The global spandex fiber market will register a CAGR of 8.8% during 2016-2022. 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 activities, coupled with growing support for the application of spandex fiber, are expected to drive market growth. There is an increase in demand for spandex fiber from various end user industries and an increase in scope due to its superior properties.
In addition, the launch of bio-based and environmentally friendly spandex products by market players is expected to drive the demand for spandex fiber during the forecast period. However, an increasing threat of commodity price substitution and volatility could hamper the market growth during the forecast period.
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In 2015, the Apparel and Apparel segment was the largest application segment and is expected to grow at a high CAGR of 8.9% in terms of revenue, followed by Home Furnishings and Others 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 they result in improved 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 with industry players, as the growth in the number of industries and the increased R&D spending should offer significant opportunities to new entrants. “
The Spandex Fibers Market Report, released by Allied Market Research, forecasts that the global market is expected to bring in $ 10,482 million by 2022, registering a CAGR of 8.8% during the period 2016-2022. The solution dry spinning segment is expected to generate the highest revenues 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 strongest growth during the forecast period.
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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 innerwear 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 growing at 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 constituting around 66.8% of the 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 over a quarter of the global demand for spandex fiber 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.
Allied Market Research (AMR) is a full-service market research and business consulting arm of Allied Analytics LLP, based in Portland, Oregon. Allied Market Research provides global businesses as well as medium and small businesses with unmatched quality of “market research reports” and “business intelligence solutions”. AMR has a focused vision to provide business information and advice to help its clients make strategic business decisions and achieve sustainable growth in their respective market area.