The Spandex fiber market is expected to cross $ 10,482 million by 2022. The solution dry spinning segment is expected to generate the highest revenue throughout the forecast period. In 2015, Asia-Pacific dominated the global market and is expected to maintain its position throughout the study period. The region is also expected to experience the highest growth during the forecast period.
Industry players have made significant investments in new business avenues for their product segments through strategic partnerships and collaborations. Investments in extensive research and development coupled with increasing support for the application of spandex fiber are expected to drive the market growth. There is an increase in demand for spandex fibers from various end user industries and an increase in the scope of application due to its superior properties.
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In addition, the launch of bio-based and environmentally friendly spandex products by market players is expected to drive the demand for spandex fibers during the forecast period. However, an increasing threat of commodity price substitution and volatility could hamper the growth of the market during the forecast period.
In 2015, the Apparel & Apparel segment was the largest application segment and is expected to grow at a high CAGR of 8.9% I in terms of revenue, followed by Furniture & Other segment. The extraordinary physicochemical properties of spandex fiber, such as elasticity, durability and abrasion resistance, have increased its penetration in a wide range of applications, as it improves the performance of the end product.
According to Eswara Prasad, chemical research team leader at AMR, “Asia-Pacific is the most attractive market for new entrants as well as for industry players, as the growth in the number of industries and the increase in R&D spending should offer significant opportunities to new entrants. “
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Key Findings of the Spandex Fiber Market:
1. The dry spinning solution production method is expected to experience the highest CAGR of 8.9% during the forecast period.
2. The sportswear and homewear sub-segments together accounted for about three-quarters of the market share in 2015.
3. Asia-Pacific is expected to dominate the market demand throughout the forecast period, with a high CAGR of 9.5% during the forecast period.
4. In 2015, China dominated the global demand in the spandex fiber market.
5. The global spandex fiber market is moderately consolidated with the top 10 players accounting for around 66.8% market share.
6. Hyosung Corporation led the global spandex fiber market in 2015, with a market share of approximately 18.1%.
In 2015, North America and Europe collectively accounted for more than a quarter of the global demand for spandex fibers and are expected to lose share during the forecast period. Asia-Pacific is expected to be the fastest growing region, with a CAGR of 9.5% in value, followed by LAMEA, North America and Europe.
The report provides a comprehensive analysis of major players operating in the global spandex fiber market such as Hyosung Corporation, Invista, Asahi Kasei Corporation, Toray Industries, Inc., Indorama Industries Ltd., TK Chemical Corporation, Zhejiang Huafon Spandex Co. Ltd. , Xiamen Lilong Spandex Co., Ltd., Yantai Spandex Co., Ltd. and Taekwang Industrial Co. Ltd. These players occupy a significant share of the global spandex fiber market, followed by other tier 2 and 3 players in the world.
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