Spandex Fiber Market annual growth rate is 7.33 percent
Spandex Fiber Market Size and Growth Rate:
As per the latest reports published by Research Cosmos, Spandex Fiber Market was valued at USD 3.51 billion in 2014 and projected to reach 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 Growth Drivers and Restraints:
The increasing use of spandex in healthcare and textile industry, increasing penetration in other industries such as automobiles, aviation and energy, and the launch of eco-friendly and bio-based spandex are the major market drivers of spandex market. However, the growing threat of substitution and volatility in raw material prices could hamper the market growth eventually.
Significant investments on new commercial avenues for their product segments via strategic partnerships & collaborations are being performed in recent times. Investments towards extensive research and development activities coupled with an increasing support for application of spandex fibre is expected to boost the market growth in the near future. There has also been a rise in demand for spandex fibre from various end-user industries and an increase in application scope owing to its superior properties. The launch of many bio-based, eco-friendly spandex products by market players is expected to drive the demand for spandex fibre over the next few years.
Geographical Analysis of Spandex Fiber Market:
The spandex fibre market in Asia Pacific is expected to grow the fastest followed by North America and Europe. India is the largest-growing market in Asia Pacific, and this is attributed to the growing foreign investments and improvement in the living standards of people in the country, which are driving the growth of the spandex market in India. Europe has also witnessed a growing market mainly in Germany, France, Italy, Spain, and Netherlands owing to the growing apparel and textile sector in this region. In North America, U.S. accounted for the largest share in recent years.
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Key Players of Spandex Fiber Market:
The key market players in spandex market are Asahi Kasei Corporation, DuPont, Hyosung Corporation, Indorama Industries Limited, INVISTA, Jiangsu Shaungliang Spandex Co. Ltd, Taekwang Industrial Co. Ltd., Yantai, TK Chemical Corp., Xiamen Lilong Spandex Co. Ltd, Tayho Advanced Materials Co. Ltd, and Zhejiang Huafon Spandex Co. Ltd. Etc.
Spandex Fiber Market Segmentation:
By Production Process:
- Solution Dry Spinning
- Solution Wet Spinning
By End User:
- Textile
- Healthcare
By Region:
- North America
- South America
- Europe
- Asia Pacific
- Middle East and Africa
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