Spandex Fiber Market Overview:
Spandex is a man-made fibre which involves the process of fibre-forming long chains of synthetic polymer, comprising of 85% of segmented polyurethane. The typical characteristic of the fibre is that it has an exceptional stretch property and has recover properties with higher elongation values. Due to property of elasticity, comfort, durability, lightweight and flexibility, the fibre has been used extensively in textile and clothing, and healthcare industries. Sportswear, casual wear, home-furnishings, undergarments, diapers, compressions stockings, hoses and bandages are just few of its many applications. It is extensively being used in combination with other fibres. Up to 3% of spandex in any material is enough for fabric improvement and shape retention.
The global Spandex Fibre market was worth USD 3.51 billion in 2014 and is expected to reach approximately USD 6.64 billion by 2023 growing at a CAGR of 7.33% during the forecast period 2014 to 2023.
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Spandex Fiber Market Drivers and Restraints:
Increase in population, adoption of western culture, increase in disposable income, increase in demand for activewear and sportswear are few of the characteristic traits that have kept the market booming in the last few years. Apart from that, lately spandex has also been in vogue for its characteristic slimming feature. With the obsession of looking slimmer increasing by the day, the material has taken to the crowds for this feature. The government, however, has stringent regulations regarding the manufacture of the product and investments are made heavily to be able to obtain the product from more stable raw materials. Investments are also being made to develop colourful yarns to satisfy the growing demand. Despite the possibility of skin allergies associated with the usage of product for long hours, the growing investments and increasing demand for the product is expected to keep the market afloat in the coming years.
Spandex Fiber Market Geographical Segmentation:
Geographically, its major markets lie in North America, Europe, Asia Pacific, Middle East and Africa, and Latin America. Asia Pacific seems to be the fastest growing region and is expected to register a CAGR of 11% in the forecast period. It is expected that it will soon cannibalize the market share by occupying 78.1% of the global spandex market. China especially, was known to have occupied 60% of the total volume of the global market. In North America, 15% of the clothing market is believed to comprise of sportswear. This alone is expected to increase at a CAGR of 7% over the next 5 years and is hoped to increase the spandex market considerably.
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Spandex Fiber Market Key Players:
A well-known brand, Lycra, originally Invista, has recently introduced bio-based spandex products for the apparel market. It is currently a speciality product and is sold at premium prices. Other big players in this market are BASF, DuPont, Swan Fibre & Co., Mitsubishi Chemical, Dow Chemical, etc.
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