LONDON – New research suggests the global spandex market will grow rapidly thanks to growing consumer demand for stretchable fabrics. The global spandex market is forcast to hit US$8.7bn by 2021, a dramatic increase on its 2015 level of US$4.8bn. Meanwhile, recent data from the US Census Bureau shows that in 2017, US imports of women’s elastic knit pants exceeded those of blue jeans for the first time ever. Demim imports have been falling since 2010 while, over the same period, imports of elastic knit pants grew by 25 per cent annually on average.
Spandex is a manufactured fibre in which the fiber-forming substance is a long-chain synthetic polymer comprising at least 85 per cent of segmented polyurethane. The fibre, also known as elastane, is a synthetic long-chain polyurethane-polyurea copolymer composed of rigid diisocyanate segments and flexible macro-glycol segments arranged in a specific order.
These characteristics entail its wide-scale use in a diverse set of applications in textile & clothing and healthcare industries. Some prominent areas of application for spandex fibres include sportswear, casual clothing, home furnishings, and undergarments.
In the recent past, there has been a steady increase in demand for spandex-based stretchable clothing and apparel in developing regions. Steadily rising populations, coupled with increasing disposable income in these regions is expected to drive the growth of the global spandex market over the forecast period.
Hyosung Corporation, Invista, Asahi Kasei Corporation, and Zhejiang Huafon Spandex Co are the leading players in the global Spandex market. Other players in the market include Yantai Tayho Advanced Materials Co, TK Chemical Corp., Taekwang Industrial Co, Jiangsu Shaungliang Spandex Co, Xiamen Lilong Spandex Co and Indorama Industries.
In terms of market value, Asia-Pacific is expected to dominate the global spandex market during the forecast period, whereas the Middle East & Africa, Latin America, Europe, and North America are expected to account for a relatively smaller share in the market.
The research is published by Persistence Market Research and titled, ‘Global Market Study on Spandex Market: High demand for stretchable fabrics in clothing sector to drive growth’