ccording to a new report published by Allied Market Research, titled, “Spandex Fiber Market,” The spandex fiber market was valued at $8.4 billion in 2020, and is estimated to reach $16.9 billion by 2030, growing at a CAGR of 7.31% from 2021 to 2030.
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The global spandex fiber market is significantly expanding, owing to increase in demand for spandex fiber from automotive and transportation industries to manufacture parts, including automotive door panels, car seat covers, and automotive films.. Spandex fiber is higher quality, lighter, suppler, and more adaptable than rubber. Increase in use of spandex as an alternative to natural and synthetic rubber in industrial applications is driving market growth. It is does not absorb water therefore, is used in industrial protective clothing. In addition, various vehicle safety measures and stringent government regulations to promote provision of seat belts and airbags are driving market growth, as spandex fiber is used in the production of seat belts and airbags. In addition, increase in use of spandex fiber in the medical field support the growth of the spandex fiber market, as it is used in compression bandages, baby diapers, surgical gloves, and drapes. For instance, in 2019, the government of Malaysia and Australia allocated $ 7 billion and $ 5 billion respectively to support health and medical research. The increasing healthcare investments in various regions of Asia-Pacific lead to increase in demand for healthcare apparel, which further increase the demand for spandex fibers in the market.
The raw materials derived from crude oil are often used for manufacturing spandex fibers. Therefore, price fluctuation of crude oil prices hinders growth of the spandex fibers market. The geopolitical issues between the countries like the U.S., Iran, Iraq, Russia, and Saudi Arabia impacted the crude oil prices. For instance, in the beginning of 2020, demand for oil drastically declined following lockdowns and travel restrictions, due to pandemic. For instance, in April 2020, crude oil prices traded at $3/bbl., whereas, the U.S. oil prices dropped below zero. Thus, volatility in crude oil prices is expected to be a significant challenge for the spandex fiber manufacturers during the forecast period. Increase in alternative products, due to rapid innovation and on-going major investments by the top market players and emerging market entrants hinder the development of spandex fiber market.
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Owing to rise in the affluent population, changing lifestyle and the demand for comfortable life led to rise in demand for spandex fibers in variety of products, including automotive industry and healthcare industry. Furthermore, following a healthy lifestyle is anticipated to increase participation in sports activities, which, in turn, promote the demand for comfortable sportswear. Spandex has superior stretching property that prevents the wearer’s movements, which boosts its demand in sportswear. These advantages along with increase in demand for sportswear in various activities is expected to provide ample opportunities for the growth of the market.
The global spandex fiber industry is segmented on the basis of type of production method, application, and region.
Depending on the type of production method, the market is segmented into solution dry spinning, solution wet spinning, and others. According to application, it is categorized into apparel & clothing, home furnishing, and others. The apparel & clothing segment accounted for the highest market share, owing to increase in utilization of spandex fiber products in various clothes and major sport equipment. Region wise, it is analyzed across North America, Europe, Asia-Pacific and LAMEA. Asia-Pacific is leading region in terms of demand for spandex fiber, and is expected to maintain its dominance during the forecast period. The high adoption of spandex fiber products in the region continue to boost the growth of spandex fiber market size, due to huge population base and presence of many developing countries in this region.
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The key players operating in the global spandex fiber market are Hyosung Corporation, Invista, Asahi Kasei Corporation, Toray Industries, Inc., Indorama Industries Ltd., TK Chemical Corporation, Zhejiang Huafon Spandex Co. Ltd., Xiamen Lilong Spandex Co., Ltd., Yantai Spandex Co., Ltd., and Taekwang Industrial Co. Ltd.
Other players in the value chain include Xinxiang Bailu Chemical Fibre Group Co. Ltd., Baoding Swan Spandex Co., Ltd., Spandex Corporation Ltd., Jiangsu Shuangliang Spandex Co., Ltd., Highsun Group, and Yantai Tayho Advanced materials Co. Ltd., etc. are competing for the spandex fiber market share through product launch, joint venture, partnership, and expanding the production capabilities to meet the future demand for the Spandex Fiber market in the forecast period.
IMPACT OF COVID-19 ON THE GLOBAL SPANDEX FIBER MARKET
- Emergence of COVID-19 minimally impacted the growth of the global spandex fiber market during the pandemic.
- This impact is mostly attributed to significant disruptions in raw material transportation, and less availability of labor, which ceased the manufacturing industries led to decline in demand for spandex fiber during the pandemic.
- Decrease in demand for many non-essential products and ceased construction negatively impacted the growth of global spandex fiber market.
- Thus, aforementioned factors negatively impacted the global spandex fiber market growth during the pandemic period.
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