NEW YORK, July 13, 2021 / PRNewswire / – The global spandex market growth is expected to grow at a CAGR of over 8% during the forecast period 2021-2031. Growing demand from industries such as medical and textile is one of the main driving forces behind the growing growth and consumption of spandex.
Rapid population growth combined with increasing disposable income of consumers is expected to stimulate demand for sports and sportswear, leading to market expansion. The growing engagement in sports activities is expected to lead to an increasing demand for comfortable clothing, such as cycling pants, casual wear, hiking pants and even underwear, as consumers become more aware of the need. to lead a healthy lifestyle, which in turn is expected to significantly drive the growth of the market.
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Key points of the market research
- Over the next ten years, the global spandex market is expected to grow more than 2 times.
- The application of spandex sportswear will increase at the highest rate over the next few years.
- East Asia, South-Pacific, and Europe are important markets for spandex.
- Consumption of spandex, especially in Asia Pacific countries such as China, India, and Japan, is on the rise due to rapid industrialization, low-cost manufacturing and processing, as well as rising foreign investment.
“Population growth coupled with economic growth, especially in developing regions around the world, and the growing preference for sportswear are expected to drive demand for spandex over the next several years,” said a Persistence Market analyst. Research.
The global spandex market has been identified as a considerably fragmented space with the organized sector occupying a significant portion of the overall market.
Some of the major players included in the report, such as Hyosung Corporation, Asahi Kasei Corporation, INVISTA, Zhejiang Huafon Spandex Co. Ltd, TK Chemical Corp, Taekwang Industrial Co. Ltd., Yantai Tayho Advanced Materials Co., Ltd, Xiamen Lilong Spandex Co., Ltd., Hyosung Corporation, Jiangsu Shuangliang Spandex Co., Ltd., Toray Industries and Xiamen Lilong Spandex Co., Ltd. are expected to create a difficult competitive environment globally.
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The global spandex market is expected to grow dramatically with many small manufacturers and startups offering cost effective solutions. The steady increase in demand from the textile and healthcare industries as well as increased penetration into other industries such as automotive, aviation and energy, and the introduction of eco-friendly spandex environment and biobased, will drive the market expansion in the future.
In addition, several market players are investing heavily in research and development to improve the characteristics of spandex, such as elasticity.
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More valuable information
Persistence Market Research, a research and consultancy firm, has released a market research report on the Spandex market which contains an analysis of the global industry for 2016-2020 and an assessment of the opportunities for 2021-2031.
The report provides in-depth analysis of the market across different segments namely fabric type, process, application, and region. The report also provides supply and demand trends as well as an overview of the parent market.
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