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Industry Talk

Spandex fibre market expected to reach US$ 10,482 million by 2022

Hyosung Corporation leads the world spandex fibre market in 2015, with a market share of around 18.1%.

5th April 2017

Innovation in Textiles
 |  Pune/Portland, OR

Interiors, Sports/​Outdoor, Clothing/​Footwear

According to the report, it is anticipated that solution dry spinning segment would generate the highest revenue throughout the forecast period. In the year 2015, Asia-Pacific led the global market and is expected to maintain its position throughout the study period. The region is also expected to witness highest growth over the forecast period.

Market Trends

Spandex Fiber Market by Type of Production Method (Solution Dry Spinning, Solution Wet Spinning and Others) and Application (Apparel & Clothing, Home Furnishing and Others) - Global Opportunity Analysis and Industry Forecast, 2014 – 2022 provides comprehensive analysis of the key players that operate in the world spandex fibre market.

The report focuses on current market trends and future growth opportunities of spandex fibre, in industries such as textile and clothing, pharmaceuticals and other industries such as automotive, aviation and sports accessories etc. It also focused on the varied production methods such as solution dry spinning, solution wet spinning and other methods that are commercially available in the market. It also analyses the current market trends of spandex fibre in different geographies and suggests the future growth opportunities.

Rise in demand

According to the report, the industry players made significant investments on new commercial avenues for their product segments via strategic partnerships and collaborations. Investments towards extensive research and development activities coupled with an increasing support for application of spandex fibre is expected to boost market growth.

There is a rise in demand for spandex fibre from various end-user industries and an increase in application scope owing to its superior properties. Also, launch of bio-based, eco-friendly spandex products is expected to drive the demand for spandex fibre over the forecast period.

The physio-chemical properties of spandex fibre, such as elasticity, durability and abrasion resistance have increased its penetration in a wide array of application, as it results in improved performance of the end product. In the year 2015, apparel and clothing 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 furnishing and others segment.

Fastest growing region

In 2015, North America and Europe collectively accounted for more than one-fourth of the worldwide demand for spandex fibre and are expected to lose share over the forecast period. Asia-Pacific is projected to be the fastest growing region, with a CAGR of 9.5% in value terms, followed by LAMEA, North America and Europe.

“Asia-Pacific is the most attractive market for the new entrants along with industry players, as the growth in number of industries and increased expenditure towards R&D is expected to provide significant opportunities to the entrants,” said Eswara Prasad, Team Lead Chemical Research at AMR.

Major companies that are prevailing in the world spandex fibre market are 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.

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