The latest research study “Spandex Fiber Market Growth: Global Industry Trends, Share, Size, Opportunity and Forecast 2022-2027” by IMARC Group, finds that the global spandex fiber market reached a value of US$ 7.44 Billion in 2021. Looking forward, IMARC Group expects the market to reach a value of US$ 10.55 Billion by 2027 exhibiting a CAGR of 5.70% during 2022-2027.
Spandex fiber, also known as lycra, is a synthetic fiber produced from polyurethane. It is lightweight, smooth, and possesses superior elasticity, strength, and versatility. Compared to other elastic materials, it exhibits negligible damage from the needle while stitching. Due to this, spandex fiber is widely used to manufacture swim and bathing suits, athletic, aerobic, and exercise apparel, brassiere straps and bra side panels, ski pants, hosiery, belts, surgical hose, and shaped garments. Moreover, spandex fiber finds extensive applications in the apparel, clothing, and home furnishing industries due to its excellent durability, resistance against abrasion, body oils, perspiration, lotions and detergents, and anti-static and anti-pilling properties.
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Note: We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Spandex Fiber Market Trends and Drivers:
The global spandex fiber market is primarily driven by the escalating demand for sports and activewear due to the increasing consumer participation in sports and leisure activities. Additionally, the rising automobile production has accelerated the adoption of spandex fiber for manufacturing automotive door panel fabrics.
Along with this, there has been growing product usage in pressure diapers, compression stockings, surgical hoses, and bandages for use in the healthcare industry. Furthermore, the leading manufacturers are heavily investing in research and development (R&D) activities to enhance the production capacity and quality, thereby propelling the market growth.
Other factors, including the increasing demand for textiles, technological advancements, elevating incomes, and rapid industrialization, are also anticipated to drive the market further.
|Spandex Fiber Market Report Scope|
|Market size value in 2021||US$ 7.44 Billion|
|Market forecast in 2027||US$ 10.55 Billion|
|Growth Rate||CAGR of 5.70% from 2022 to 2027|
|Base year for estimation||2021|
Global Spandex Fiber Market 2022-2027 Analysis and Segmentation:
The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.
Asahi Kasei Corporation, BASF SE, Huafon Chemical Co. Ltd., Hyosung Corporation, Indorama Corporation, Invista (Koch Industries Inc.), Mitsubishi Chemical Corporation, Taekwang Industrial Co.Limited, Teijin Limited, TK Chemical Corporation, Toray Industries Inc., Xiamen Lilong Spandex Co. and Yantai Tayho Advanced Materials Co. Ltd.
The report has segmented the market on the basis of region, fabric type, production method and application.
Breakup by Fabric Type:
Breakup by Production Method:
- Solution Dry Spinning
- Solution Wet Spinning
Market Breakup by Application:
- Apparel and Clothing
- Casual Wear
- Inner Wear
- Medical and Healthcare
- Home Furnishing
Breakup by Region:
- North America: (United States, Canada)
- Asia Pacific: (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe: (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America: (Brazil, Mexico, Others)
- Middle East and Africa
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Key highlights of the report:
- Market Performance (2016-2021)
- Market Outlook (2022- 2027)
- Porter’s Five Forces Analysis
- Market Drivers and Success Factors
- SWOT Analysis
- Value Chain
- Comprehensive Mapping of the Competitive Landscape
If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.