Spandex Fabric Market Share, Size, Expected Growth Opportunities and Forecast by 2029 | Is Spandex Fabric Industry Hit Worst due to Russia-Ukraine War Impact?
The global spandex fabric market size is expected to gain momentum owing to the increasing demand for sportswear and gym wear during the forecast period. The increasing demand for fabric in sportswear, gym wear, slacks, socks, hosiery, and many others is expected to drive the demand for spandex fabric in the market. Additionally, it is also used to manufacture bandages for the medical sector, and growing technology for the enhancement of fabric is the major contributing factor. For instance, INVISTA launched a 40,000-ton/year nylon 6,6 polymer capacity expansion at its Shanghai Chemical Industry Zone polymers factory in November 2020.
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Russia-Ukraine War Implication
The Russia-Ukraine war could change the Spandex Fabric Market dynamics of Europe forever. The standoff has revived the predicament situation of the Cold War and pushed Europe to the brink of a major military conflict. The Russian aggression in Ukraine has redefined the global landscape in terms of business. As the global Spandex Fabric Market was recuperating from the havoc wreaked by the COVID-19 pandemic, the Russia-Ukraine war has made several industry stakeholders skeptical.
The European Union is pushing for more sanctions against Russia, including halting imports of nuclear fuel from Russia and excluding Russia’s top lenders from the SWIFT banking system. Moreover, Russia has also imposed similar sanctions on most EU countries. The war crisis and sanctions have put a strain on global investment, trade, and economic activity. Therefore, skepticism and uncertainty remain prevalent regarding the conflict, its potential reach, and its longevity. Accordingly, the restoration of normal relations among partners could prove be a sign of improvement.
By production process, the market is segmented into melt extrusion, reaction spin, solution wet spinning, solution dry spinning. On the basis of application, the market is segregated into sports tights, undergarments, bandages, hoses, orthopedic braces, surgical hoses, and others. On the basis of geography, the market is divided into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
What does the Report Offer?
The report collects first-hand knowledge, qualitative and quantitative analysis by industry analysts, and input from industry professionals and value chain players—an in-depth overview of current research, and clinical advancements in the market. A comprehensive market share analysis is offered across all geographic regions to assess the existing prospects in these geographies.
Drivers & Restraints-
Increasing Demand for Textiles to Stimulate Growth
The global spandex fabric market growth is expected to grow due to the rising demand in textiles during the projected period. The demand for textiles is fueling the expansion of the spandex industry, and It’s frequently used in the production of sportswear. Consumers’ increased disposable income is fueling the demand for a variety of textiles. Moreover, the growing population base is driving up demand for textiles, which is fueling the expansion of the spandex market.
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Increasing Demand for Textile Products to Promote Growth in Asia Pacific
Asia Pacific is expected to hold the largest global spandex fabric market share during the forecast period. The rapid expansion of the manufacturing base in rising economies like China, India, Indonesia, and Japan. Furthermore, increased foreign investment in the region is expected to boost the market growth.
North America is expected to have a sizable share of the market. Rising health concerns and expanding manufacturing facilities in the United States, together with the development of healthcare facilities, are expected to boost product demand in a variety of end-use industries.
Manufacturers Focus on R&D Investments to Strengthen their Position
Due to the existence of a significant number of well-established firms, new entrants in this industry face an intensely competitive terrain. To develop a better position in the global sector, major firms have used various marketing methods, including mergers and acquisitions, alliances, and new product development.
- June 2019: Hyosung Corporation is entering the global denim industry with its Creora brand, the world’s No. 1 spandex fabric industry.
List of Key Players Profiled in the Global Market for Spandex Fabric:
- Asahi Kasei Corporation
- Far Eastern New Century Corporation
- Du Pont
- Toray Industries
- Yantai Tayho Advanced Material Corporation
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