Asia Pacific to Dominate Global Spandex Market
Growing Demand for Sportswear, Technical Textiles to Drive Spandex Market
The global spandex market is expected to exhibit a strong 7.1% CAGR over the forecast period from 2018 to 2025, according to the latest research report from Market Research Future (MRFR). The global spandex market is expected to reach a valuation of USD 6.78 billion by 2025, according to the MRFR report.
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The report makes a comprehensive analysis of the global spandex market and presents a comprehensive picture of the market for players looking to get ahead in the market and establish a solid mark of their own. Successful strategies employed by key players in the spandex market in order to just that, are examined in the report to provide readers an idea of what works in the global spandex market. The leading players operating in the global spandex market are profiled in the report to give readers an accurate picture of the competitive landscape of the market. The key factors impacting the global spandex market are also studied in the report.
Spandex is a stretchable synthetic cloth used to make sportswear and other activewear garments. Spandex has a high moisture retention capacity, which makes it ideal for use in sportswear. Its ability to stretch is also a valuable factor for the spandex market, as this allows people to use spandex everywhere from outdoor sports to indoor physical activities such as yoga. The stretchability of spandex pants has in fact become a vital asset for yoga pants, a fashion item that has carved out a niche of its own in the fashion world. Sportswear such as boxers and shorts are also widely made from spandex due to their stretchability, which allows the user maximum comfort. The growing popularity of cycling shorts is also likely to be a key driver for the spandex market. The rising demand for activity-specific clothing from the urban population is likely to be a major driver for the global spandex market.
The growing demand for technical textiles is also likely to be a major driver for the global spandex market, as technical textiles account for a significant share in the overall consumption of spandex around the world.
Competitive Analysis:
Leading players in the global spandex market include Hyosung Corporation, Asahi Kasei Corporation, Indorama Industries Limited, INVISTA, Jiangsu Shuangliang Spandex Co. Ltd., Yantai Tayho Advanced Materials Co. Ltd., Zhejiang Huafon Spandex Co. Ltd., TK Chemical Corporation, Taekwang Industrial Co. Ltd., and Toyobo Co. Ltd. The major entities in the global spandex market are likely to focus on product and capacity expansion in the coming years, as the demand from the market is likely to grow in the coming years. However, the development of biodegradable spandex is likely to be an important factor in the competitive dynamics of the market. Due to the nonbiodegradability of conventional spandex, the demand for spandex products that can biodegrade naturally has grown. This is likely to remain a key feature in the global spandex market over the forecast period.
Segmentation:
The global spandex market is segmented on the basis of production process, type, application, and region.
By production process, the global spandex market is segmented into solution dry-spinning process, solution wet-spinning process, and others. The solution dry-spinning process holds the largest share in the global spandex market.
By type, the global spandex market is segmented into four-way stretch and two-way stretch, with the former accounting for the largest share in the global spandex market.
By application, the global spandex market is segmented into technical textiles, home textiles, medical textiles, and apparels. The technical textiles segment holds the largest share in the global spandex market and is likely to grow at a rapid growth rate over the forecast period.
Regional Analysis:
Asia Pacific holds the largest share in the global spandex market and is likely to retain the position over the forecast period. China is a leading producer of spandex, while the demand for industrial technical textiles has grown rapidly in Asia Pacific in the last few years.
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