An increase in acrylic fiber raw material prices is forcing manufacturers across the globe to use such substitutes as polyester, nylon, cellulose etc. for various applications, according to a report by analysts at Future Market Insights based in Valley Cottage, N.Y.
The reports notes substitutes have an economic advantage over acrylic fiber because of better raw-material availability, large scale production and recyclability. Acrylic-fiber manufacturers globally are facing significant market challenges. Production units are terminating in the United States and Europe owing to strong inter-fiber competition, especially from polyester fibers, the report says. Moreover, the U.S. and Europe are facing rising competition from Asian imports of acrylic fiber and its finished products. These factors are likely to restrain the growth of the global acrylic fiber market.
The results are featured in “Acrylic Fibre Market: Global Industry Analysis and Opportunity Assessment, 2016-2026.” Major demand for acrylic fiber is expected to come from markets in the Asia Pacific, Middle East and Africa, and Latin America over the forecast period. The global acrylic fiber market is projected to reach a market value of more than $6 billion by the end of 2026, registering a compound annual growth rate of 3.6 percent over the forecast period.