Spandex Fibers Market: Introduction
• Spandex is a synthetic polymer. It is also called elastane fiber. Chemically, it is made up of a long-chain polyglycol combined with a short di-isocyanate, and contains at least 85% polyurethane.
• It is an elastomer, which means it can be stretched to a certain degree. It recoils when released. These fibers are superior to rubber, as they are stronger, lighter, and more versatile.
• Spandex fibers can be stretched to almost 500% of their length
Key Drivers and Restraints of Spandex Fibers Market
• Rise in demand for textiles around the globe is propelling the spandex fibers market. These fibers are widely used in the manufacture of sportswear, garments, and casual wears. Increase in disposable income of consumers is driving the demand for various textiles. Rise in population base is also propelling the demand for textile, thereby augmenting the spandex fibers market. According to the U.S Census Bureau, the global population is expected to reach 8 billion by the end of 2025. However, rise in usage of substitutes of spandex fibers such as Natural Rubber Latex (NRL) and Polybutylene Terephthalate (PBT) is negatively affecting the spandex fibers market.
Spandex Fibers Market: Application Segment
• Based on application, the spandex fibers market can be divided into apparel and clothing, medical and health care, home furnishing, and others
• The apparel and clothing segment dominates the spandex fibers market, as expanding discretionary income in developing nations is leading to an increase in requirements for apparel
• In clothing applications, spandex is usually mixed with cotton/rayon/polyester or nylon fiber depending on the fabric. Spandex is durable and recovers to very near to its original length and shape after stretching.
• Rise in demand for spandex in applications such as sport wear, active wear, intimate wear, and others is also likely to propel the market during the forecast period
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COVID-19 Impact on Global Spandex Fibers Market
• On January 30, 2020, the International Health Regulations Emergency Committee of the World Health Organization (WHO) declared the Coronavirus disease (COVID-19) outbreak a public health emergency of international concern. Originating in China, the virus has spread to at least 214 countries and territories around the world.
• Several governments and private sector businesses are operating at a limited capacity or have ceased operations completely due to recent events surrounding the COVID-19 pandemic
• The outbreak of the COVID-19 pandemic has led to a disturbance in the supply chain due to the global lockdown in several countries. The spread of coronavirus caused a fall in demand for chemical intermediates due to uncertainty in the global economy and capital markets. Therefore, various major countries observed significant variation in demand for spandex fibers in end-use industries such as apparel and clothing, medical and health care, and home furnishing.
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Asia Pacific to Hold Leading Share of Global Spandex Fibers Market
• In terms of region, the spandex fibers market can be divided into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa
• Asia Pacific is expected to hold major share of the global spandex fibers market, followed by North America and Europe, during the forecast period
• Of late, there has been a shift in manufacturing facilities of spandex fibers from Europe to Asia Pacific, especially China and India, for various applications, primarily apparel and clothing, medical and health care, and home furnishing. This shift can be ascribed to the availability of cheap labor, supportive government policies, and availability of natural resources, which have resulted in Asia Pacific to be the largest consumer of spandex fibers.
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Key Manufacturers Operating in Global Spandex Fibers Market
The spandex fibers market was consolidated in 2020. Major players have prominent presence in developed and developing countries. Key manufacturers operating in the spandex fibers market include:
• Hyosung Corporation
• Du Pont
• Teijin ltd
• Toray Industries
• Asahi Kasei Corporation
• Far Eastern New Century Corporation
• INVISTA
• Jiangsu Shuangliang Spandex Co., Ltd.
• Taekwang Industrial Co. Ltd.
• TK Chemical Corporation
• Xiamen Lilong Spandex Co., Ltd.