South Korea’s Hyosung TNC's spandex facilities are experiencing a notable increase in demand, pushing their operational capacity beyond 90 per cent. This uptick is attributed, in part, to the increasing demand for spandex in China. From January to October, consumption in China rose 13.4 per cent to 690,000 tons compared to the previous year, resulting in an 88.1per cent spike in import volume and a 2.7 per cent decline in exports during the same period.

In the Chinese market, heightened competition and oversupply have prompted the closure of several small and medium-sized spandex companies. Intensified competition and an unstable supply of polytetramethylene ether glycol (PTMG), leading to higher raw material costs, have forced these companies to suspend production. The number of spandex producers in China has gone down from 22 in 2015 to 11 by the end of last year. Recently, four more companies stopped production, with two more expected to follow suit this month. Additionally, other producers are considering reducing their production capacities, according to a report by the CCF Group.

In contrast, Hyosung TNC is strengthening its competitiveness by internalizing PTMG production and diversifying its product portfolio. With a $53 million investment, the company established a PTMG production facility in Vietnam last year. Looking ahead, Hyosung TNC aims to introduce innovative products like Creora Bio-based, made from corn-derived materials, and Creora Fresh, designed to eliminate sweat odors in the market. These strategic initiatives position Hyosung TNC to navigate market dynamics effectively and maintain a robust presence in the spandex industry.