The Acrylic Fiber Market is to Touch $7.12 billion by 2030; The increasing demand for fashion and the expanding global apparel market and The growth of e-commerce in the furniture and upholstery market propels market growth.

The Acrylic Fiber Market size is estimated to reach $7.12 billion by 2030, growing at a CAGR of 3.1% during the forecast period 2023-2030, according to a recent report published by IndustryARC, titled, “Acrylic Fiber Market – By Form (Continuous/Filament Fiber, and Non-continuous/Staple Fiber), By Blend (Acrylic-Wool, Acrylic-Viscose, Acrylic-Nylon, Acrylic-Cotton, and Others), By End-User Industry (Textiles & Apparel, Furniture & Upholstery, Industrial, Building & Construction, Automotive, and Others), By Geography - Global Opportunity Analysis & Industry Forecast, 2023-2030” The increasing demand for fashion and the expanding global apparel market and The growth of e-commerce in the furniture and upholstery market are fueling the growth of the Acrylic Fiber industry during the forecast period.

In 2023, the Asia-Pacific region held a dominant share of 59.4% in the global acrylic fiber market. This growth can be attributed to the expanding textile industry, particularly in countries like China, India, Malaysia, Australia, and South Korea, which have seen a rise in demand for acrylic fiber. According to Textile Technology, India's fiber production was estimated at 1.5 million tonnes in FY 2023. The country's textiles and apparel sector contributed 2% to GDP and 7% to total industrial output, while accounting for 5% of global textile and clothing trade and 12% of export earnings. China remains the world’s largest producer of acrylic fibers, responsible for over 30% of global production. Furthermore, the Malaysian Investment Development Authority reports a rise in investment in Malaysia’s textile and apparel sector, with an estimated USD $3.3 billion invested in 2023.

The demand for clothing and apparel has seen a significant surge in recent years, largely due to changes in the global financial landscape and the rapid growth of fast fashion. This increase is especially pronounced in developing nations, where rising GDP levels are fueling higher consumption. China and India are poised to become the fastest-growing markets, with substantial investments driving their expansion. In India, the government’s USD $1.44 billion Production Linked Incentive (PLI) scheme is providing strong support to textile manufacturers. TEXtalks reports that China’s garment exports reached USD $223.14 billion in 2023. Furthermore, Business Finland projects that the global apparel market will grow at a compound annual growth rate (CAGR) of 3.6%, reaching an estimated USD $3.22 trillion by 2030. Acrylic fibers play a vital role in the textile and apparel sector, and the growing demand for these fibers is contributing to the continued expansion of the global market.

Acrylic fibers are commonly used in the furniture and upholstery market as a primary fabric for furnishings. One of the main drivers of the acrylic fiber market is the growing demand for furniture and upholstery. The e-commerce sector for furniture and upholstery has seen consistent growth, thanks to the convenience of viewing products and their availability online. This trend was further accelerated by the COVID-19 pandemic, as stay-at-home measures and social distancing became the new norm, boosting online furniture and upholstery sales. According to the India Brand Equity Foundation (IBEF), India’s online retail market is expected to account for 37% of the total retail market by 2030, with the furniture eCommerce market generating $252 billion in revenue in 2023. Additionally, the increasing demand for eco-friendly furniture and flexible workspaces has attracted more investment in the industry. As a result, these trends are expected to be a key driver for the acrylic fiber market during the forecast period of 2024-2030.

• On October 18, 2023, Thai Acrylic Fibre Co. Ltd. unveiled Regel™, a recycled acrylic fibre, along with other sustainable innovations at the Textile Exchange Conference 2023 in London.

• In March 2023, Indian Acrylics Ltd. announced the commissioning of a new acrylic fibre manufacturing plant, with an annual production capacity of 50,000 tonnes.

Key companies profiled in the Acrylic Fiber Market are Aditya Birla Group (Thai Acrylic Fibre Co. Ltd.), Aksa Akrilik Kimya Sanayii A.S., Kairos Industries (Dralon GmbH), Jilin Qifeng Chemical Fiber Company Ltd., Indian Acrylics Ltd., Taekwang Group (Taekwang Industry Co, Ltd.), Kaneka Corporation, Japan Exlan Co. Ltd., M&G Group (Chemtex Group), SINOPEC and others.