Published on : May 11, 2016
Of late, the global spandex market has been experiencing a significant increase in its valuation. The demand for bandages manufactured from spandex fiber as well as stretchable apparel has registered a sturdy rise across the world in the recent times. Analysts expect this trend to continue over the next few years on account of the rapid increase in the global population and the remarkable rise in the disposable income of people in the global arena.
Clothing Industry Emerges as Biggest End User of Spandex
The biggest consumers of spandex fibers across the world are the clothing industry and the medical sector. In 2015, the clothing industry emerged as the dominant end user of spandex. The increasing disposable income of people in emerging economies has fueled the demand for apparel, which has resulted in a substantial rise of the worldwide clothing industry. This factor has increased the demand for spandex in the clothing industry in the recent past. This trend is expected to continue in the near future.
Sportswear Segment Reports Highest Consumption of Spandex Fiber in Clothing Industry
Home furnishing, underwear, sportswear, and other clothing items such as denims and casual garments are the prime areas where spandex fibers finds significant application in the clothing industry. Among these, the sportswear segment is reporting the highest demand for spandex fibers, providing ample opportunities for market players. Key companies are focusing on escalating their capacity to produce spandex fiber in order to meet the rapidly growing demand of consumers for sportswear.
Some of the key producers of spandex across the world are TK Chemical Corp., Indorama Industries Ltd., Zhejiang Huafon Spandex Co. Ltd., Jiangsu Shaungliang Spandex Co. Ltd., Asahi Kasei Corp., Yantai Tayho Advanced Materials Co. Ltd., Hyosung Corp., INVISTA, Taekwang Industrial Co. Ltd., Toray Opelontex Co. Ltd, and Xiamen Lilong Spandex Co. Ltd.