The Spandex Fiber Market is projected to grow at a CAGR of 4.9% from USD 7.41 billion in 2019 to USD 10.95 billion in 2027. The increasing demand for the material from textile sector especially for sportswear, active wear along with high usage in medical applications is likely to propel the growth of the industry. Rising average disposable income of people is another factor driving the market’s growth.

Spandex Fiber is a lightweight synthetic fiber with superior strength and elasticity. It also has the ability of resisting UV light. It is widely used in skin tight and stretchable clothes. Growing demands for sportswear and active wear along with rising disposable income of people is predicted to drive the market during the forecast period. Demand from the medical sector is also likely to increase since the fiber is used in manufacturing surgical hoses, compression stockings amongst others.

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Key players in the market include Hyosung Corporation, LYCRA, TK Chemical Corporation, Taekwang Industrial Company Limited, Teijin Ltd, Toray Industries, Asahi Kasei Corporation, Far Eastern New Century Corporation, INVISTA and Yantai Tayho Advanced Material Corporation Ltd.

The manufacturing process for Spandex Fiber is quite complex and involves high labor. The superior properties of the material results in high market price of the product in comparison to nylon, polyester, wool and cotton. This is having negative impact on the market’s growth. Major manufacturers of the market are trying to develop automated production processes which can bring optimization in manufacturing as well as reduce the labor cost without compromising the quality of the material.

The chemicals and materials industry has been steadily growing as this is the industry that can be said to be shaping every other industry. The chemical and materials industry is growing due to the introduction of new products and technologies, increasing environmental consciousness, and changing customer preferences. In recent years, economic growth and the growth of ancillary industries in emerging economies have been critical to the chemical and materials industry's growth.

A new trend has emerged: the production of bio-based and renewable chemicals. These products are likely to solve chemical industry-related environmental concerns. Environmental sustainability, social responsibility, and economic development are the requirements that the industry must meet in order to overcome long-term growth challenges.

To identify the key trends in the industry, click on the link below: https://www.reportsanddata.com/report-detail/Spandex Fiber-market

Further key findings from the report suggest

• Two way Spandex Fiber is not witnessing similar growth as four way Spandex Fiber since it has limited stretchability in one direction.
• The melt extrusion process is predicted to have considerate amount of growth since it involves relatively lower cost than the other production processes.
• The medical application segment is expected to have significant growth due to increasing usage of Spandex Fiber in compress as well as stretchable bandages.
• Rising health consciousness along with the development of medical sector in North America is providing a major boost to the market’s growth in this region.
• In January 2018, Hyosung Corporation announced the construction of Hyosung Quzhou Spandex Fiber Plant with an aim of expanding its production capacity.
• There have been a number of new product launches in the market amongst which ‘creora Fresh’ by Hyosung Corporation, LYCRA T400, 161E, 162E by LYCRA require special mention.
• There have been a number of MA in the industry like Toray Industries acquiring TenCate Advanced Composites in 2018, Far Eastern New Century Corporation acquiring Phoenix Technologies International LLC in 2019 and Asahi Kahei Corporation acquiring Veloxis Pharmaceuticals Inc in 2020.

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For the purpose of this report, Reports and Data have segmented into the global Spandex Fiber Market on the basis of Fabric Type, Production Process, Application and region:

Fabric Type Outlook (Revenue, USD Billion; 2020-2027)

• Two Way Spandex Fiber
• Four Way Spandex Fiber

Production Process Outlook (Revenue, USD Billion; 2020-2027)

• Dry Spinning
• Wet Spinning
• Melt Extrusion
• Reaction Spinning

Application Outlook (Revenue, USD Billion; 2020-2027)

• Apparel
• Sports
• Medical
• Others

Regional Outlook (Revenue, USD Billion; 2020-2027)

• North America
• Europe
• Asia Pacific
• MEA
• Latin America

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