Stratview Research has published a new report titled “Spandex Fiber Market” which is segmented by Production Process Type (Solution Dry Spinning and Solution Wet Spinning), by End-Use Industry Type (Textile, Medical & Healthcare, and Others [Sports Accessories, Industrial, and Household Products]), and by Region (North America, Europe, Asia-Pacific, and Rest of the World)
As per the study, the market is expected to grow from USD 6.35 billion in 2022 to USD 9.56 billion by 2028 at a healthy CAGR of 7.06% during the forecast period of 2023-2028.
Spandex fiber is made up of a synthetic polymer called polyurethane which has extraordinary stretchability. By reacting polyester with diisocyanate which contains at least 85% polyurethane, the long chain of polymer is produced. First invented at DuPont's laboratory in 1959, in Virginia, spandex is strong and durable. It transformed the garment industry after its arrival.
Spandex fiber has different production processes, such as solution dry spinning and solution wet spinning, that are used in various end-use industries, such as textile, medical & healthcare, and others.
This report covers comprehensive data on emerging trends, market drivers, growth opportunities, and restraints that can affect the industry’s market dynamics. It thoroughly analyzes the market segments, including products, applications, and competitor analysis.
The market is bifurcated into various segments. Below given is the segment-wise analysis -
By Production Process Type
The market is segmented as solution dry spinning and solution wet spinning.
The Solution Dry Spinning segment held the larger share of the market in 2022 and is expected to remain dominant during the forecast period. Solution dry spinning is the more cost-effective process, the fibers manufactured through this process offer better elastic recovery, which is driving the growth of this segment.
By End-Use Industry Type
The spandex fiber market is segmented as textile, medical & healthcare, and others.
The textile industry segment dominates the market, as expanding discretionary income in developing nations has prompted the increasing requirements for apparel. Further, demand for applications such as sportswear, activewear, intimate wear, and others is likely to propel growth during the forecast period.
Which Region is expected to remain the largest market?
Asia-Pacific is estimated to be the largest as well as the fastest-growing market for spandex fiber during the forecast period, with China, Japan, and India, being the major countries with lucrative growth opportunities.
The growth of the market is driven by the growth of various end-use industries, such as textile, medical & healthcare, and others, which is generating huge demand for spandex fiber along with the presence of many spandex fiber manufacturers in the Asia-Pacific region.
North America and Europe are also expected to offer substantial growth opportunities during the forecast period.
Who are the Key Players in the Market?
This report provides market intelligence most comprehensively. It also provides critical insights into the key players active in the market, enabling strategic decision-making for the existing market players and those willing to enter the market.
The following are the key players acting in the Spandex Fiber Market:
- Asahi Kasei Corporation
- Far Eastern New Century Corporation
- Highsun Group
- Hyosung Corporation
- Teijin ltd
- Toray Industries
- Zhejiang Huafon Spandex Co. Ltd.
- ZheJiang Huahai Machinery Group
Key questions answered by the report.
- What is the projected CAGR for revenue from the Spandex Fiber Market during the forecast period?
- What would the market be valued at by 2028?
- What is a major driving factor for the growth of the market?
- Which region accounted for the largest revenue share in the Spandex Fiber Market?
- Which are the major market players?
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