June 14, 2022/IndustryNewsGlobal/ The unexpected shifts in the global markets because of the sudden outbreak of the COVID-19 virus have brought many major and minor tremors to industries of all sizes including the Spandex Fiber Market.
It was estimated prior to this unanticipated outbreak that the Spandex Fiber Market is likely to witness an impressive CAGR of 7.1% during the forecast period. The key driver that is contributing to the demand for spandex fiber is mainly its unmatched physical and chemical qualities, which make it the most favorable choice for fabric manufacturers.
Market Scope & Segmentation
Spandex Fiber is made up of synthetic polymer called polyurethane which has extraordinary stretch ability. By reacting polyester with diisocyanate which contains at least 85% polyurethane, the long chain of polymer is produced. First invented at DuPont's laboratory in 1959, in Virginia, spandex is strong and durable. It transformed the garment industry after its arrival.
Spandex Fiber has different production processes, such as solution dry spinning and solution wet spinning, that are used in various end-use industries, such as textile, medical & healthcare, and others.
This report studies the market covering a period of 12 years of trend and forecast. The report provides detailed insights into the market dynamics to enable informed business decision making and growth strategy formulation based on the opportunities present in the market.
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Based on the production process type, the market is segmented as solution dry spinning and solution wet spinning. The solution dry spinning segment held the larger share of the market in 2020, and is expected to remain dominant during the forecast period. Solution dry spinning is the more cost-effective process, the fibers manufactured through this process offer better elastic recovery, which is driving the growth of this segment.
Based on the end-use industry type, the spandex fiber market is segmented as textile, medical & healthcare, and others. The textile industry segment dominates the market, as expanding discretionary income in the developing nations has prompted the increasing requirements for apparel. Further, demand for applications such as sport wear, active wear, intimate wear, and others is likely to propel the growth during the forecast period.
In terms of regions, Asia-Pacific is estimated to be the largest as well as the fastest-growing market for spandex fiber during the forecast period, with China, Japan, and India, being the major countries with lucrative growth opportunities. The growth of the market is driven by the growth of various end-use industries, such as textile, medical & healthcare, and others, which is generating huge demand for spandex fiber along with the presence of a large number of spandex fiber manufacturers in the Asia-Pacific region. North America and Europe are also expected to offer substantial growth opportunities during the forecast period.
Key players operating in the global Spandex Fiber market are-
- Hyosung Corporation
- Teijin ltd
- Toray Industries
- Asahi Kasei Corporation
- Far Eastern New Century Corporation
- Zhejiang Huafon Spandex Co. Ltd.
- ZheJiang Huahai Machinery Group
- Highsun Group
Features of the Report
This report offers high-quality insights and is the outcome of detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders and validation and triangulation with Stratview Research’s internal database and statistical tools.
The Spandex Fiber analysis report discusses the following heads in great detail:
- Market structure: Overview, industry life cycle analysis, supply chain analysis
- COVID-19 Impact Assessment
- Market environment analysis: Growth drivers and constraints, Porter’s five forces analysis, SWOT analysis
- Market trend and forecast analysis
- Market segment trend and forecast
- Competitive landscape and dynamics: Market share, product portfolio, product launches, etc.
- Attractive market segments and associated growth opportunities
- Emerging trends
- Strategic growth opportunities for the existing and new players
- Key success factors
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