Spandex fiber is a steadily growing industry. There are a whole lot of opportunities created in the market with the improving sales of spandex fiber. Emerging economies are projected to see more number of companies entering the market.
Global Spandex Fiber Market: Drivers and Restraints
The demand for spandex fiber is envisaged to increase due to the improving awareness about its excellent properties such as abrasion resistance, resistance to deterioration, lightweight, higher reactive force, and ability to be stretched over 500% without breaking.
High demand in the sportswear industry is foretold to catapult the growth of the global spandex fiber market. However, the volatile nature of product prices, slower economic growth in certain countries, and threat of substitutes are anticipated to arrest the market growth.
Nonetheless, vendors are prognosticated to gain growth while riding on the growing penetration of the market in lucrative industry vertical such as aviation, automotive, oil and gas, and new energies. Furthermore, new opportunities are expected to take birth on the back of telling investments in research and development activities.
Global Spandex Fiber Market: Forecast by Product and Application
By product, the global spandex fiber market sees a classification into solution wet spinning, solution dry spinning, and others.
By application, the global spandex fiber market is segmented into medical and healthcare, apparel and clothing, and others. In 2017, apparel and clothing accounted for a strong market share of 74.87%.
Global Spandex Fiber Market: Forecast by Region
Geographically, the global spandex fiber market is divided into India, Southeast Asia, Japan, China, Europe, North America, and other regions such as the MEA and Central and South America.
As per the report, China is the largest market for spandex fiber in terms of production. In 2017, it accounted for a production share of 63.80%. Asia Others took the second position in the global market vis-à-vis production while securing a 16.05% share in the same year. However, the report suggests that North America is also an important market in relation to production.
Global Spandex Fiber Market: Key Players
The global spandex fiber market marks the presence of top players such as Highsun Group, Hyosung Corporation, ZheJiang Huahai Machinery Group, Zhejiang Huafon Spandex Co. Ltd., and Invista. At present, there are several companies operating in the market.
Players are expected to adopt different strategies such as product development, exploring new applications, and collaboration for gaining a foothold in the market. The report sheds light on the market share, key business tactics, production, and other vital factors that define the position of leading players operating in the market.
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