The latest report by IMARC, titled “Spandex Fiber Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028”, finds that the global spandex fiber market size reached US$ 7.8 Billion in 2022. Spandex fiber refers to a synthetic fiber that is well known for its elasticity and can stretch to five to eight times its normal size. It is made up of a long polyurethane chain, also known as elastane or lycra. It is usually used in the manufacturing of swim and bathing suits, athletic, aerobic and exercise apparel, brassiere straps and bra side panels, slacks, hosiery surgical hose, socks, belts, bicycle pants, and shaped garments. It is dyeable, lightweight, and has excellent abrasion compared to other elastic materials. In recent years, spandex fiber has gained traction due to the rapidly changing fashion trends.
Global Spandex Fiber Market:
One of the primary factors driving the market is the increasing product demand in the textile industry for numerous applications, such as tailoring cycling wear, swimming wear, and casual wear. Additionally, spandex fiber is widely used as a raw material in the healthcare sector for the production of baby diapers and surgical gloves, thus creating a positive market outlook. Other than this, it is extensively employed in the automotive sector to make door panel fabrics on account of its elasticity, resistance to ultraviolet light and durability, thereby positively influencing the market growth. Besides this, as governments of various nations are encouraging students to participate in sports, there has been a rising demand for rapid dry and comfortable fabrics for activewear, which is boosting product sales worldwide. Moreover, key players are focusing on partnerships, mergers and acquisitions (M&A), and expansions to enhance product quality and expand their consumer base. Looking forward, IMARC Group expects the market value to reach US$ 10.7 Billion by 2028, expanding at a CAGR of 5.2% during the forecast period (2023-2028).
- On the basis of the fabric type, the market has been segmented into two-way and four-way.
- Based on the production method, the market has been segregated into solution dry spinning, solution wet spinning, and others.
- On the basis of the application, the market has been divided into apparel and clothing (sportswear, casual wear, inner wear, medical and healthcare, and others), home furnishings, and others.
- Region-wise, the market has been classified into North America (the United States and Canada), Asia-Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others), Latin America (Brazil, Mexico, and others), and Middle East and Africa.
- The competitive landscape of the market has also been analyzed, with some of the key players being Asahi Kasei Corporation, BASF SE, Huafon Chemical Co. ltd., Hyosung Corporation, Indorama Corporation, Invista (Koch Industries Inc.), Mitsubishi Chemical Corporation, Taekwang Industrial Co. Ltd., Teijin Limited, TK Chemical Corporation, Toray Industries Inc., Xiamen Lilong Spandex Co. Ltd., and Yantai Tayho Advanced Materials Co. Ltd.
|Base Year of the Analysis
||Fabric Type, Production Method, Application, Region
|| Asia Pacific, Europe, North America, Latin America, Middle East and Africa
||United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
||Asahi Kasei Corporation, BASF SE, Huafon Chemical Co. Ltd., Hyosung Corporation, Indorama Corporation, Invista (Koch Industries Inc.), Mitsubishi Chemical Corporation, Taekwang Industrial Co. Ltd, Teijin Limited, TK Chemical Corporation, Toray Industries Inc., Xiamen Lilong Spandex Co. Ltd. and Yantai Tayho Advanced Materials Co. Ltd.
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