Spandex Fiber Market Overview:
Global spandex fiber market size is estimated to be valued at $5,820 million in 2015. It is projected to grow at a CAGR of 8.8% from 2016 to 2022 and reach $10,482 million by 2022. Spandex fiber, also known as Lycra or elastane, is a long-chain polyurethane-polyurea copolymer that is composed of flexible macro-glycol segments and rigid di-isocyanate segments arranged in a specific order. The fiber is characterized by its exceptional elastic and recover properties. 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, undergarments and home-furnishings. Healthcare applications of spandex fiber include compression stockings & hoses, diapers and bandages, etc.
Breakdown of Primary Respondents
Rising demand and growing application scope of spandex fiber in various end-user industries, collaborations and strategic alliances between market players and high performance properties coupled with rising acceptance of spandex fiber are some of the important factors that are expected to drive the market growth over the forecast period. However, factors such as increasing threat of substitutes and relatively slower economic growth in certain regions of the world coupled with volatile prices are likely to hamper the market growth during the forecast period. Furthermore, a growth in the penetration of Spandex Fiber in industries such as new energies, oil & gas, automotive and aviation will provide significant opportunities to the industry players across the value chain. Besides, significant investments in research & development activities is expected to provide novel opportunities for the market to grow in the near future.
The spandex fiber market report focuses on current market trends and future growth opportunities of spandex fiber, in industries such as textile & clothing, pharmaceuticals and other industries such as automotive, aviation and sports accessories etc. It also emphasizes on the varied production methods such as solution dry spinning, solution wet spinning and other methods such as melt extrusion and reaction spinning for manufacturing of spandex fiber that are commercially available in the market. It also analyzes the current market trends of spandex fiber in different geographies and suggests the future growth opportunities by analyzing government regulations & policies, which can further increase the consumer acceptance in that region. The figures provided in this report are based on the demand or consumption quantity across type of material and end-users, at country level. The market value and volumes are further derived by doing bottom-up approach and considering price trends.
World Spandex Fiber Market Segmentation
Key players in the world spandex fiber industry have adopted different business strategies such as capacity & business expansion, partnerships, mergers, acquisitions, joint venture, sales agreement, and product & application development to withstand in the global competitive market. Market players profiled in this report are spandex fiber manufacturers who either use it internally in some applications or supply it to other end-users in the industry. The data pertaining to market players and their strategic moves are gathered through press releases of respective companies, various blogs available on the website, and primary calls made to the experts in the industry.
Top Investment Pockets
By application, the world spandex fiber market is segmented into apparel & clothing, home furnishing and others. Apparel & clothing segment is further sub-segmented into sportswear, casual wear, inner wear, medical & healthcare and others. Sportswear is expected to be the most attractive application segment for new entrants as well as for major industry players operating in the world spandex fiber industry.
Opportunities in Spandex Fiber Market
Spandex material have unique elasticity combined with excellent durability and abrasion resistance, making it a favorable fiber to be used in comfort and active wear. Increasing disposable income in the emerging economies coupled with significant opportunities in end-user industries and continuous R&D investments are expected to provide significant opportunities for key players operating in the market.
Key trends that drive the market penetration of spandex fabric/fiber are:
- New application development and product designing
- Launch of bio-based, eco-friendly spandex offerings
- Differentiated, application-specific product offerings
- Business and capacity expansion by existing players and new entrants
- Increase in collaborations among industry players to meet challenges in the industry
- Spandex production capacity expansion, especially in China
Europe accounted for the third largest revenue share in the global spandex fiber market. The major reason for Europe lacking behind North America and Asia-Pacific is due to the absence of spandex fiber manufacturing facilities as the production cost is very high and it is not economical to invest on spandex fiber business considering the low demand from this region.
Netherlands Spandex Fiber Market 2014-2022 ($Million)
The spandex fiber manufacturers either use in-house materials or buy from raw material suppliers to process them. Major companies that are prevailing in the world spandex fiber market are Hyosung Corporation, Invista, Asahi Kasei Corporation, Toray Industries, Inc., Indorama Industries Ltd., TK Chemical Corporation, Zhejiang Huafon Spandex Co. Ltd., Xiamen Lilong Spandex Co., Ltd., Yantai Spandex Co., Ltd. and Taekwang Industrial Co. Ltd.
Other players in the value chain include Xinxiang Bailu Chemical Fibre Group Co. Ltd., Baoding Swan Spandex Co., Ltd., Spandex Corporation Ltd., Jiangsu Shuangliang Spandex Co., Ltd., Highsun Group, and Yantai Tayho Advanced materials Co. Ltd., etc.
Key Market Benefits
- The study provides spandex fiber market analysis in terms of quantitative, with current trends and future estimations through 2014‐2022 to identify the prevailing market opportunities to capitalize on.
- Extensive analysis by application and production method predicts the various types of spandex fiber used in different end-user applications.
- Competitive intelligence highlights the business practices followed by leading players across various regions.
- An in-depth analysis of current research and clinical developments within world spandex fiber market is provided with key dynamic factors that affect the market behavior.
- Comprehensive spandex fiber market share analysis across all geographic regions are provided to determine the prevailing opportunities in these geographies.
- Key market players and their strategies are analyzed to identify the competitive outlook.
Spandex Fiber Market Key Segments
The world spandex fiber market is divided based on application and geography.
By Production Method
- Solution Dry Spinning
- Solution Wet Spinning
- Others (Melt Extrusion and Reaction Spinning)
- Apparel & Clothing
- Casual Wear
- Inner Wear
- Medical & Healthcare
- Home Furnishing
- Others (Automotive, Sports Accessories, etc.)
- North America
- Rest of Europe
- South Korea
- Rest of Asia-Pacific
- South Africa
- Rest of LAMEA