With a shift in the macroeconomic climate and the emergence of fast fashion as some of the key market movers, there has been an increase in demand for clothing and apparel during the past few years. Due to the rapidly rising GDP, there has been a surge in the sales of apparel items in developing nations. Due to their significant market investments, China and India are anticipated to have the quickest industry growth rates. The Indian government's Production Linked Incentive (PLI) initiatives, for example, which cost $1.44 billion USD, were beneficial to the nation's textile industry.
The Acrylic Fibers Market was valued at US$ 5,294.3 million in 2022 and is anticipated to grow to US$ 7,251.1 million by 2030, with a CAGR of 4.01% from 2023 to 2030.
Prominent Companies in the Acrylic Fibers Industry:
1. Aksa Akrilik: Established in 1968. Headquarters at Turkey's Iftlikköy. Manufacturers include Aksa Akrilik Kimya Sanayii AS of synthetic, artificial, and natural fibres, carbon fibres, polymers, and other industrial goods and raw materials for the textile, chemical, and other industries. It has three functional components, including fibres, energy, and others. The company's Fibres section is where it makes the most money. Dowaksa Ileri Kompozit Sells Solvent Recycling Units to Aksa Akrilik for $26.6 Million in Yalova Province
2. Aditya Birla Group: Established in 2015. Headquarters in India. An abandoned venture capital fund run by the Aditya Birla Group was called the Aditya Birla Group Fund. Mumbai, India was where the fund was situated. Investments were made by the fund in the retail, financial services, and health IT sectors. The fund intended to make corporate investments ranging from USD 2 million to USD 10 million. The hospitality division of the Aditya Birla Group buys a 100% share in four restaurant chains.
3. Jilin Chemical Fibre Company: Built in 1960. Headquarters in China. Manufacturing of chemical fibres is done by Jilin Chemical Fibre Co Ltd. The company makes paper goods, acrylic fibre, chemical fibre pulp, yarn, heat-accumulating fibre, anti-pill fibre, gelled dyeing fibre, and viscose staple and filament yarn.
4. Taekwang Industrial Co., Ltd: Founded in 1950. Headquarters are in South Korea. In Korea, Taekwang Industrial Co. Ltd. primarily works in the oil and gas sector. Its range of products includes textiles, fibres, and petrochemicals. Its petrochemicals include propylene, acrylonitrile, sodium cyanide, and refined terephthalic acid (PTA). Acrylic fibres, nylons, spandex, spun yarns, worsted fabrics, and cotton fabrics are among the fibre goods the company produces using chemicals it manufactures. In addition to its primary business, the corporation also engages in broadcast communication and property rental.
5. Kaneka Corporation: Founded in 1949. Headquarters in Japan. Plastics, chemicals, and other items based on chemicals are all produced and sold by Kaneka Corp. Based on product category, the corporation divides itself into seven sectors. Margarine, shortening, bread yeast, and spices are sold in the foodstuffs category, which is the one that brings in the most money. Polyvinyl chloride, which is sold in the chemicals section, is used in flooring and pipelines. Products made of silicone and polystyrene are sold in the functional and expandable products areas. This product is created using organic raw milk from Betsukai Wellness Farm, a dedicated organic farm that was founded in 2021 and received organic JAS certification in December 2022. Betsukai Wellness Farm is located in Betsukai-cho, Notsuke-District, Hokkaido.
6. Indian Acrylics Limited: Built in 1986. Head office in India. Acrylic yarn and fibre are produced in India by Indian Acrylics Ltd. The business is divided into two segments: Yarn, which comprises all types of yarn produced and marketed by the company, and Fibre, which includes staple fibre, tow, and tops. Staple Fibre, Acrylic Fibre, Acrylic Tow, and Acrylic Tops are some of its offerings. The fibre business accounts for the majority of the company's revenue, and it also exports to other nations.
7. Pasupati Acrylon Ltd.: Established in 1982. Headquarters in India. The company Pasupati Acrylon Ltd works in the textile sector. Cast Polyproplyne Film Division and Acrylic Fibre Division make up the company's operating segment. The Acrylic Fibre division accounts for most of its revenue. The group sells Hydrophilic Fibre, Soft Feel Fibre, Low Pill Fibre, Metalized CPP, Natural, and White CPP as its products.
*Definition: Acrylic fibers are also known as synthetic fibers that consist of almost 85% acrylonitrile monomer in its chemical composition. It is widely used in various industrial applications such as apparel, home furnishing, industrial, and others. It can be used as 100% pure, or in combination with other natural and synthetic fibers.
