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The spandex fiber market share is expected to increase to USD 3.50 billion from 2021 to 2026, and the market's growth momentum will accelerate at a CAGR of 7.1%.
This spandex fiber market research report provides valuable insights on the post COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers spandex fiber market segmentation by application (apparel and clothing, medical, and others) and geography (APAC, North America, Europe, South America, and Middle East and Africa).
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Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the spandex fiber industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.
The increasing usage in the automotive industry is one of the key drivers supporting the spandex fiber market growth. The spandex fiber is increasingly used as a substitute for natural and synthetic rubber in industrial applications and is superior to rubber in terms of quality, lightness, suppleness, and adaptability. Furthermore, the growing demand for spandex fibers in the automotive and transportation industries for items such as automobile door panels, car seat covers, and vehicle wraps is propelling the market growth. Moreover, various in-vehicle safety measures, as well as rising government rules pushing the use of seat belts and airbags, are also expected to propel the spandex fiber market growth during the forecast period.
The growing use of spandex fiber in swimming and sports clothing is one of the key spandex fiber market trends contributing to the market growth. With the increasing population and changing lifestyles, sports gear has been gaining popularity in emerging markets of sportswear. Nowadays, people are becoming more conscious regarding their health, which is increasing their involvement in sporting activities, which will enhance the demand for comfortable sportswear. Furthermore, various government efforts for youth engagement in sports, such as the National Sports Talent Contest Scheme in India and the National Youth Sports Strategy in the US, are fueling the demand for spandex fiber in sportswear such as jackets and gloves. Hence the market in focus is expected to grow during the forecast period.
Spandex fiber can trigger skin allergies is one of the factors hampering the spandex fiber market growth. Wearing spandex on a regular basis can make one more susceptible to skin allergies because it does not absorb sweat and moisture is retained, allowing allergens to penetrate deeper into the skin. When a person sweats while wearing spandex, chemicals from the dyes and formaldehyde used on the fabric may be released into the skin, causing allergies. For instance, spandex underwear does not allow the skin to breathe, which can make a person more susceptible to yeast infections. Candida albicans fungus, which causes vaginal yeast infections, reproduces very quickly since the fiber cannot absorb moisture or sweat. Hence, these infections can hinder the growth of the spandex fiber market in focus during the forecast period.
This spandex fiber market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2022-2026.
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41% of the market's growth will originate from APAC during the forecast period. China and India are the key markets for the spandex fiber market in APAC. Market growth in this region will be faster than the growth of the market in other regions.
The growing popularity of sports and fitness activities will facilitate the spandex fiber market growth in APAC over the forecast period. This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.
COVID Impact and Recovery Analysis
The COVID-19 outbreak had a negative impact on the demand for non-essential products, such as sports textiles, which had a negative impact on the regional market. However, owing to the initiation of vaccination drives in 2021 in the region and a decline in the number of COVID-19 cases, a significant rise in the business operations of spandex fiber manufacturing companies, redesigned supply chains for spandex fibers, and the resumption of offline distribution channels are expected to contribute to the growth of the regional spandex fiber market during the forecast period.
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The spandex fiber market share growth by the apparel and clothing segment will be significant during the forecast period. Garments made of spandex fiber are becoming more popular and consumers are drawn toward the fiber since it is made of renewable butanediol, which is obtained from corn. Moreover, spandex fiber is majorly used in the apparel and clothing industry because of its flexibility. The apparel and clothing industry is growing due to the rising demand for activewear and sportswear for competitive water-related activities. Such growth in the apparel and clothing industry will drive the spandex fiber market growth during the forecast period.
This report provides an accurate prediction of the contribution of all the segments to the growth of the spandex fiber market size and actionable market insights on post COVID-19 impact on each segment.
To make the most of the opportunities and recover from post COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.
The spandex fiber market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.
Our report provides extensive information on the value chain analysis for the spandex fiber market, which vendors can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chain is essential in profit margin optimization and evaluation of business strategies. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.
The report analyzes the market's competitive landscape and offers information on several market vendors, including:
This statistical study of the spandex fiber market encompasses successful business strategies deployed by the key vendors. The spandex fiber market is concentrated and the vendors are deploying organic and inorganic growth strategies to compete in the market.
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Spandex Fiber Market Scope |
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Report Coverage |
Details |
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Page number |
120 |
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Base year |
2021 |
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Forecast period |
2022-2026 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 7.1% |
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Market growth 2022-2026 |
USD 3.50 billion |
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Market structure |
Concentrated |
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YoY growth (%) |
6.1 |
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Regional analysis |
APAC, North America, Europe, South America, and Middle East and Africa |
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Performing market contribution |
APAC at 41% |
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Key consumer countries |
US, Canada, China, India, and Germany |
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Competitive landscape |
Leading companies, Competitive strategies, Consumer engagement scope |
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Key companies profiled |
Asahi Kasei Corp., BASF SE, Highsun Holding Group, Hyosung Corp., Indorama Corp., LDZ New Aoshen Spandex Co. Ltd., PT. FILLATTICE Indah Industry, Taekwang Industrial Co. Ltd., Teijin Ltd., TK Chemical Corp., Toray Industries Inc., Xiamen Lilong Spandex Co. Ltd., Yantai Tayho Advanced Materials Co. Ltd., and Zhejiang Huafon New Materials Co. Ltd. |
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Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period |
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Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Five Forces Analysis
5 Market Segmentation by Application
6 Customer Landscape
7 Geographic Landscape
8 Drivers, Challenges, and Trends
9 Vendor Landscape
10 Vendor Analysis
11 Appendix
Research Framework
Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.
INFORMATION SOURCES
Primary sources
Secondary sources
DATA ANALYSIS
Data Synthesis
Data Validation
REPORT WRITING
Qualitative
Quantitative
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