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Global Spandex Fiber Market Analysis & Forecast | 2023-2028
Global Spandex Fiber Market Size, Share, Forecast, Industry, and Growth Analysis | 2023-2028
The Spandex Fiber Market is segmented by Production Process Type (Solution Dry Spinning and Solution Wet Spinning), by End-Use Industry Type (Textile, Medical & Healthcare, and Others [Sports Accessories, Industrial, and Household Products]), and by Region (North America, Europe, Asia-Pacific, and Rest of the World).
The Global Spandex Fiber Market is expected to grow from USD 6.35 billion in 2022 to USD 9.56 billion by 2028 at a healthy CAGR of 7.06% during the forecast period of 2023-2028.
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What is spandex fiber?
Spandex fiber is made up of a synthetic polymer called polyurethane which has extraordinary stretchability. 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.
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Global Spandex Fiber Market Report Highlights |
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Market Size in 2022 |
US$ 6.35 Billion |
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Market Size in 2028 |
US$ 9.56 Billion |
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Market Growth by 2023-2028 |
CAGR of 7.06% |
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Base Year of Study |
2022 |
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Trend Period |
2017-2021 |
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Forecast Period |
2023-2028 |
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Dominant Region |
Asia-Pacific is estimated to be the largest as well as the fastest-growing market during the forecast period. |
There are several drivers contributing to the growth of the global spandex fiber market. These include:
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Some of the major players in the global market are-
By 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 2022 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.
By 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 developing nations has prompted the increasing requirements for apparel. Further, demand for applications such as sportswear, activewear, intimate wear, and others is likely to propel growth during the forecast period.
By Region
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 many spandex fiber manufacturers in the Asia-Pacific region.
North America and Europe are also expected to offer substantial growth opportunities during the forecast period.
To know which region offers the best growth opportunities, Click Here.
This report studies the market covering 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.
The global market is segmented into the following categories.
By Production Process Type
By End-Use Industry Type
By Region
This report offers high-quality insights and is the outcome of a 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.
More than 1,000 authenticated secondary sources, such as company annual reports, fact books, press releases, journals, investor presentations, white papers, patents, and articles, have been leveraged to gather the data.
We conducted more than 15 detailed primary interviews with the market players across the value chain in all four regions and industry experts to obtain both qualitative and quantitative insights.
This report provides market intelligence most comprehensively. The report structure has been kept such that it offers maximum business value. It provides critical insights into the market dynamics and will enable strategic decision-making for the existing market players as well as those willing to enter the market.
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Report – Features |
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Market Segmentation |
03 |
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Regions Covered |
04 |
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Countries/Sub-Regions Covered |
17 |
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No. of Figures & Tables |
>120 |
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Company Profiles |
10 |
The following are the key features of the report:
The following is a list of the customers that the market aims to convert the most:
Critical Questions Answered in the Report
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Spandex fiber is made up of a synthetic polymer called polyurethane which has extraordinary stretchability. 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.
The spandex fiber market is expected to grow from USD 6.35 Bn in 2022 to USD 9.56 Bn by 2028.
The market is expected to grow at a CAGR of 7.06 % during the forecast period.
Some of the major players in the market are- Asahi Kasei Corporation, DuPont, Far Eastern New Century Corporation, Highsun Group, Hyosung Corporation, INVISTA, Teijin Ltd., Toray Industries, Zhejiang Huafon Spandex Co. Ltd., Zhejiang Huahai Machinery Group.
Asia-Pacific is estimated to be the largest as well as the fastest-growing market for spandex fiber during the forecast period.
There are several drivers contributing to the growth of the spandex fiber market. These include: 1. Increasing demand for athleisure and activewear: Spandex fiber offers excellent elasticity, allowing garments to stretch and recover their shape, providing a comfortable fit. With the rise of athleisure and activewear trends, consumers are seeking clothing that provides both style and comfort., driving the demand for spandex-containing apparel. 2. Growing sports and fitness industry: Over the last few years, there has been unprecedented growth in the global sports and fitness industry driven by increased health awareness, participation in physical activities, and sports events, etc. Since spandex fiber is extensively used in sportswear and athletic clothing, the growing fitness industry also drives the demand for spandex fiber clothing. 3. Increasing use in the medical sector: Spandex fibers are widely used in medical compression garments, bandages, surgical stockings, etc. These garments provide support, and compression, making them essential for post-surgery recovery, managing certain medical conditions, and improving overall comfort for patients. 4. Rising disposable income and economies: Rapid urbanization and rising disposable incomes are changing the lifestyles in emerging economies. This is, as a result, contributing to the expansion of the spandex fiber market. As consumers become more aware of fashion trends and are capable of prioritizing or affording different material clothing for different activities, the demand for spandex-containing apparel for their sports/gyming activities is expected to increase.
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