The global spandex fibre market has witnessed rising demand and an increase in applications, fueling the market to expand at a significant speed. Due to its unique characteristics such as light weight, stretch-ability, durability and better resistance, spandex fiber has become one of the most common materials in the global textile and apparel industry.
According to the latest report published by Allied Market Research, the global spandex fibre market was valued at $5.8 billion in 2015, and is expected to reach nearly $10.5 billion by 2022, representing a CAGR of 8.8% during the period between 2016 and 2022. The demand for Spandex is driven by several factors, including increase in disposable income, especially in developing regions, and growing preference for and subsequent adoption of spandex-based stretch clothing.
Increasing demand for sportswear is another major factor fueling the growth of the global spandex market, since spandex is one of the most popular materials used to make sportswear. Meanwhile, growth in demand from the healthcare sector, specifically for use in diapers, compression stockings, and surgical hoses, is expected to drive the growth of the global spandex market over the next few years.
Spandex, also known as Lycra or elastane, is a form of synthetic fibre in which the fibre-forming substance is a long chain synthetic polymer comprising of at least 85% segmented polyurethane. Currently, the apparel & clothing industry is the largest application segment for spandex fibre, and is expected to grow at a high CAGR of 8.9% in terms of revenue, followed by the home furnishing and others segments. The extraordinary physio-chemical properties of spandex fibre, such as elasticity, durability and abrasion resistance, have increased its application in a variety of sectors, such as new energies, oil and gas, automotive, and aviation.
When it comes to regional markets, North America and Europe collectively accounted for more than 25% of the worldwide demand for spandex fibre, but their dominating position is very likely to be taken over by Asia-Pacific in the near future, where the spandex market is projected to grow at a CAGR of 9.5% by 2020.
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