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Spandex Fiber Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028
Report Format: PDF+Excel | Report ID: SR112023A5140
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Market Overview:
The global spandex fiber market size reached US$ 7.8 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 10.7 Billion by 2028, exhibiting a growth rate (CAGR) of 5.2% during 2023-2028.
Spandex fiber, also known as elastane, is a man-made fiber that is lightweight, smooth and possesses unique elasticity. It is abrasion-resistant and demonstrates negligible damage from needle cutting when stitched as compared to other elastic materials. In addition, it offers several advantages, including durability; resistance against body oils, perspiration, lotions, and detergents; and no static and pilling problems. As a result, it is widely used in the manufacturing of athletic, aerobic, exercise apparel, swim and bathing suits, brassiere straps and bra side panels, ski pants, slacks, hosiery, socks, belts, surgical hose, bicycle pants, foundation, and shaped garments.
Note: Information in the above chart consists of dummy data and is only shown here for representation purpose. Kindly contact us for the actual market size and trends.
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Spandex Fiber Market Trends:
The growing utilization of spandex fiber in swimming and cycling garments worldwide represent one of the key factors driving the market. Moreover, governments of several countries are focusing on encouraging students to participate in sports. This, along with the rising demand for rapid dry and comfortable fabrics for activewear, is propelling the growth of the market. In addition, there is a rise in the utilization of spandex fiber in the healthcare industry to manufacture pressure diapers, compression stockings, surgical hoses, and bandages across the globe. This, coupled with the increasing employment of spandex fiber in the automotive industry to make door panel fabrics, is positively influencing the market. Besides this, the escalating demand for textiles around the world is offering lucrative growth opportunities to investors and end-users. Furthermore, key market players are focusing on the capacity and business expansions, partnerships, and mergers and acquisitions (M&A) to expand their customer base. These players are also extensively investing in research and development (R&D) activities to enhance product quality, which is projected to augment their overall sales and profitability.
Key Market Segmentation:
IMARC Group provides an analysis of the key trends in each sub-segment of the global spandex fiber market report, along with forecasts at the global, regional and country level from 2023-2028. Our report has categorized the market based on fabric type, production method and application.
Breakup by Fabric Type:
- Two-Way
- Four-Way
Breakup by Production Method:
Note: Information in the above chart consists of dummy data and is only shown here for representation purpose. Kindly contact us for the actual market size and trends.
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- Solution Dry Spinning
- Solution Wet Spinning
- Others
Breakup by Application:
- Apparel and Clothing
- Sportswear
- Casual Wear
- Inner Wear
- Medical and Healthcare
- Others
- Home Furnishing
- Others
Breakup by Region:
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- North America
- United States
- Canada
- Asia-Pacific
- China
- Japan
- India
- South Korea
- Australia
- Indonesia
- Others
- Europe
- Germany
- France
- United Kingdom
- Italy
- Spain
- Russia
- Others
- Latin America
- Brazil
- Mexico
- Others
- Middle East and Africa
Competitive Landscape:
The competitive landscape of the industry has also been examined along with the profiles 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.
Report Coverage:
| Report Features | Details |
|---|---|
| Base Year of the Analysis | 2022 |
| Historical Period | 2017-2022 |
| Forecast Period | 2023-2028 |
| Units | US$ Billion |
| Segment Coverage | Fabric Type, Production Method, Application, Region |
| Region Covered | Asia Pacific, Europe, North America, Latin America, Middle East and Africa |
| Countries Covered | United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico |
| Companies Covered | 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. |
| Customization Scope | 10% Free Customization |
| Report Price and Purchase Option | Single User License: US$ 2499 Five User License: US$ 3499 Corporate License: US$ 4499 |
| Post-Sale Analyst Support | 10-12 Weeks |
| Delivery Format | PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request) |
The global spandex fiber market was valued at US$ 7.8 Billion in 2022.
We expect the global spandex fiber market to exhibit a CAGR of 5.2% during 2023-2028.
The growing utilization of spandex fiber in manufacturing rapid dry and comfortable fabrics for activewear, as it offers durability, resistance against body oils, and no static and pilling problems, is primarily driving the global spandex fiber market.
The sudden outbreak of the COVID-19 pandemic had led to the implementation of stringent lockdown regulations across several nations resulting in temporary closure of numerous end use industries, such as textiles, automotive, healthcare, etc., for spandex fiber.
Based on the production method, the global spandex fiber market has been segmented into solution dry spinning, solution wet spinning, and others. Among these, solution dry spinning production method represents the largest market share.
Based on the application, the global spandex fiber market can be bifurcated into apparel and clothing, home furnishing, and others. Currently, apparel and clothing, including sportswear, casual wear, inner wear, medical and healthcare, and others, accounts for the majority of the total market share.
On a regional level, the market has been classified into North America, Europe, Asia-Pacific, Middle East and Africa, and Latin America, where Asia-Pacific currently dominates the global market.
Some of the major players in the global spandex fiber market include 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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