According to a new market report published by Persistence Market Research titled, “Global Market Study on Spandex Market: High demand for stretchable fabrics in clothing sector to drive growth”, the global spandex market has been estimated to reach US$ 4,834.8 Mn in 2015, and is expected to expand at a CAGR of 10.3% over 2015-2021, to reach US$ 8,704.6 Mn by 2021.
According to the U.S Federal Trade Commission (FTC), “Spandex is a manufactured fiber in which the fiber-forming substance is a long-chain synthetic polymer comprising at least 85% of segmented polyurethane.” This fiber, also called elastane, is a synthetic long-chain polyurethane-polyurea copolymer composed of rigid diisocyanate segments and flexible macro-glycol segments arranged in a specific order.
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The fiber is characterized by exceptional stretch and recovery properties, with the elongation at break of around 400% to 600%. These characteristics entail its wide-scale use in a diverse set of applications in textile & clothing and healthcare industries. Some prominent areas of application for spandex fibers include sportswear, casual clothing, home furnishings, and undergarments. Medical and healthcare-related applications of spandex fibers include diapers, compression stockings & hoses, and bandages.
In the recent past, there has been a steady increase in demand for spandex-based stretchable clothing & apparel in developing regions. Steadily rising population, coupled with increasing disposable income, in these regions is expected to drive the growth of the global spandex market over the forecast period. Besides, increasing demand from healthcare-related applications is another major factor driving the growth of the global spandex market during the forecast period. On the contrary, relatively slower economic growth in some major clothing & apparel-importing countries is expected to act as a deterrent to the growth of the global spandex market over the forecast period. Revenue from the global spandex market is expected to increase from US$ 4,834.8 Mn in 2015 to US$ 8,704.6 Mn by 2021, expanding at a CAGR of 10.3% over the forecast period.
In terms of market value, Asia-Pacific is expected to dominate the global spandex market during the forecast period, whereas the Middle East & Africa, Latin America, Europe, and North America are expected to account for a relatively smaller share in the global spandex market value during the forecast period. Asia Pacific is expected to register a CAGR of 11.0% in terms of market value over the forecast period.
On the basis of application, the medical segment is slated to expand at a relatively faster CAGR during the forecast period. Growth in this segment is primarily driven by increasing demand for medial textiles & apparel and rising demand for diapers from certain regions. In terms of market value, a medical segment is expected to expand at a CAGR of 10.8% over the forecast period. In terms of overall market value, clothing segment is expected to dominate the global spandex market throughout the forecast period.
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Hyosung Corporation, INVISTA, Asahi Kasei Corporation, and Zhejiang Huafon Spandex Co. Ltd are leading players in the global Spandex market. Other players in the market include Yantai Tayho Advanced Materials Co., Ltd, TK Chemical Corp., Taekwang Industrial Co. Ltd., Jiangsu Shaungliang Spandex Co., Ltd, Xiamen Lilong Spandex Co., Ltd, and Indorama Industries Limited.