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.
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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)
Regional Outlook (Revenue in USD Billion; 2017–2027)
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
Highlights of the TOC:
Chapter 1. Market Synopsis
1.1. Market Definition
1.2. Research Scope & Premise
1.4. Market Estimation Technique
Chapter 2. Executive Summary
2.1. Summary Snapshot, 2020-2027
Chapter 3. Indicative Metrics
Chapter 4. Spandex Market Segmentation & Impact Analysis
4.1. Spandex Market Raw Material Segmentation Analysis
4.2. Industrial Outlook
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The report is a qualitative and quantitative research study that offers key insights into the latest strategic steps and tactics undertaken by the industry players to gain a robust footing in the market. The report further offers strategic recommendations to the new and emerging players and established companies to help them overcome the barriers of the industry. The report also covers a comprehensive SWOT analysis and Porter’s Five Forces analysis to offer a better understanding of the Spandex market and its competitive landscape.
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