Prominent Features of the Spandex Market Report for 2030
MarkNtel Advisors has recently published a research report titled Spandex Market for the forecast year, 2024-30. MarkNtel Advisors is a prominent provider of market research and business intelligence solutions. Our extensive range of reports and services caters to the needs of businesses, investors, and professionals seeking informed decision-making in dynamic and competitive markets.
Insights into the Spandex Market
According to the analysis conducted by MarkNtel Advisors, The Global Spandex Market size was valued at around USD 8.3 billion in 2023 & is estimated to grow at a CAGR of about 8.24% during the forecast period, i.e., 2024–30. Spandex Market. In the midst of rapid transformations within the Spandex market, it is imperative for businesses and investors to maintain a strategic advantage. Our report provides an in-depth examination of key market players, potential opportunities, and valuable insights, equipping our clients with the necessary information to make well-informed decisions amidst this dynamic environment.
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Market Dynamics
Global Spandex Market Challenge – Availability of Low-cost Substitutes Impeding the Market Growth Traditionally, the spandex fiber is manufactured via a specific chemical & catalyst-based process that involves the usage of certain chemicals like macro glycol, diisocyanate monomer, and others, making the production of spandex relatively higher. Hence, due to the increased production costs of spandex, manufacturers’ price is significantly higher than other fibers such as nylon, cotton, polyester, and others in order to preserve profitability in their business.
The high cost of the spandex has led the end-user industries like apparel manufacturers, medical textile producers, etc., to incline towards the alternatives & seek cost-effective solutions. Substitutes like polyester, acrylic, etc., offer similar functionality like durability and are less expensive than spandex. As a result, more end-users are using these substitutes in place of spandex, restraining the Global Spandex Market.
Lucrative Segments in the Spandex Market
Clients seeking to enhance their returns in this market must make informed decisions. Keeping this in mind, our analysis examines potential investment hubs by considering projected demand, anticipated returns, profit margins, and market stability.
The Spandex Market is highly fragmented and bifurcates into the following segmentations:
By Application
-Clothing
–Sportswear
–Activewear
–Others (Swimwear, etc.)
-Medical
–Compression Garments & Bandages
–Elastic Tapes & Wraps
–Orthopedic Braces
–Others (Prosthetic Devices, etc.)
-Home Furnishing
–Furniture Upholstery
–Bed Linens
–Curtains
–Others (Rugs, Decorative Fabrics, etc.)
-Automotive
–Seat Covers
–Headliners
–Others
-Others (Personal Care, Sports Equipment, etc.)
- Spandex is extensively used in textile industries to manufacture numerous clothes like sportswear, activewear, swimwear, casual clothes, etc., making Clothing a leading application.
By Technology
-Dry Spinning
-Wet Spinning
-Reaction Spinning
-Melt Extrusion
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By Region
-North America
-South America
-Europe
-The Middle East & Africa
-Asia-Pacific
- Asia-Pacific holds a remarkable share in the Global Spandex Market due to the prevalence of several textile manufacturers in the region.
Competitive Landscape of Spandex Market
The key players profiled in the research report are Huafon Chemicals Co., Ltd, Hyosung TNC, Asahi Kasei Corporation, Taekwang Industrial Co., Ltd., Sunshining Ecotex Clothes Co., Ltd, Indorama Corporation, Jiangsu Shuangliang Spandex Co., Ltd, TK Chemical Corporation, Xiamen Lilong Spandex Co., Ltd, Yantai Tayho Advanced Material Co., Ltd, New Star Textile Co., Ltd, Positex, The LYCRA Company, Jining Ruyi High-tech Fibre Co., Ltd., Hangzhou Qingyun Advanced Materials Co., Ltd., Others., We at MarkNtel Advisors, diligently identify and analyze each and every prominent player, including their new product launch, merger in recent years, acquisitions, and collaborations if any. This aids our clients in making better projections and staying competitive in the market.
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MarkNtel Advisors offer customization services on reports to the stakeholders & investors, covering all the relevant aspects required in a comprehensive, unbiased, accurate, & reliable manner. It aims principally to enable the players to curate all the fundamentals underlying the market potential in the future & make informed decisions & strategies.
Frequently Asked Questions
- What is the projections in CAGR for the forecast period?
- What trends are currently on the rise in the Spandex Market?
- How can companies leverage opportunities present in the Spandex Market?
- What regulatory factors are shaping the landscape of the Spandex Market?
- In what ways has technology impacted the Spandex Market environment?
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Our specialization in niche industries & emerging geographies allows our clients to formulate their strategies in a much more informed way and entail parameters like Go-to-Market (GTM), product development, feasibility analysis, project scoping, market segmentation, competitive benchmarking, market sizing & forecasting, & trend analysis, among others, for 15 diverse industrial verticals.
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