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Global spandex market to grow exponentially at over 8 per cent by 2023

"The global spandex market estimated at over 760 kilo ton in 2015, is likely to cross 1,550 kilo ton by 2023. It is likely to grow at a CAGR of over 8 per cent from 2016 to 2023. China dominated the Asia-Pacific market in 2015, accounting for 60 per cent of the total volume. Major growth driver for the spandex market will be the apparel and textile industry which uses spandex in manufacturing leggings, gloves, cycling jerseys and competitive swimwear et al. Spandex is also used to provide stretchability to garments used in active sports. Factors such as superior elasticity, regaining original shape, durability, lightweight, resistance to UV light boost its demand in the global market."

 

Global spandex market to grow exponentially at over 8 per cent by 2023 002The global spandex market estimated at over 760 kilo ton in 2015, is likely to cross 1,550 kilo ton by 2023. It is likely to grow at a CAGR of over 8 per cent from 2016 to 2023. China dominated the Asia-Pacific market in 2015, accounting for 60 per cent of the total volume.

Apparels, textiles, automobiles drive market

Major growth driver for the spandex market will be the apparel and textile industry which uses spandex in manufacturing leggings, gloves, cycling jerseys and competitive swimwear et al. Spandex is also used to provide stretchability to garments used in active sports. Factors such as superior elasticity, regaining original shape, durability, lightweight, resistance to UV light boost its demand in the global market.

The other big consumer is the automobile industry. With global automobile sales on the rise demand for spandex is expected to touch new highs.

Raw materials for spandex production

Polytetramethylene ether glycol (PTEG) and MDI derived from petrochemical feedstock are the raw materials required for spandex production. PTEGGlobal spandex market to grow exponentially at over 8 per cent by 2023 001 accounted for more than 70 per cent spandex production in 2012. However, stringent government norms, to curb carbon footprints, are likely to hinder its future growth. Alternatively, renewable sources with stable raw material supply are likely to provide more growth opportunities.

Bio-based spandex for garment applications

Invista, under Lycra, has introduced bio based spandex for apparels. Bio spandex contains approximately 70 per cent of the sustainable feedstock made out of renewable butanediol from dextrose which is derived from corn. The company markets this as a specialty product and sells it at a premium rate. Invista uses bio-based 1.4-butanediol as raw material from Genometica’s developed technology which has successfully developed fermentation route for the chemical using E. coli to metabolise sugar.1,4-butanediol is then synthesised to THF which is further used for PTEF production.

The global spandex market share is moderately consolidated and comprises of companies such as BASF, DuPont, Invista, Indorama and Mitsubishi Chemical. Other major companies include Zhejiang Huafo, Dow Chemical, Yantai Bailu Chemical Fiber Co and Swan Fiber Co.

Asia-Pacific dominates the world spandex market

Asia-Pacific was the dominant market for spandex production and is likely to witness highest gains by 2023. China accounted for more than 50 per cent of the global share in 2014 and is the major manufacturer. North America is also likely to witness moderate growth owing to increasing demand for sportswear in the US. Europe is likely to witness below average growth rates over the forecast period. Latin America is likely to grow at significant rates owing to growth in sportswear and apparel industry.

 
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