Overview:
The global market for spandex is showing high growth opportunities with a CAGR of 7.1% and its valuation would touch USD 6.78 billion between 2019 and 2025. Market Research Future (MRR) is considering the time frame as a forecast period for the global spandex market report. Spandex can be defined as elastane or synthetic elastomeric fiber that contains long-chain polyurethane or polyurethane-polyurea unit. Spandex fibers are known for their high stretchability and durability using which it can permeate across various industries like textile, healthcare textile, sportswear, construction site, various research and development sectors, and others. With the global textile industry witnessing high growth, the spandex market share can come up with a high growth rate. The demand for eco-friendly spandex is also expected to provide much traction where various other companies are going to pose lucrative opportunities.
But the product is heat-sensitive and resists perspiration owing to which it can provide discomfort to the user. Factors like these can hold back the spandex market growth in the coming years.
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Segmentation:
The global market report for spandex has segments like production process, type, and application. Such segmentation can inspire a better understanding of the market and provides insights for market players who can devise enriched strategies to ensure growth.
By the production process, the global market for spandex market share can be segmented into solution dry-spinning process, solution wet-spinning process, and others. The solution dry-spinning process had a market coverage of 94.5% and it would fetch the maximum revenue in 2018. The other segment covers extrusion and reaction spinning.
By type, the global market for spandex industry can be segmented into a four-way stretch type and two-way stretch type. The four-way stretch type has the maximum market valuation in 2018 and it is expected to pose the highest CAGR during the forecast period. These fabrics are quite elastic and provide better mobility.
By application, the global market for technical textile, home textiles, medical textiles, and apparel. The technical textile segment had the maximum market coverage in 2018 and its growth would be significant in the coming years. The demand for a product with better durability, lightweight, and stretchable products are expected to make sure that the market gains positive growth. Its growth in the sportswear industry would be quite substantial. Manufacturing of garments like swimsuits, cycling shorts, rowing unsuits, haptic suits, and triathlon suits. Other segments like home textile, the medical textile can also provide better growth in the coming days.
Regional Analysis:
The Asia Pacific market scored the best in terms of revenue in 2018 and its growth would be the fastest in the coming years. This industry is expected to gain much from the textile industry. Various players like Toyobo, Asahi Kasei, Hyosung, and Taekwang can inspire the regional market in the coming years. The massive population in the region would also create a huge consumer base. North America can explore its immense growth potential by letting the healthcare industry invest much on medical textiles. Europe would provide high traction to the market by having a strong demand from the sports industry where sportswear, swimsuits, and others. Latin America is all set to find better growth with rising disposable income and consumers are fuelling demand for spandex.
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Competitive Landscape:
A lot of companies are making significant impact in the global spandex market where companies like Hyosung Corporation (South Korea)—Creora, Asahi Kasei Corporation (Japan)—ROICA and Dorlastan, Indorama Industries Limited (Indonesia)—INVIYA, INVISTA (US)—Lycra, Jiangsu Shuangliang spandex Co., Ltd. (China)—Spandex yarn, Yantai Tayho Advanced Materials Co., Ltd (China)—New Star, Zhejiang Huafon Spandex Co. Ltd. (China)—Qianxi, TK Chemical Corporation (South Korea)—ARACRA, TAE KWANG INDUSTRIAL CO., LTD. (South Korea)—ACEPORA, TOYOBO , LTD.(Japan)—ESPA, and others are contributing much. MRFR has profiled these companies and their growth has been measured, along with their latest market contributions.
In October 2019, Gap Inc sought help from researchers of the Hong Kong Research Institute of Textiles and Apparel (HKRITA) to provide solutions to remove spandex from fabrics and assist in decoloring denim before recycling.
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