According to a report published by Allied Market Research, the global spandex fiber market reached a revenue of $8.4 billion in 2020 and is projected to reach $16.9 billion by 2030, with a notable CAGR of 7.31% from 2021 to 2030. The report offers an in-depth analysis of key investment opportunities, winning strategies, drivers, opportunities, market size estimations, competitive landscape, and fluctuating market trends.
Market Drivers and Trends:
The growth of the global spandex fiber market is fueled by increasing demand from various industries including automotive, healthcare, and transportation. Additionally, the growing use of spandex as an alternative to natural and synthetic rubber in industrial applications, rising healthcare investments globally, and an increase in the affluent population are contributing factors. However, challenges such as fluctuating prices due to global crude oil price variations, availability of substitutes, and stringent government regulations may hinder market growth. Nevertheless, investments in spandex fiber R&D present lucrative growth opportunities for the market.
𝐃𝐨𝐰𝐧𝐥𝐨𝐚𝐝 𝐒𝐚𝐦𝐩𝐥𝐞 𝐏𝐃𝐅 : https://www.alliedmarketresearch.com/request-sample/1769
Understanding Spandex Fiber:
Spandex fiber, also known as lycra or elastane, is a synthetic fiber manufactured from a long chain of polyurethane. It is renowned for its exceptional elasticity, durability, lightweight nature, dyeability, and excellent abrasion resistance. Spandex finds wide-ranging applications in textile industries, including swimwear, cycling wear, and casual wear. Moreover, it serves as a raw material for manufacturing healthcare-related products such as surgical gloves and baby diapers. Market growth is significantly influenced by factors such as population growth and changing fashion trends, along with the development of bio-based raw material products, altering market dynamics in the textile sector.
Market Segmentation:
The report analyzes the spandex fiber market based on production method, application, and region.
In terms of production method, the solution dry spinning segment held the largest market share of 90.65% in 2020 and is expected to maintain its dominance through 2030. Conversely, the others segment is anticipated to witness the fastest CAGR of 8.85% by 2030.
𝐏𝐮𝐫𝐜𝐡𝐚𝐬𝐞 𝐄𝐧𝐪𝐮𝐢𝐫𝐲 𝐑𝐞𝐩𝐨𝐫𝐭 @ https://www.alliedmarketresearch.com/purchase-enquiry/1769
Regarding application, the apparel and clothing segment dominated in 2020, accounting for 91.19% of the global market share and is projected to lead throughout the forecast period. However, the others segment is forecasted to witness the highest CAGR of 8.83% by 2030.
Regionally, Asia-Pacific emerged as the largest market in 2020, capturing over three-fifths of the total market share. It is also expected to exhibit the fastest CAGR of 7.93% by 2030.
𝐈𝐧𝐭𝐞𝐫𝐞𝐬𝐭𝐞𝐝 𝐢𝐧 𝐏𝐫𝐨𝐜𝐮𝐫𝐢𝐧𝐠 𝐭𝐡𝐢𝐬 𝐑𝐞𝐩𝐨𝐫𝐭? 𝐕𝐢𝐬𝐢𝐭 𝐇𝐞𝐫𝐞: https://www.alliedmarketresearch.com/spandex-fiber-market/purchase-options
Key Players:
Key players operating in the global spandex fiber market include 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. These market players employ various strategies such as partnerships, expansions, and acquisitions to maintain their market presence and meet consumer demands.
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