Synthetic fibers are known to be more beneficial over other fibers. They are durable, stretchable, waterproof, etc., and have created a great demand in the market. They are used in different industries like automotive, medical, and textile industry, among others. One of the synthetic fibers that fast gaining attention from all over the globe is spandex, which is also known as elastane. It is well known for its elastic and stretchable capacity, and is widely used in apparels like sportswear, medical ware, etc. The rising demand from textile industry and increasing disposable incomes of people, especially in developing countries are the major reasons behind the growth of spandex fiber market.
Drivers for the Market
The global spandex fiber market is estimated to exhibit a substantial growth rate over the forecast period owing to the following reasons:
- Increased disposable incomes in developing nations
- Growing demand for textile products
- Rising number of applications across various industries
Apart from these, spandex is also widely used in healthcare sector in applications such as stretchable bandages, compress bandage, and medical housing, which is likely to boost the growth of this market even further. Moreover, growing textile industry and high growth of this market in Asia-Pacific are expected to create an array of growth opportunities in the overall market.
However, issues like spandex being sensitive to heat and availability of its closest substitute, natural latex, may slow down the growth of this market.
Know the Market
Estimated to grow at a CAGR of 7.2% between 2015 and 2020, the spandex fiber market which was valued at USD 3.57 Billion in 2014 is expected to reach USD 5.40 Billion by the end of 2020. Currently, the market in Asia-Pacific accounts for the largest share among regions, and is also poised to grow at the highest CAGR over the forecast period, followed by North America and Europe. In Asia-Pacific, India is the fastest-growing market, thanks to the increased foreign investments and improved standard of living of people in this country. Moreover, presence of local players in China is further triggering the growth of this market.
Among processes, the solution dry spinning segment holds the highest market share since it is the most cost efficient process. However, the solution wet spinning segment is growing at a faster rate since it is increasingly being used in the manufacturing of spandex fiber for healthcare applications.
Based on end-use, textile took up the majority of the market share, and is also the fastest-growing segment in this market, owing to the increased disposable income in emerging economies, which in turn has escalated the demand for apparels, thereby stimulating the growth of this market.
Hyosung Corporation (South Korea), Du Pont (U.S.), Investa (U.S.), Teijin Ltd. (Japan), Asahi Kasei Corporation (Japan), Toray Industries (Japan), Far Eastern New Century Corporation (Taiwan), and Acelon Chemical and Fiber Corporation (Taiwan), among others are the leading players operating in the global market for spandex fiber.
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Scope of the Research
The forecasts for the global spandex fiber market have been done by breaking it down into the following categories and sub-categories:
- End-Use Industry: Textile, Healthcare
- Production Process: Solution Dry Spinning, Solution Wet Spinning
- Geography: Asia-Pacific, North America, Europe, RoW
