COVID-19 Impact and Recovery Analysis- Global Acrylic Fibers Market 2020-2024
LONDON--(BUSINESS WIRE)--The global acrylic fibers market is expected to grow by 251.34 million tons during 2020-2024. The report also provides the market impact and new opportunities created due to the COVID-19 pandemic. We expect the impact to be significant in the first quarter but gradually lessen in subsequent quarters – with a limited impact on the full-year economic growth.
The increase in the demand for fibers and yarns to produce apparel and household textiles is expected to positively impact the global textile industry during the forecast period. The global textile market reached USD 1,500 billion in 2018 and is expected to grow at a CAGR 6.20% during the forecast period. India, China, Pakistan, and the US are the major producers of textiles globally. This is expected to stimulate the demand for acrylic fibers as they are highly used in the production of sweaters, fleece wear, sportswear, socks, and circularly knit apparel. The strong dye absorption and wicking ability are the major factors underlying the adoption of acrylic fibers by fabric designers. Acrylic fibers are also widely used in the production of home textiles and industrial products such as carpets, rugs, upholstery and velvet fabric. Thus, the growth in textile industry is expected to drive the growth of the market in focus.
As per Technavio, the increase in demand for acrylic fibers in blended fabrics will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other significant trends and market drivers that will influence market growth over 2020-2024.
Acrylic Fibers Market: Increase in Demand for Acrylic Fibers in Blended Fabrics
The increase in the use of acrylic fibers for blended fabrics is expected to positively impact market growth during the forecast period. Blending involves the addition of two or more different fibers to obtain the desired characteristics for the final fiber product. Acrylic blending fabrics are mainly used to produce t-shirts, socks, tracksuits, gloves, and caps. Blending accords better strength, stability, and absorbency to the final fabric. The limited availability and the high cost of natural fibers is expected to drive the demand for blended fabrics during the forecast period. The blending of wool with acrylic fibers improves the elasticity and durability of the final product. In addition, acrylic-blended wool is easy to wash and is much more resilient. Cotton-blended yarns and fabrics with acrylic resins provide superior comfort, uniformity, and warmth and enhanced luster. Furthermore, acrylic fibers make the yarn softer and more durable.
“Factors such as the rise in demand from developing countries, and the increasing preference for intelligent textiles will have a significant impact on the growth of the acrylic fibers market value during the forecast period,” says a senior analyst at Technavio.
Register for a free trial today and gain instant access to 17,000+ market research reports
Acrylic Fibers Market: Segmentation Analysis
The APAC region led the acrylic fibers market in 2019, followed by MEA, Europe, North America, and South America respectively. During the forecast period, the APAC region is expected to register the highest incremental growth due to factors such as the rapid industrialization and urbanization, which has led to the growth of the construction, automotive, and manufacturing industries boosted by high investments from the public and private sector enterprises.
Technavio’s sample reports are free of charge and contain multiple sections of the report, such as the market size and forecast, drivers, challenges, trends, and more. Request a free sample report
Some of the key topics covered in the report include:
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.
With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
» Publication Date: 18/06/2020
València Parc Tecnológic - Gustave Eiffel, 4 - 46980 Paterna - Valencia, SPAIN
+34 96 136 60 40 - email@example.com