lighter alternative to traditional materials without compromising performance and functionality. As a result, the use of acrylic fibers in automobiles has been steadily increasing over the years, and this trend is expected to continue as the demand for automobiles grows globally, particularly in emerging economies.
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The upholstery segment could capture a substantial acrylic fibers market share by 2032 due to the superior properties, including durability, stain resistance, and softness associated with acrylic fibers. Acrylic fibers are known for their vibrant colors, softness, and resistance to fading and mildew. They offer the look and feel of natural wool but with added durability, making them a popular choice for upholstery fabric. Additionally, acrylic fibers are more affordable than some natural fibers, providing cost-effective options for upholstering furniture and interior decor, thus driving their widespread adoption in the upholstery industry.
The automotive industry could contribute decently to the acrylic fibers market size throughout 2023–2032 due to the expanding application of acrylic fibers in car interiors. Acrylic fibers are prized for their excellent UV resistance, colorfastness, and resistance to moisture and mildew, making them ideal for automotive upholstery and carpeting. These fibers provide durability and longevity, even in challenging environments, contributing to the growing preference for acrylic materials in the automotive sector as they enhance the aesthetics and longevity of interior components.
The Asia-Pacific acrylic fibers market will register remarkable expansion from 2023 to 2032. The expanding regional textile and apparel manufacturing sector, in line with rising consumer demand for affordable, high-quality synthetic textiles, has spurred the demand for acrylic fibers. Additionally, the versatility of acrylic fibers, their ease of dyeing, and their ability to mimic the properties of natural fibers like wool make them highly desirable. Asia Pacific’s cost-effective production capabilities and increased focus on textile exports will further fuel industry growth.
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Major players in the acrylic fibers market include Smurfit Kappa Group, Stora Enso, Mondi plc, Nippon Paper Industries Co., Ltd., South African Pulp & Paper Industries, ITC Limited, Oji Holding Corporation, Svenska Cellulosa Aktiebolaget, and International Paper Group, among others. These players are adopting inventive approaches to strengthen their market presence. Their primary focus is on establishing strategic alliances, launching new products, and commercializing them. Moreover, they allocate significant resources to research and development, aiming to introduce groundbreaking products that will enhance their revenue potential.
For instance, in 2023, Nippon Paper Industries Co., Ltd. revealed its plans to create a manufacturing and sales subsidiary in Hungary focused on CMC (carboxymethyl cellulose), a key component utilized in the production of anodes for lithium-ion batteries (LiB) used in electric vehicles (EV). This move is part of the company’s strategy to expand and integrate its supply chain operations within the rapidly growing European market.
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About Global Market Insights
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
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