Hyosung has opened its first spandex plant in India near Aurangabad in Maharashtra. The plant has an annual production capacity of 18,000 tons. Since it initiated operation in India in 2007, Hyosung built a high voltage breaker plant in Pune in 2016 and is gaining sales by expanding its business in India. The operation of the new spandex manufacturing facility is expected to further increase its sales.
The Korean conglomerate is known for its spandex brand Creora, which has about a 50 per cent market share in India. It is market demand that pushed Hyosung to start a new factory in India. Hyosung sees India as among its top five spandex markets and having sustained growth. Hyosung grows by about eight per cent a month in the Indian market, which has led to more than 50 per cent growth a year. The primary mission of the group is to support the growth of Indian and southeast Asian textile manufacturers through new products, exceptional service and trend presentations.
The spandex market in India is growing continuously as the demand is driven by increasing consumer awareness about healthy lifestyles and the demand for comfort in various kinds of apparel, including denim.