Fiber medicine

Spandex Fiber Market Size Worth $16.9 Billion By 2030 |

Portland, OR, June 20, 2022 (GLOBE NEWSWIRE) — According to the report released by Allied Market Research, the spandex fiber market was $8.4 billion in revenue in 2020 and is expected to generate $16.9 billion by 2030, registering a CAGR of 7.31% from 2021 to 2030. The report provides analysis insight into major investment pockets, most winning strategies, drivers and opportunities, market size and estimates, competitive scenario and hesitant market trends.

Increasing demand for spandex fibers in various industries such as automotive, healthcare and transportation, growing use of spandex as an alternative to natural and synthetic rubber in industrial applications, increasing investment in health care in various regions and the increase in the affluent population are the main factors. which are driving the growth of the spandex fiber market. However, fluctuating spandex fiber prices due to fluctuating global crude oil prices, availability of substitutes, and stringent government regulations are hampering the growth of the market. On the other hand, increasing investment in spandex fiber R&D offers lucrative growth opportunities for the market.

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Covid-19 scenario-

  • The Covid-19 outbreak moderately affected the spandex fiber market. Strict government regulations such as the closure of the transport sector have led to difficulties in the supply of raw materials. Additionally, the pandemic has resulted in reduced efficiency at manufacturing sites due to low workforce.
  • However, the surge in demand for healthcare products during the pandemic has led to an increasing demand for spandex fibers in the production of surgical gloves, masks and other medical fabrics.

The report provides an analysis of the spandex fiber market on the basis of production method, application and region.

Based on the production method, the solution dry spinning segment held the major market share of 90.65% in 2020 and is expected to maintain its dominance till 2030. However, the other segments would experience the CAGR the faster by 8.85% in 2030.

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In terms of application, apparel and apparel segment held the largest share accounting for 91.19% of the global market in 2020 and would be leading throughout the forecast period. However, the others segment is expected to experience the highest CAGR of 8.83% in 2030.

By region, Asia-Pacific was the largest market in 2020, grabbing more than three-fifths of the total market share. The same would show the Fastest CAGR by 7.93% in 2030.

The report analyzes key players operating in the global spandex fiber market such as 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.

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About Us:
Allied Market Research (AMR) is a full-service market research and business consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global corporations as well as small and medium enterprises with unrivaled quality of “market research reports” and “Business Intelligence solutions”. AMR has a focused vision to provide business insights and advice to help its clients make strategic business decisions and achieve sustainable growth in their respective market area.

Pawan Kumar, CEO of Allied Market Research, directs the organization towards the provision of high quality data and information. We maintain professional relationships with various companies which helps us to extract market data which helps us to generate accurate research data tables and confirm the utmost accuracy of our market predictions. All data presented in the reports we publish are drawn from primary interviews with senior managers of large companies in the relevant field. Our secondary data sourcing methodology includes extensive online and offline research and discussions with knowledgeable industry professionals and analysts.