Spandex Fiber Market
The global Spandex fiber industry will experience a CAGR of 8.8% over the period 2016-2022. Industry players have made significant investments in new business avenues for their product segments through strategic partnerships and collaborations. Investments in vast research and development activities, coupled with increasing support for the application of spandex fibers, are expected to drive the growth of the market. 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.
In addition, the launch of bio-based and eco-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.
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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 ‘increased R&D spending should provide significant opportunities for entrants. “
The Spandex Fiber Industry Report, published by Allied Market Research, predicts that the global market is expected to reach $ 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 highest growth during the forecast period.
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Key Findings from the Spandex Fiber Industry:
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 loungewear sub-segments together accounted for about three-quarters of the spandex fiber industry 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 industry.
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 spandex fiber industry share of around 18.1%.
In 2015, North America and Europe collectively accounted for over 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 in the global spandex fiber industry, followed by other level 2 and 3 players in the world.
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