(I-BusinessNews.Com, May 22, 2021 ) Spandex Fiber Market is forecast to reach $8.3 billion by 2026, after growing at a CAGR of 7.5% during 2021-2026. Spandex is a lightweight, synthetic fiber made up of a long chain polymer called polyurethane, which is produced by reacting a polyester with a diisocyanate. The demand for spandex fiber is increasing from various industry verticals like textile and automotive due to its extensive set of properties such as elasticity, durability, and resistance to UV light. Spandex fiber is widely used in textile industries to make stretchable clothing. Besides, surging demand from healthcare for bandages, medical housing, and diapers is also fueling the growth of the spandex fiber market share worldwide during the forecast period.
Spandex Fiber Market Segment Analysis – By Manufacturing Process
Solution dry spinning segment holds the largest share of more than 60% in the spandex fiber market in 2020. The solution dry spinning is widely preferred as a cost-efficient process and the fibers manufactured through this process offer better elastic recovery. In dry spinning fiber production, the prepolymer (produced by mixing macro glycol with a diisocyanate monomer) is reacted with an equal amount of diamine. This is known as a chain extension reaction. The resulting solution is diluted with a solvent to produce the spinning solution. The solvent help to make the solution thinner and more easily handled. At last, the spinning solution is pumped into a cylindrical spinning cell where it is cured and converted into fibers. Due to safety and environmental concerns associated with solvent handling, dry spinning technique is used only for polymers which cannot be melt spun.
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Spandex Fiber Market Segment Analysis – By Application
Textile segment holds the largest share of more than 40% in spandex fiber market in 2020. For clothing, spandex is usually mixed with cotton/rayon/polyester or nylon fiber depending on the fabric. Spandex are durable and recover to very near its original length and shape after stretching. Owing to these properties, spandex fibers are used in formulation of Intimate Apparel and Hosiery, which in turn augments the growth of the spandex fiber market. They are also used in home furnishing items such as slipcovers & furniture covers and carpets. According to the International Trade Center, revenue generated by the import of stockings, socks and other hosiery items grew by 2%, reaching $ 2,449.8M in 2019. Thus, increasing demand for apparel and expansion of textile industries across the globe may fuel the growth of the market.
Spandex Fiber Market Segment Analysis – By Geography
Asia Pacific has dominated the spandex fiber market with a share of more than 45% in 2020 followed by North America and Europe. Population growth coupled with rapid industrialization is driving the growth of the spandex market in APAC region. Rising demand for clothing, such as inner wear, sportswear, and active wear, on account of the higher disposable income levels and growing popularity of various sports and leisure activities, is anticipated to drive the market further. According to Indian Brand Equity Foundation (IBEF), India’s textile and apparel exports accounted for US$ 38.70 billion in 2019 and is expected to increase to US$ 82.00 billion by 2021, subsequently driving the growth of the spandex fiber market.
Spandex Fiber Market Drivers
Growing demand for sports apparels
Sports apparel has been gaining traction in emerging market, owing to rise in the affluent population and changing lifestyle. Furthermore, following a healthy lifestyle is anticipated to increase participation in sports activities, which in turn promote the demand for comfortable sportswear. Spandex has superior stretching property that avoids restrictions on the wearer’s movements, which boosts its demand in sportswear. Various government initiatives such as National Sports Talent Contest Scheme (India) and National Youth Sports Strategy (U.S) for healthy participation of youth in sports also fuel the demand of spandex fiber for sportswear such as jackets, gloves etc.
Increasing Demand of spandex fibers for industrial applications
Spandex fiber is of better quality, light, supple, and more adaptable compared to rubber. Surging use of spandex as an alternative for natural and synthetic rubber in industrial applications is driving the growth of the market. They do not absorb water, thus used in industrial protective clothing. Moreover, the growing demand of spandex fibers from the automotive and transportation industries for manufacturing parts such as automotive door panels, car seat covers, and vehicle wraps further drive the market growth. Additionally, various in-vehicles safety measures and rising government regulations promoting the provision of seat belts & airbags also drive the growth of the market. Moreover, growing use of spandex fiber in medical sector also aid the spandex fiber market growth as it used in compress bandages, baby diapers, surgical gloves, and drapes. For instance, in 2019, the government of Malaysia allocated a sum of US$ 7 billion to the public health sector, an increase of 7.8 per cent from 2018. In 2019, Australian Government announced a $5 billion, 10-year investment plan for the Medical Research Future Fund (MRFF) as a part of its 2019–20 budgets to support Australian health and medical research. The increasing healthcare investments in various regions of APAC also lead to increased demand of healthcare apparel, which will further increase the demand for spandex fibers in the market
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Spandex Fiber Market Challenges
Volatility in Crude Oil Prices
The raw materials derived from the crude oil are often used for manufacturing spandex fibers. So, the price fluctuation of crude oil prices also hinders growth of the spandex fibers market. The geopolitical issues between the countries like the US, Iran, Iraq, Russia, and Saudi Arabia have had the major impact on the crude oil prices. According to, BP Statistical Review of World Energy, in the recent year there has been an increase in the price of crude oil, such as the crude oil price decreased from $98.95 in 2014 to $52.39 in 2015 and increased from $43.73 in 2016 to $71.31 in 2018. Furthermore, in the beginning of 2020, Oil demand drastically declined following lockdowns and travel restrictions due to the coronavirus pandemic. For instance, in April 2020, the crude oil prices traded at $3/bbl., whereas, the U.S. oil prices fell below zero and kept falling. Thus, the volatility in crude oil prices is expected to be a significant challenge for the spandex fiber manufacturers during the forecast period.
Market Landscape
Technology launches, acquisitions and R&D activities are key strategies adopted by players in the spandex fiber market report. In 2020, the market of spandex fiber has been consolidated by the top 10 companies accounting for xx% of the share. Major players in the spandex fiber market are Hyosung Corporation, E. I. Du Pont De Nemours And Company, Investa, Teijin Ltd., Asahi Kasei Corporation, Toray Industries, Far Eastern New Century Corporation, Acelon Chemical and Fiber Corporation, Toyobo Co., Ltd. Indorama Corporation, among others.
Acquisitions/Technology Launches
In June 2019, Hyosung Corporation, has launched new high-performance creora® ActiFit spandex, at the Outdoor Retailer Summer Market in Denver, June 18-20, 2019. Creora® ActiFit spandex provides long-lasting durability, UV and chlorine resistance, and superior recovery required of cycling, swimming, triathlon and adventure racing apparels.
Key Takeaways
The U.S has shown significant growth in the spandex fiber market during the forecast period due to the huge healthcare spending and presence of automakers such as General Motors, Ford, and Fiat Chrysler further boost the demand.
Technology advancement and development of bio-based spandex fiber further propels the growth of spandex fiber industry. For instance, in 2014, INVISTA, developed LYCRA® bio-derived spandex fiber from dextrose derived from corn.
Due to the COVID-19 Pandemic the growth of healthcare industry is accelerating. Thus, demand for masks, gloves, and medical apparel is up surging, which in turn drive the growth of spandex fiber market.
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