The high demand for spandex across different industries including healthcare and textile & clothes is projected to impart a robust growth to the global market in the coming years. High demand for spandex in the healthcare sector in different products such as compression stockings, surgical hoses, and diapers is projected to contribute significantly to the growth trajectory of the landscape. COVID-19 pandemic has halted the production activities in different industrial sectors, inversely influencing market expansion. The drop in the demand across different end-use sectors has stagnated the revenue generation in the market. The market is expected to pick up its pace with time.
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Key market players featured in this report are:
- Hyosung Corporation
- Asahi Kasei Corporation
- Zhejiang Huafon Spandex Co. Ltd
- Yantai Tayho Advanced Materials Co., Ltd
- TK Chemical Corp.
- Taekwang Industrial Co. Ltd.
- Jiangsu Shaungliang Spandex Co., Ltd
- Xiamen Lilong Spandex Co., Ltd
- Indorama Industries Limited
Key Market Participants
Major market players are developing eco-friendly and bio-based products stay ahead in the competition and align with the growing trend of sustainability. Established players in the global market include Zhejiang Huafon Spandex Co. Ltd., Xiamen Lilong Spandex Co., Ltd, Hyosung Corporation, and Asahi Kasei Corporation.
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Spandex market: What’s inside?
According to the U.S Federal Trade Commission (FTC), “Spandex is a manufactured fiber in which the fiber-forming substance is a long chain synthetic polymer comprising at least 85% of segmented polyurethane.” This fiber, also known as elastane, is a synthetic long-chain polyurethane-polyurea copolymer composed of rigid diisocyanate segments and flexible macro-glycol segments arranged in a specific order. The fiber is characterized by exceptional stretch and recover properties with relatively higher elongation at break values. These characteristics entail its wide-scale use across a diverse set of applications in textile & clothing and healthcare industries. Some prominent areas of application for spandex fibers include sportswear, casual clothing, home-furnishings, and undergarments. Medical and healthcare-related applications of spandex fibers include diapers, compression stockings & hoses, and bandages.
The global spandex market is expected to expand at a steady CAGR of 10.3% in terms of value over the forecast period, to reach market value of US$ 8,704.6 Mn by 2021.
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What drives the Spandex market?
Demand for Spandex is influenced by a number of factors. Steadily increasing population, coupled with an increase in disposable incomes, especially in developing regions and growing preference for and subsequent adoption of spandex-based stretch clothing in these regions are expected to drive growth of the global spandex market during the forecast period. Besides, increasing demand for use in activewear and sportswear is another major factor expected to fuel growth of the spandex market over the forecast period. Also, growth in demand from the healthcare sector, especially for use in diapers and compression stockings & surgical hoses, is expected to drive growth of the spandex market throughout the forecast period.
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Spandex Market: Segmentation Snapshot
Persistence Market Research, in its report titled, “Spandex Market: Global Industry Analysis and Forecast, 2015–2020”, has segmented the global spandex market by application, fabric type, downstream process, and region. On the basis of application, the market is segmented into clothing and medical.
Clothing segment is sub-segmented into sportswear, home furnishings, underwear, and other clothing. Medical segment has been sub-segmented into diapers, compression stockings & hoses, and other medical applications. On the basis of fabric type, the global spandex market has been segmented into two key segments: two-way and four-way. On the basis of downstream process type, the market has been segmented into knitting, weaving, and yarn covering. Finally, on the basis of region, the overall spandex market is segmented into North America, Europe, Asia Pacific, Middle East & Africa, and Latin America.
Based on Geography
Asia Pacific spandex market is expected to expand at a relatively faster CAGR of 11.0% in terms of value over the forecast period. The market in the region is expected to account for a volume share of around 78.1% in the global spandex market by 2021 end. In terms of value, Asia Pacific is expected to be followed distantly by Middle East & Africa, Latin America, Europe, and North America in that order over the forecast period.
The high rate of industrialization in the Asia Pacific imparts it a prominent position in the global market. The growing apparel market in the scaling economies is strengthening the growth trajectory of the market. Led by the growing markets of Italy, Germany, Spain, and France, Europe is projected to generate profitable prospects for the manufacturers by the end of the forecast period.
The subsequent section analyzes the spandex market on the basis of applications and presents a forecast for 2015-2021.