The textile industry has undergone a massive revolution with the development and introduction of various types of fabrics. One such type of fiber is spandex, which is popular for its exceptional elasticity and is known to be far more durable than natural rubber. Since its introduction in 1962, this fiber has changed the game for the clothing industry in more ways than one.
Global Spandex Market to Reach US$8.7 bn by 2021
Spandex is a synthetic long-chain polyurethane-polyurea copolymer. It is made up of flexible macro-glycol segments and rigid diisocyanate segments that are arranged in a certain order. This unique structure makes spandex exceptionally stretchable. Owing to these reasons, spandex is largely used in the textile and healthcare industry. In the textile industry, spandex is mainly used for making sportswear, home furnishings, casual clothing, and undergarments. Furthermore, the healthcare industry uses spandex for manufacturing compression stockings and hoses, bandages, and diapers, amongst others. With the growing applications of spandex, the global spandex market is anticipated to reach a valuation of US$8.7 bn by 2021, expanding at a CAGR of 10.3% by the end of 2021.
Increasing Demand for Sportswear and Activewear Boosts Sales for Global Spandex Market
The global spandex market is also expected to grow at a phenomenal pace due to the rising global population, which is spurring the demand for clothing. This demand will also be complemented by the increasing disposable incomes in developing countries and a shifting preference towards spandex-based clothing. Furthermore, the rise in the number of sporting events and increasing participation in sports activities is also fuelling the demand for spandex-based activewear and sportswear. The healthcare sector is also making a significant contribution towards the rising revenues of the global spandex market as the demand for diapers and compression stockings and surgical hoses is poised to escalate in the coming years.
The global spandex market is segmented on the basis of application, fabric, downstream process, and region. Spandex is applied in the clothing industry and the medical industry. The type of fabrics in this market are two-way and four-way. The downstream processes used for making spandex are knitting, yarn covering, and weaving. Regionally, this market is segmented into Europe, North America, the Middle East and Africa, and Latin America.
Asia Pacific Emerges as a Leading Segment in Overall Spandex Market
Research suggests that spandex market will grow at a rapid pace in Asia Pacific, registering a CAGR of 11.0% by the end of 2021. With this whopping CAGR, the spandex market in Asia Pacific is expected to hold a share of 78.1% in the overall market by 2021. This regional market will be followed by Latin America, the Middle East and Africa, and North America.
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Some of the top players in the global spandex market are Hyosung Corporation, INVISTA, Asahi Kasei Corporation, Yantai Tayho Advanced Materials Co., Ltd, Zhejiang Huafon Spandex Co. Ltd, Taekwang Industrial Co. Ltd., TK Chemical Corp., Xiamen Lilong Spandex Co., Ltd, Indorama Industries Limited, and Jiangsu Shaungliang Spandex Co., Ltd.