Acrylic yarn production and supply have increased over the last few years as these fabrics are light, easy to wear, and can be produced in bulk quantities at affordable costs. Innovative manufacturing technologies will give consumers an array of options to choose from concerning the quality and strength of the fabric. The main factor driving the market growth is the rising consumer demand for acrylic materials and the resumption of manufacturing activities post the pandemic. The increasing merger, innovations, and collaborations in Asia will fuel the market's prospects.
The COVID-19 pandemic heavily impacted the acrylic yarn market, leading to downward profits and textile manufacturing businesses shutting down during 2020 and 2021. The slowdown of industries and the closure of industrialized activities and fabric manufacturing caused many people to lose jobs, leading to an economic recession. However, the yarn market will fuel the textile industry's growth and share post the pandemic as the demand for industrial activities increases.
According to Business Research Insights, the market for acrylic yarn was valued at USD 7.76 billion in 2021 and will reach USD 9.41 billion by 2028 with a CAGR of 2.8%. The market has leading players; Aditya Birla Yarn, Indorama, Hengfeng Group, Chenab Textiles Mills, Taekwang, Shenghe Textile, Weifang Jinyi Shaxian, Sesli, Geetanjali Woolens, PT ACTEM.
The acrylic yarn market is projected to record massive sales and revenues during the forecast period as the market witnesses advanced features and innovations, growing urbanization, and rising consumer demand and industrial activities. The rise of businesses due to urbanization and affordable fabrics, along with the high production of chemicals used in the yarns at low costs, are the factors expected to propel market growth and share.
Business Research Insights States Top 5 Acrylic Yarn Companies:
1. Aditya Birla Yarn (Indonesia)
Aditya Birla is India's leading business conglomerate, and the group's roots can be traced to over 150 years in the 19th century. The company was founded in 1857 by Seth Shiv Narayan Birla as he started cotton trading operations at Pilani, Rajasthan, and set the foundation of the Birla Companies Group. The group's flagship company Grasim was established in the post-independence period in India in 1947 and was one of the first Indian businesses to set up worldwide operations.
2. Indorama (Thailand)
Headquartered in Singapore, Indorama Corporation is Asia's leading chemical company. Its origins trace back to 1975 when the Indorama Synthetics operations were commenced in Indonesia by founder M.L. Lohia and son S.P. Lohia. The company started as a cotton yarn spinning company and has established itself to include acrylic yarns over the years. The company diversified into producing polyester fibers from derivatives and PET resins in 1991.
3. Hengfeng Group (India)
The Hengfeng Group has made a name for itself as India's leading supplier of acrylic yarns. The supplier company is one of the top sellers of textile products, and the Hengfeng Group is listed in Trade India's index of verified sellers offering supreme quality textiles and yarns. The company's market share and prospects will witness a growth trajectory during the forecast period. Thus, the company will record massive sales and revenues with technological innovations and product launches.
4. Chenab Textiles Mills (India)
Located in the Kathua region of Jammu and Kashmir, it is one of India's leading players worldwide and was established in 1963. The company manufactures cotton, textile, dyed, polyester, and acrylic yarn in bulk and will witness an increasing market share during the forecast period. As a leading global industrial player, the company's market share will propel significantly as consumer demand for acrylic yarn increases.
5. Taekwang (South Korea)
Founded in 1950, the company has developed as an integrated textile manufacturer which produces various textile and synthetic fibers such as acrylic, nylon, and spandex. The establishment of petrochemical plants by the company producing propylene and PTA has made the company one of South Korea's leading industrial players with increasing market share and growth in the Asia Pacific region. Thus, the company will witness a growth trajectory during the forecast period.
Advanced Features and Growing Urbanization to Propel Market Growth
The acrylonitrile chemical used in acrylic fabrics is known for its quick dye absorption capabilities, improved heat and shape retention, and quick-dry qualities. Additionally, the fibers are used as a substitute for yarn, which is a leading factor in attracting global players to purchase the product in bulk. Moistness control for thermal wear, fabrics, wool cloths, sweaters, sports uniforms, and children's socks are the fabrics that use the yarns for engineering synthetic cotton.
Decreasing inflation, rising disposable consumer income, and the growing businesses in urban areas are the factors that have increased consumer demand, along with affordable prices and comfortable fabric quality. Therefore, innovative and advanced prospects during the forecast period, combined with several factors, will propel the market growth and share of the acrylic yarn industry.