Spandex Market Size and Analysis, Trends, Recent Developments, and Forecast Till 2027
The Global Spandex
Market is projected to grow at a CAGR of 4.9% from USD 7.41
billion in 2019 to USD 10.95 billion in 2027. The increasing demand for the
material from textile sector especially for sportswear, active wear along with
high usage in medical applications is likely to propel the growth of the
industry. Rising average disposable income of people is another factor driving
the market’s growth.
Spandex is a lightweight synthetic
fiber with superior strength and elasticity. It also has the ability of
resisting UV light. It is widely used in skin tight and stretchable clothes.
Growing demands for sportswear and active wear along with rising disposable
income of people is predicted to drive the market during the forecast period. Demand
from the medical sector is also likely to increase since the fiber is used in
manufacturing surgical hoses, bandages, diapers, compression stockings amongst
others.
The manufacturing process for spandex
is quite complex and involves high labor. The superior properties of the
material results in high market price of the product in comparison to nylon,
polyester, wool and cotton. This is having negative impact on the market’s
growth. Major manufacturers of the market are trying to develop automated production
processes which can bring optimization in manufacturing as well as reduce the
labor cost without compromising the quality of the material.
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Key players in the market include Hyosung Corporation, LYCRA, TK Chemical
Corporation, Taekwang Industrial Company Limited, Teijin Ltd, Toray Industries,
Asahi Kasei Corporation, Far Eastern New Century Corporation, INVISTA and
Yantai Tayho Advanced Material Corporation Ltd.
Further key
findings from the report suggest
- Two way spandex is not witnessing similar
growth as four way spandex since it has limited stretchability in one
direction.
- The melt extrusion process is predicted
to have considerate amount of growth since it involves relatively lower
cost than the other production processes.
- The medical application segment is
expected to have significant growth due to increasing usage of spandex in
compress as well as stretchable bandages.
- Rising health consciousness along with
the development of medical sector in North America is providing a major
boost to the market’s growth in this region.
- In January 2018, Hyosung Corporation
announced the construction of Hyosung Quzhou Spandex Plant with an aim of
expanding its production capacity.
- There have been a number of new product
launches in the market amongst which ‘creora Fresh’ by Hyosung
Corporation, LYCRA T400, 161E, 162E by LYCRA require special mention.
- There have been a number of M&A in
the industry like Toray Industries acquiring TenCate Advanced Composites
in 2018, Far Eastern New Century Corporation acquiring Phoenix
Technologies International LLC in 2019 and Asahi Kahei Corporation
acquiring Veloxis Pharmaceuticals Inc in 2020.
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For the purpose of this report,
Reports and Data have segmented into the global Spandex Market on the basis of
Fabric Type, Production Process, Application and region:
Fabric Type
Outlook (Revenue, USD Billion; 2020-2027)
- Two Way Spandex
- Four Way Spandex
Production
Process Outlook (Revenue, USD Billion; 2020-2027)
- Dry Spinning
- Wet Spinning
- Melt Extrusion
- Reaction Spinning
Application
Outlook (Revenue, USD Billion; 2020-2027)
- Apparel
- Sports
- Medical
- Others
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Regional analysis section covers
analysis of the Spandex market in the major geographies of the world including
North America, Latin America, Europe, Asia Pacific, and the Middle East and
Africa with regards to production and consumption pattern, supply and demand
ratio, import/export, revenue contribution, market share and market size, and
presence of key players in the region.
Detailed Regional Analysis Covers:
· North America (U.S., Canada, Mexico)
· Europe (U.K., Italy, Germany, France, Rest of
Europe)
· Asia Pacific (India, Japan, China, South
Korea, Australia, Rest of APAC)
· Latin America (Chile, Brazil, Argentina, Rest
of Latin America)
· Middle East & Africa (Saudi Arabia,
U.A.E., South Africa, Rest of MEA)
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