The latest research study “Spandex Fiber Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027” by IMARC Group, finds that the global spandex fiber market reached a value of US$ 7.44 Billion in 2021. Looking forward, IMARC Group expects the market to reach a value of US$ 10.55 Billion by 2027 exhibiting a CAGR of 5.70% during 2022-2027.
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Spandex fiber or elastane is a smooth, lightweight man-made fiber with unique elasticity. It exhibits excellent abrasion resistance and negligible needle-cutting damage during stitching compared to other elastic textiles. It offers numerous benefits, including durability, resistance to body oils, sweat, lotions, and detergents, and no static and pilling issues. As a result, spandex fiber finds extensive applications in manufacturing athletic, aerobic, and exercise apparel, swimsuits, bathing suits, surgical hose, cycling pants, hosiery, socks, belts, foundation, and shaped garments.
Note: We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Spandex Fiber Market Trends and Drivers:
The market is primarily driven by the rising product utilization in swimming and cycling garments. Moreover, there is a surge in the use of spandex fiber in the healthcare sector to fabricate bandages, surgical hoses, pressure diapers, and compression stockings. In line with this, the increasing use of spandex fiber in the automotive industry for manufacturing door panel fabrics is positively influencing the market growth.
Moreover, the escalating demand for textiles around the globe is another major growth-inducing factor. Besides this, several key players are focusing on mergers and acquisitions (M&A), capacity and business expansions, and partnerships to expand their customer base. Furthermore, governments of numerous countries are taking favorable initiatives to promote sports participation among students.
In addition, the increasing demand for quick-drying, comfortable materials for activewear has catalyzed market growth. Other factors, including extensive investments in research and development (R&D) activities, growing awareness regarding personal healthcare, and rising living standards, are also anticipated to drive the market further.
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|Spandex Fiber Market Report Scope|
|Market size value in 2021||US$ 7.44 Billion|
|Market forecast in 2027||US$ 10.55 Billion|
|Growth Rate||CAGR of 5.70% from 2022 to 2027|
|Base year for estimation||2021|
Global Spandex Fiber Market 2022-2027 Analysis and Segmentation:
The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.
Spandex Fiber Companies:
Asahi Kasei Corporation, BASF SE, Huafon Chemical Co. Ltd., Hyosung Corporation, Indorama Corporation, Invista (Koch Industries Inc.), Mitsubishi Chemical Corporation, Taekwang Industrial Co.Ltd, Teijin Limited, TK Chemical Corporation, Toray Industries Inc., Xiamen Lilong Spandex Co. Ltd. and Yantai Tayho Advanced Materials Co. Ltd.
The report has segmented the market on the basis of region, fabric type, production method and application.
Breakup by Fabric Type:
Breakup by Production Method:
- Solution Dry Spinning
- Solution Wet Spinning
Breakup by Application:
- Apparel and Clothing
- Casual Wear
- Inner Wear
- Medical and Healthcare
- Home Furnishing
Breakup by Region:
- North America: (United States, Canada)
- Asia Pacific: (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe: (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America: (Brazil, Mexico, Others)
- Middle East and Africa
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Key highlights of the report:
- Market Performance (2016-2021)
- Market Outlook (2022- 2027)
- Porter’s Five Forces Analysis
- Market Drivers and Success Factors
- SWOT Analysis
- Value Chain
- Comprehensive Mapping of the Competitive Landscape
If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.
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