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Global Spandex Fiber Market Insight January 30, 2022 Comments

The spandex fiber is forecast to crazy over the next few years. According to WK-chem Research, “Global Spandex Fiber Professional Survey Report 2022, Forecast to 2027”, The Spandex Fiber industry is growing rapidly with the increase in consumption in the medical industry and the textile industry. The compound annual growth rate (CAGR) for the 2022-2027 period is projected to be 7.5% base on WK-chem Research regression analysis model.
Analysts’ Viewpoint:
“Demand for spandex fibers is increasing in various vertical industries such as textiles and automotive due to its wide range of properties such as elasticity, durability and UV resistance” said Eva Joy, Senior analyst, Chemical & Materia Market Research Center in WK-chem Research.
Market insight:
The growing demand for sportswear has driven the demand for spandex fibers for sportswear such as jackets, gloves, etc. Sportswear is becoming more and more popular in emerging markets due to rising affluent population and changing lifestyles. Spandex has superior stretch properties and avoids restrictions on the movement of the wearer, thereby increasing its demand for sportswear. Secondly, compared with rubber, spandex fiber has better quality, light weight, softness and adaptability. The surge in the use of spandex as an alternative to natural and synthetic rubber in industrial applications is driving the market growth. Also, due to the COVID-19 pandemic. Spandex fibers are used in the medical field to make compression bandages, masks, and surgical gloves, also contributing to the growth of the spandex fiber market.
However, fluctuations in crude oil prices may hinder the growth of the spandex market. Raw materials derived from crude oil are often used to manufacture spandex fibers. Geopolitical issues between countries such as the United States, Iran, Iraq, Russia and Saudi Arabia have had a major impact on crude oil prices. Therefore, volatility in crude oil prices is expected to be a major challenge for spandex fiber manufacturers during the forecast period.
Competition Landscape:
Technology launches, acquisitions, and R&D activities are the key strategies employed by players in the Spandex Fibers Market report. At present, the spandex market has been consolidated by the top 10 companies accounting for xx% share. The key players in the spandex fiber market are Hyosung Corporation, EI Du Pont De Nemours And Company, Investa, Teijin Ltd., Asahi Kasei Corporation, Toray Industries, Far Eastern New Century Corporation, Acelon Chemical and Fiber Corporation, Toyobo Co., Ltd .. Indorama, etc. In June 2019, Hyosung Corporation launched its new high-performance creora® ActiFit spandex at the Denver outdoor retailer’s summer market from June 18 to 20, 2019. Creora® ActiFit Spandex provides long-lasting durability, UV and chlorine resistance, and the excellent recovery required for cycling, swimming, triathlon and adventure racing apparel.
Segmentation of Spandex Fiber:
The spandex fiber market is segmented into melt extrusion, reaction spinning, solution dry spinning, and solution wet spinning by manufacturing process. Among them, the field of solution dry spinning has the largest share in the spandex fiber market, and solution dry spinning is widely preferred as a cost-effective process, and the fibers produced by this process have better elastic recovery ability.
The spandex fiber market is segmented by application into textiles (clothing, home furnishing, etc.), sportswear, healthcare (elastic bandages, medical shells, elastic stockings, and hoses, etc.), automotive (door panel fabrics, car seat fabrics, etc.), and others. The textile segment holds the largest share of the spandex fiber market, and for apparel, spandex is usually blended with cotton/rayon/polyester or nylon fibers depending on the fabric. Spandex is durable and can be stretched back to very close to its original length and shape. Due to these properties, spandex fibers are used in the formulation of underwear and socks, which in turn contributes to the growth of the spandex fiber market. They are also used in household items such as sofa covers, furniture covers and rugs. Hence, increasing global demand for apparel and expansion of the textile industry is likely to drive the growth market.
Spandex Fiber Market: Regional Analysis:
The spandex fiber market is segmented by geography: North America, South America, Europe, Asia Pacific, and Rest of the World. Asia Pacific dominates the spandex fiber market, followed by North America and Europe. Population growth coupled with rapid industrialization is driving the growth of the spandex market in Asia Pacific. Growing demand for apparel such as underwear, sportswear, and sportswear is expected to further drive the market owing to higher levels of disposable income and rising popularity of various sports and leisure activities.
Cagr: 7.5%
Largest share area: Asia Pacific
Largest share country: China
Product Type (by Manufacturing Process): Melt Extrusion, Reaction Spinning, Solution Dry Spinning and Solution Wet Spinning
Application: Textile, sportswear, healthcare, automotive
Leading Company: Hyosung Corporation, EI Du Pont De Nemours And Company, Investa, Teijin Ltd., Asahi Kasei Corporation