The world demand for spandex fiber has witnessed a noticeable growth over the past few years and the trend is expected to continue over the forecast period, owing to increase in demand in numerous applications and continuous investments in R&D to find new commercial avenues. Rise in demand for comfort in sportswear and intimate wear is anticipated influence the market growth.
The demand for spandex fiber market has witnessed a tremendous growth driven by the growing penetration in the clothing and textile industry, particularly in the sportswear and intimate wear applications. Spandex fiber are superior to rubber having more strength, are lighter, and are more versatile.
In fact, spandex fiber can be stretched to almost 500% of their length. Spandex fibers are compatible with other materials, and can be spun with other types of fibers to produce unique fabrics, which have characteristics of both fibers.
They are generally mixed with synthetic and natural fiber such as polyester or cotton for clothing applications and contributes for a minimal percentage of the final fabric. In developed regions such as North America, spandex fiber is mostly used in women clothing, and also accounts for a significant market share in clothing in economies such as the U.S.
The world spandex fiber market was valued at $5,820 million in 2015 and is expected to grow at a CAGR of 8.8% to reach $10,482 million by 2022 end.
Spandex fiber has high demand in emerging economies such as China, India, and others. However, the increase in use of substitutes is expected to hamper the market growth.
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The report segments the world spandex fiber market on the basis of application, production method, and geography. On the basis of application, it is divided into apparel & clothing, home furnishing and others.
Based on production type, the market is segmented into solution dry spinning, solution wet spinning and others. Solution dry spinning segment is expected to grow at the fastest rate over the forecast period owing to the ease of production and low costs.
Geographically, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA. Asia-Pacific is expected to be the largest region, both in terms of value and volume.
Major players in the world spandex fiber market focus on expanding their geographical presence and broaden their product portfolio by means of significant investments, mergers and collaborations in emerging economies. For instance, major companies such as Hyosung Corporation and Invista have made significant investments for the expansion of Spandex fiber capacity in emerging economies such as China, Singapore and Turkey to meet the rapidly growing demand for spandex fibers.
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KEY BENEFITS FOR STAKEHOLDERS
- The study provides an in-depth quantitative analysis of the world spandex fiber market with current trends and future estimations to elucidate the imminent investment pockets.
- The report provides the quantitative analysis of the current market and estimations through 2014-2022 to identify the prevailing market opportunities to capitalize on.
- Extensive analysis of various production methods of Spandex fiber that can be used to produce spandex fiber of varied denier sizes.
- Competitive analysis highlights the business practices followed by leading players across various regions.
- An in-depth analysis of current research and clinical developments that affect the market behavior.
- Comprehensive analysis of all geographic regions are provided that determines the prevailing opportunities there.
- Analysis of key market players and their strategies are discussed to identify the competitive outlook.
KEY MARKET SEGMENTATION
By Production Method
- Solution Dry Spinning
- Solution Wet Spinning
- Apparel & Clothing
o Casual Wear
o Inner Wear
o Medical & Healthcare
- House Furnishing
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