Growing demand from the textile and medical sector coupled with growing demand from the sports sub-segment is driving the demand for the market.
NEW YORK CITY, NEW YORK, USA, Sept. 26, 2022 /EINPresswire.com/ — The global spandex market is expected to grow at a CAGR of 4.9% from $7.41 billion in 2019 to $10.95 billion USD by 2027. Rising demand for materials from the textile sector, especially for sportswear, activewear as well as heavy use in medical applications is likely to propel the growth of the industry. Rising average disposable income of people is another factor driving the growth of the market.
People all over the world have become more health conscious and indulge in various types of sports or fitness activities. This creates huge demands in the sportswear market which largely depends on the availability of spandex. The need for comfortable sportswear creates huge demands in the market studied. Apart from this increase in people’s disposable income, it has led to greater adoption of high-quality innerwear and activewear, which is another key factor driving the growth of the market. Spandex fiber offers excellent strength, weight and versatility, which makes it so popular among textile manufacturers. It is also widely used in medical applications, which also contributes to the sales figures of the product. The material is light, soft, elastic, stretchy and offers effective resistance against body oils, perspiration, detergents and abrasions. It is used in the production of casual wear, hiking pants, underwear, home furnishings, among others.
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Large Enterprises Hyosung Corporation, LYCRA, TK Chemical Corporation, Taekwang Industrial Company Limited, Teijin Ltd, Toray Industries, Asahi Kasei Corporation, Far Eastern New Century Corporation, INVISTA, and Yantai Tayho Advanced Material Corporation Ltd.
Other key findings from the report suggest
Two-way spandex does not experience similar growth to four-way spandex because it has limited stretch in one direction.
The melt extrusion process is expected to have considerable growth as it involves a relatively lower cost than other production processes.
The medical application segment is expected to witness significant growth owing to the increasing use of spandex in compresses as well as stretch bandages.
Rising healthcare awareness along with developing medical sector in North America is driving the market growth in this region significantly.
In January 2018, Hyosung Corporation announced the construction of the Hyosung Quzhou Spandex Factory to expand production capacity.
There have been a number of new product launches in the market, among which “creora Fresh” from Hyosung Corporation, LYCRA T400, 161E, 162E from LYCRA deserve special mention.
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Segments covered in the report:
Fabric Type Outlook (Revenue, USD Billion; 2020-2027)
Production Process Outlook (Revenue, USD Billion; 2020-2027)
Application Outlook (Revenue, USD Billion; 2020-2027)
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Key Regional Markets Covered in the Report:
North America (United States, Canada, Mexico)
Europe (Italy, UK, Germany, France, Rest of Europe)
Asia-Pacific (India, China, Japan, South Korea, Australia, Rest of Asia-Pacific)
Latin America (Chile, Brazil, Argentina, Peru, rest of Latin America)
Middle East and Africa (Saudi Arabia, United Arab Emirates, South Africa, Rest of Middle East and Africa)
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