The global spandex fiber market is expected to register a CAGR of 8.8 per cent in the period 2016-2022. 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, the launch of bio-based, eco-friendly spandex products is expected to drive demand over the forecast period.
The solution dry spinning segment is expected to generate the highest revenue throughout the forecast period. In 2015, North America and Europe collectively accounted for more than one-fourth of worldwide demand for spandex fiber. But they are expected to lose share over the forecast period and Asia-Pacific is projected to be the fastest growing region, with a CAGR of 9.5 per cent in value terms.
Asia-Pacific is seen as the most attractive market for new entrants along with industry players, as growth in the number of industries and increased expenditure on R&D is expected to provide significant opportunities to entrants. The physio-chemical properties of spandex fiber, such as elasticity, durability and abrasion resistance, have increased its penetration in a wide array of applications. In 2015, the apparel and clothing segment was the largest application segment, which is expected to grow at a CAGR of 8.9 per cent in terms of revenue, followed by home furnishing and other segments.