The Global Spandex 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 specially for sports wear, 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.
People around the world have become more conscious about their health and are getting engaged in various kinds of sports or fitness activities. This is creating huge demands in the sports wear market which is largely dependent on the availability of spandex. The need for comfortable sportswear is creating huge demands in the market under study. Apart from this rising disposable income of people has led to greater adoption of high quality inner wears and active wears which is another key factor behind the market’s growth. Spandex fiber offers excellent strength, weight and versatility which makes it so popular among the textile manufacturers.
Top Companies Operating in the Global Spandex Market:
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
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The Spandex market investigation report assesses the global market for the Spandex industry and provides revenue and capability forecasts for the projected period of 2027. The factors that drive the industry's growth are highlighted in the report. The report divides the Spandex market into main categories such as forms, applications, end-users, technology, and others for a better understanding. These segments are thoroughly examined in order to provide a more accurate outlook for the global and regional markets. The report also examines the industry's major players, including their product portfolios, company overviews, strategic growth strategies, revenue generation, market share and market size, geographic presence, and development and manufacturing capabilities.
Consumers are placing a higher importance on sustainability and, as a result, are choosing items based on factors like circularity and carbon footprint. Furthermore, consumer concern about carbon emissions has prompted increased investment in renewable energy, energy efficiency, and transportation decarbonization. These developments have had considerable impact on chemical end sectors, particularly in the automobile and construction industries. COVID-19 has exacerbated the situation by lowering the automobile and construction industries (as well as many others) and disrupting current supply lines.
The adoption of digital technologies by oil, gas, and chemical firms has been fueled primarily by cost savings and greater reliability. Many organizations in these areas saw excellent benefits from advanced market sensing, improved operational optimization, and expanded usage of "in silico" simulations. Companies' existing digital technologies provided an advantage with the abrupt entrance of COVID-19 and the accompanying shutdown of facilities and work sites, but they were often insufficient for the level of remote working and cybersecurity that was suddenly required.
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Spandex Market Segmentation
Fabric Type Outlook (Revenue, USD Billion; 2020-2027)
- Two Way Spandex
- Four Way Spandex
Production Process Outlook (Revenue, USD Billion; 2020-2027)
- Dry Spinning
- Wet Spinning
- Melt Extrusion
- Reaction Spinning
Application Outlook (Revenue, USD Billion; 2020-2027)
The report is written with the aid of industry analysts, market segmentation, and data collection in order to assist readers in making profitable business decisions. The report includes a comprehensive database of technical and product advances. It also provides information on growth rates and market value, as well as a thorough examination of niche market segments. The report provides strategic advice to newcomers and existing businesses about how to make profitable and well-informed business decisions.
The Spandex market has been segmented into key regions of the world and offers an analysis of growth rate, market share, current and emerging trends, production and consumption ratio, industrial chain analysis, demand and supply, import and export, revenue contribution, and presence of key players in each region. A country-wise analysis of the market is offered in the report to gain a better understanding of the regional spread and progress of the Spandex market.
The global Spandex market is segmented into:
- North America (U.S.A., Canada, Mexico)
- Europe (Italy, U.K., Germany, France, Rest of Europe)
- Asia Pacific (China, India, Japan, South Korea, Australia, Rest of APAC)
- Latin America (Chile, Brazil, Argentina, Peru, Rest of Latin America)
- Middle East Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)
Key Attentions of Spandex Market Report:
The report offers a complete and broad perspective on the global Spandex Market.
The market statistics depicted in the various Spandex Market segments give a complete picture of the industry.
The market growth drivers and challenges affecting the development of the Spandex Market are analyzed in detail.
The report will aid in the analysis of key competitive market scenarios and Spandex Market dynamics.
Major players, Spandex Market key companies, investment feasibility, and study of new market entrants are offered.
The scope of development of the Spandex Market in each market segment is covered in this report.
The macro and microeconomic factors that influence the Spandex Market progress are detailed in this report.
The upstream and downstream components of the Spandex Market and a complete value chain are explained.
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