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Definition of Market/Industry:

Spandex is a polymer-based fabric that expands up to 600% of its original length without losing its quality. Diapers, home furnishings, sportswear, casual clothing, compression stockings &hoses, and bandages are some of the key areas of the spandex. It is produced through four major processes which includes solution dry spinning, reaction spinning, melt extrusion, and solution wet spinning.

The global spandex market is estimated to account for US$ 7,150.4 Mn in terms of value by the end of 2019, witnessing a CAGR of 10.3% during the forecast period (2020 to 2027).

Drivers:

Increasing penetration of spandex clothing & apparel market across the developing region is projected to propel the market growth. According to the Coherent Market Insights analysis, Spandex clothing & apparel market has been dominated by developed regions such as North America and Europe, together accounting for a major chunk in the global spandex clothing & apparel market share. However, the market is experiencing steady growth from the developing regions due to changing lifestyle, growing affluence, and preferences among the people in these regions.

Market Opportunities

The growing demand for spandex from the medical industry for the manufacturing of medical textile is projected to serve major market opportunities. Due to their high elasticity properties it is majorly used in the production of clothing and apparel for the healthcare sector. Compression stockings, surgical hoses, bandages are some of the key applications of the spandex. Moreover, spandex is also used in the production of diapers and incontinence products. Thus, growth in the diaper industry will further favor the market growth.

Market Restraints

The volatile price of raw materials used for the manufacture of spandex is restricting market growth. Diphenylmethane diisocyanate (MDI) and poly tetra-methylene ether glycol (PTMEG) are key raw materials used in the production of the spandex and these products are petroleum-based derived products. Petroleum-based products are highly susceptible to volatility.

To know the latest trends and insights prevalent in this market, click the link below:

https://www.coherentmarketinsights.com/market-insight/spandex-market-311

Key Takeaways:

On the basis of fabric the four way fabric segment dominated the global spandex market in 2019, accounting for 74.6% share in terms of value, followed by frozen sea food and frozen meat products, respectively

Market Trends

The growing trend of producing dyed spandex yarn as a raw product in order to eliminate the dyed spandex yarn as a raw product is fostering the market growth of spandex. Moreover, dyed and textured spandex yarn is trending among manufacturers of spandex fabric. For instance, in May 2020, THANH PHAT TEXTILE DYEING CO., LTD has introduced a new variant of spandex fabric. The new variant of spandex manufactured by the company is very light in weight and can be stretched widely and are available in many colors will not fade away even after repeated washes.

Shifting preferences of consumer towards extra-stretch skin fit jeans among women are one of the growing trends. Skin-fit jeans and denim apparel produced with two-way and four-way stretch fabrics are gaining popularity among women. For instance, Hyosung’s creora® Fit2 4-way stretch especially launched for extra skinny jeans. Moreover, the creora® Fit2 4-way stretch possesses the flexibility and super stretch with excellent recovery. Thus, the growing demand for extra-stretch skin fit jeans among women is expected to foster market growth.

Global Spandex Market - Impact of Coronavirus (Covid-19) Pandemic

The global spandex market is growing at more than double the rate of all fibres activity, with sales set to pass 1 million tonnes in the year 2020. China is leading the global spandex market with over 75% of global spandex production capacity. Moreover, rising demand for face masks across the globe. As spandex is a key ingredient used in the production of face masks. Hence, spandex industry is expected to increase at a significant rate over the forecast period.

Competitive Section:

Company Names 

  1. INVISTA
  2. Asahi Kasei Corporation
  3. Hyosung Corporation
  4. Zhejiang Huafon Spandex Co. Ltd.
  5. Yantai Tayho Advanced Materials Co. Ltd.
  6. Indorama Industries Ltd
  7. TK Chemical Corp.
  8. Taekwang Industrial Co., Ltd 
  9. Jiangsu Shaungliang Spandex Co., Ltd.
  10. Xiamen Lilong Spandex Co. Ltd.

Few Recent Developments

In June 2020, Hyosung has developed new creora® 3D Max spandex, Hyosung introduced 3D Max spandex to give denim products dual performance features such ultra-stretch and excellent recovery that last over time. Jeans made with 3D Max offer a natural look and feel and allow for add-on details such as eco-friendly finishes and laser treatments.

Segmentation

By Region

  • North America
  • Europe
  • APAC
  • MEA 
  • Latin America

By Application

  • Clothing
    • Sportswear
    • Home Furnishing
    • Underwear
    • Other Clothing (Casuals, denim, etc.)
  • Medical
    • Diapers
    • Compression Stockings & Surgical Hoses
    • Other Medical Applications (bandages, etc.)

By Process

  • Knitting
  • Weaving
  • Yarn Covering

By Fibre Type

  • Two-Way
  • Four-Way
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