With a CAGR of 8.8 per cent between 2016-22, the global spandex market is expected touch $10,482 million by 2022 says the latest Spandex Fiber Market Report. Solution dry spinning segment would generate the highest revenue throughout the forecast period. In 2015, Asia-Pacific led the global market and is expected to maintain its position. The region is also expected to witness highest growth.
According to a senior analyst, Team Lead Chemical Research, Asia-Pacific is the most attractive market for the new entrants along with industry players as the growth in number of industries and increased expenditure towards R&D is expected to provide significant opportunities to the entrants. The industry players made significant investments on new commercial avenues for their product segments via strategic partnerships and collaborations.
Investments towards extensive research and development activities coupled with an increasing support for application of spandex fiber is expected to boost market growth. There is a rise in demand for spandex fiber from various end-user industries and an increase in application scope owing to its superior properties.
Also, launch of bio-based, eco-friendly spandex products by market players is expected to drive the demand for spandex fiber over the forecast period. However, a growing threat of substitution and volatility in raw material prices could hamper the market growth during the forecast period. In 2015, the apparel & clothing segment was the largest application segment. It is expected to grow at a CAGR of 8.9 per cent in terms of revenue, followed by the home furnishing and others segment. The extraordinary physio-chemical properties of spandex fiber such as elasticity, durability and abrasion resistance have increased its penetration in a wide array of application, as it results in improved performance of the end product.