According to TechSci Research report, “Spandex Fibre Market –Global Industry Size, Share, Trends, Competition, Opportunity and Forecast, 2018-2028”, the Global Spandex Fibre Market is valued at USD 6.23 billion in 2022 and is anticipated to project robust growth in the forecast period with a CAGR of 6.53% through 2028. This can be ascribed to collaborations and partnerships among leading companies with a diverse approach to merge the expertise of individual companies and to strengthen their position in the market.
Spandex, also known as elastane or Lycra, is a synthetic fiber renowned for its exceptional elasticity and durability. The integration of spandex in automotive seating upholstery is revolutionizing the driving experience. Its unparalleled stretch and recovery characteristics enable the creation of seat covers that conform to the occupant's body, providing superior comfort during long journeys. Spandex-enhanced upholstery not only offers a better fit but also ensures minimal creasing and wear over time, thus maintaining the aesthetic appeal of the vehicle's interior.
The utilization of spandex fibers extends beyond comfort to functional aspects as well. Interior trims such as door panels, headliners, and dashboard covers benefit from spandex's flexibility, enabling the realization of complex shapes and designs that were once challenging to achieve.
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Spandex-infused components can seamlessly accommodate integrated technology, airbags, and controls, thereby enhancing the functionality and user-friendliness of the vehicle's interior. In an industry where aesthetics plays a significant role, spandex fibers offer a novel approach to design and customization. Automakers can utilize spandex in decorative stitching, logo embedding, and textured surfaces, providing an avenue for unique branding and personalization options. This infusion of style, coupled with spandex's practical advantages, transforms vehicles into more than just means of transportation – they become personalized expressions of the owner's lifestyle.
The automotive sector's demand for spandex has not only expanded the application spectrum but also increased the overall consumption of this versatile material.
As a result, the market has witnessed a surge in demand, with manufacturers ramping up production to meet the needs of the growing automotive industry.
Governments are actively promoting the spandex fiber market by allocating funds for research and development (R&D) in the textile sector. R&D plays a crucial role in the development of new and improved variants of spandex fibers that meet evolving consumer demands, including eco-friendly and performance-enhanced products. As sustainability emerges as a paramount concern for both consumers and industries, governments are establishing regulatory frameworks that encourage sustainable practices in the spandex fiber sector.
This encompasses the establishment of standards for environmentally friendly production processes, waste reduction, and responsible sourcing of raw materials. By aligning the spandex industry with sustainability goals, governments not only enhance the marketability of spandex products but also ensure their long-term viability. Additionally, governments are investing in skill development initiatives to cultivate a proficient workforce capable of driving innovation and maintaining the competitiveness of the spandex fiber industry. One of the primary advantages of collaborations and partnerships in the spandex fiber market is the potential for market expansion. By forming alliances with other industry players, manufacturers can gain access to previously untapped geographical regions and consumer segments. For example, a local spandex fiber manufacturer can partner with an international distributor to enter new markets, leveraging the distributor's established network and market expertise.
A recent collaboration in the spandex fiber industry involves The LYCRA Company and Qore®. The two companies have partnered to develop a next-generation bio-derived spandex fiber called QIRA®. This collaboration aims to create a renewable and sustainable alternative for the production of spandex fibers.
However, fluctuations in the price of raw materials coupled with disruptions in the supply chain and growing competition from alternative fibers are expected to slow down the growth of the market in the coming years.
The Global Spandex Fibre Market segmentation is based on Production Process, End-Use Industry, By Company, and Region
Some of the major companies operating in the Global Spandex Fibre Market include:
- Hyosung Corporation
- INVISTA Sarl
- Asahi Kasei Corporation
- Toray Industries, Inc.
- Indorama Industries Ltd.
- TK Chemical Corporation
- Zhejiang Huafon Spandex Co. Ltd.
- Xiamen Lilong Spandex Co., Ltd.
- Yantai Spandex Co., Ltd.
- Taekwang Industrial Co. Ltd.
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“Certain regions, particularly the Asia Pacific, are projected to exert significant demand for spandex fibre worldwide. The growth in the competitive landscape and the presence of well-established companies in the market, committed to enhancing their spandex fiber reproductivity each year, are expected to contribute to a remarkable growth of the Global Spandex Fibre Market in the forecast period," said Mr. Karan Chechi, Research Director with TechSci Research, a research-based Global management consulting firm.
Spandex Fibre Market - Global Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028 Segmented By Production Process (Solution Dry Spinning and Solution Wet Spinning), By End-Use Industry (Textile, Healthcare, Others), By Region, Competition has evaluated the future growth potential of Global Spandex Fibre Market and provides statistics & information on market size, structure, and future market growth. The report intends to provide innovative market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in the Global Spandex Fibre Market.
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Table of Content-Spandex Fibre Market
- Product Overview
1.1. Market Definition
1.2. Scope of the Market
1.2.1. Markets Covered
1.2.2. Years Considered for Study
1.2.3. Key Market Segmentations
- Research Methodology
2.1. Objective of the Study
2.2. Baseline Methodology
2.3. Key Industry Partners
2.4. Major Association and Secondary Sources
2.5. Forecasting Methodology
2.6. Data Triangulation & Validation
2.7. Assumptions and Limitations
- Executive Summary
3.1. Overview of the Market
3.2. Overview of Key Market Segmentations
3.3. Overview of Key Market Players
3.4. Overview of Key Regions/Countries
3.5. Overview of Market Drivers, Challenges, Trends
- Voice of Customer
- Pricing Analysis
- Global Spandex Fibre Market Outlook
6.1. Market Size & Forecast
6.1.1. By Value
6.2. Market Share & Forecast
6.2.1. By Production Process (Solution Dry Spinning and Solution Wet Spinning)
6.2.2. By End-Use Industry (Textile, Healthcare, Others)
6.2.3. By Company (2022)
6.2.4. By Region
6.3. Market Map
- North America Spandex Fibre Market Outlook
7.1. Market Size & Forecast
7.1.1. By Value
7.2. Market Share & Forecast
7.2.1. By Production Process
7.2.2. By End-Use Industry
7.2.3. By Country
7.3. North America: Country Analysis
7.3.1. United States Spandex Fibre Market Outlook
7.3.1.1. Market Size & Forecast
7.3.1.1.1. By Value
7.3.1.2. Market Share & Forecast
7.3.1.2.1. By Production Process
7.3.1.2.2. By End-Use Industry
7.3.2. Mexico Spandex Fibre Market Outlook
7.3.2.1. Market Size & Forecast
7.3.2.1.1. By Value
7.3.2.2. Market Share & Forecast
7.3.2.2.1. By Production Process
7.3.2.2.2. By End-Use Industry