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.
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.
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.
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.
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.
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.
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.
This Persistence Market Research report examines the global spandex market for the forecast period 2015-2021. The primary objective of the report is to identify opportunities in the market and present updates and insights pertaining to various segments of the global spandex market.
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 called 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 an elongation at break of around 400% to 600%. These characteristics entail its wide-scale use in 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.
To understand and assess opportunities in this market, the report is categorically divided into four key sections on the basis of application, downstream process, fabric type, and region. The report analyzes the global spandex market in terms of value (US$ Mn) and volume (metric tons).
The report begins with an overview of the global spandex market, appraising market performance in terms of revenue and volume, followed by PMR’s analysis of key trends, drivers, and restraints witnessed in the global market. Impact analysis of key growth drivers and restraints based on the weighted average model is also included in the report to equip the client with crystal-clear, decision-making insights.
The subsequent section analyzes the spandex market on the basis of applications and presents a forecast for 2015-2021.
Applications assessed in the report are:
The report further analyzes the market based on fabric types and presents the forecast in terms of value for the next six years.
Fabric types assessed in the report are:
The next section of the report analyzes the global spandex market on the basis of downstream processes.
Downstream processes assessed in the report are:
The report further analyzes the market based on regions and presents the forecast in terms of value for the next six years.
Regions assessed in the report are:
To calculate the market size, the report considers various aspects based on secondary research. Furthermore, data points such as regional split and market split, by application, and qualitative inputs from primary respondents have been incorporated to arrive at appropriate market estimates. The forecast presented in the report assesses the total revenue generated by the global spandex market.
When developing the market forecast, the report begins by sizing the current market, which forms the basis for forecasting how the market is anticipated to take shape in the near future. Given the characteristics of the market, PMR triangulates the data via a different analysis based on the supply side, demand side, and dynamics of the spandex market. However, quantifying the market across the above-mentioned segments and regions is more a matter of quantifying expectations and identifying opportunities rather than rationalizing them after the forecast has been completed.
It is imperative to note that in an ever-fluctuating global economy, we not only conduct forecasts in terms of CAGR but also analyze the market on the basis of key parameters such as Year-on-Year (Y-o-Y) growth to understand the predictability of the market and to identify the right opportunities.
Another key feature of this report is the analysis of the spandex market by region, application, fabric type, and downstream process, and the corresponding revenue forecast in terms of absolute dollar opportunity. This is traditionally overlooked while forecasting the market. However, absolute dollar opportunity is critical in assessing the level of opportunity that a provider can look to achieve as well as to identify potential resources from a sales perspective of the global spandex market.
To understand key segments in terms of their growth and performance in the spandex market, Persistence Market Research has developed a market attractiveness index. The resulting index should help providers identify existing market opportunities in the global spandex market.
In the final section of the report, spandex market competitive landscape is included to provide a dashboard view of companies that manufacture and supply spandex. The report contains company profiles of some key players in the global spandex market.
Key market players featured in this report are: