Global spandex fiber accounted for a market revenue of nearly USD 4 billion in the year in the year 2019 and is projected to cross 6 billion by the end of 2025, growing at a CAGR of more than 7%. However, the demand growth during the forecast period will likely be hindered by factors such as increased threats of substitutes and relatively slower economic growth in some regions in the world coupled with volatile prices. In addition, the growth of Spandex Fiber's penetration in many industries would provide industry players with important opportunities across the value chain
Significant investments in research & development activities is expected to provide novel opportunities for the market to grow in the near future.
The value of the Spandex Fiber market is projected to grow to USD 13.01 Billion with an estimated CAGR of 8.67 % by 2028
This report emphasizes on the varied production methods such as wet and dry spinning and other methods such as reaction spinning and melt extrusion for manufacturing of spandex fiber that are commercially available in the market. It also analyses current market dynamics in the different areas of spandex fiber and outlines potential growth prospects by analysing government regulations and policies that can further increase customer adoption in that area.
Spandex Fiber Market Scope
|Forecast Unit||Value (USD)|
|Revenue forecast in 2028||USD 13.01 Billion|
|Growth Rate||CAGR of 8.67 % during 2021-2028|
|Segment Covered||By Technology, By Application, Regions|
|Regions Covered||North America, Europe, Asia Pacific, Middle East and Africa, South America|
|Key Players Profiled||Hyosung Corporation, Asahi Kasei Corp, Taekwang Industrial Co. Ltd., Shandong Ruyi Group, DuPont, Indorama Industries Limited, Invista, Teijin Ltd, and TK Chemical Corp.|
Key Segment Of The Spandex Fiber Market
By Technology, 2021-2028 (USD Million)
• Solution Dry Spinning
• Solution Melt Spinning
By Application, 2021-2028 (USD Million)
Regional Overview, 2021-2028 (USD Million)
• Rest of Europe
• Rest of Asia Pacific
• Rest of South America
Middle East and South Africa
Frequently Asked Questions (FAQ) :
The textile industry annually produces about 53 million tons of fibre. More than 70% of it is delivered to sites or incinerations and less than 1 % is reused to produce new clothing. This is based on the conviction that, while conserving capital, we will contribute to a more sustainable clothing industry. A variety of factors influence Spandex's market. The steadily increasing population and the rise in available revenues especially in developing regions are expected to drive growth of the global spandex market over the forecasting period, as well as rising preferences for and following adoption in these area of Spandex based stretch clothing.
In terms of type, the global spandex fiber is segmented into solution dry spinning and solution wet spinning. More than 90 per cent of worldwide spandex fibers is produced using the dry spinning solution. The initial step is to produce the prepolymer. In addition, the prepolymer interacts with the same amount of diamine. The, the spinning solution is then injected into a cylindrical spinning cell and transformed into fibre.
In terms of application the spandex fiber market is segmented into textile and healthcare. Textile accounts for a majority of the market share owing to its application across belts, gloves, socks, tights, swimwear, jersey and shorts, exercise apparel, leotards, triathlon suits, wetsuits, zentai suits, leggings, shorts, skinny jeans, ski pants, yoga pants, compression garments, and shape garments, etc.
In terms of region the global Spandex Fiber market is segmented into North America, Europe, Asia Pacific, Central & South America, and Middle East and Africa. The most demand growth for the projected period is anticipated in Asia-Pacific regions because of increased disposable income (specifically in China & India), which drives Healthcare sales and textile as well.
In recent years, this area has also experienced growth due to investment by MNCs and growing industries. Asian-pacific regions are followed by the Middle East & African countries because of upcoming projects. Key players include 3M, Bakony Ipari Kermia Kft., CeramTec GmbH,CoorsTek Inc., Dyson Spandex Fiber, Kyocera Corporation, Mantec Spandex Fiber Ltd, Morgan Advanced Processs, Saint-Gobain, Rauschert GmbH