The Spandex Fiber Market is expected to grow at > 7.1% during 2021-2026, according to a report from Stratview Research.
COVID-19 pandemic – Boon or a Curse to the industry?
The outbreak of COVID-19 has severely impacted several industries across the world. Tough government measures such as lockdown of major economies, has pressed the ‘pause button’ for most of the industries. For most of the industries, the revenue has gone down in 2020 and has resumed an uptrend gradually from 2021.
Key insights on Spandex Fiber Market
Spandex Fiber Market is likely to witness an impressive CAGR of 7.1% during the forecast period. The key driver that is contributing to the demand for spandex fiber is mainly its unmatched physical and chemical qualities, which make it the most favorable choice for fabric manufacturers.
Asia-Pacific is estimated to be the largest as well as the fastest-growing market for spandex fiber during the forecast period, with China, Japan, and India, being the major countries with lucrative growth opportunities. The growth of the market is driven by the growth of various end-use industries, such as textile, medical & healthcare, and others, which is generating huge demand for spandex fiber along with the presence of a large number of spandex fiber manufacturers in the Asia-Pacific region. North America and Europe are also expected to offer substantial growth opportunities during the forecast period.
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Market Scope & Market Segmentation
Spandex Fiber Market Share: By Production Process Type
Based on the production process type, the market is segmented as solution dry spinning and solution wet spinning. The solution dry spinning segment held the larger share of the market in 2020, and is expected to remain dominant during the forecast period. Solution dry spinning is the more cost-effective process, the fibers manufactured through this process offer better elastic recovery, which is driving the growth of this segment.
Spandex Fiber Market Share: By End-Use Industry Type
Based on the end-use industry type, the spandex fiber market is segmented as textile, medical & healthcare, and others. The textile industry segment dominates the market, as expanding discretionary income in the developing nations has prompted the increasing requirements for apparel. Further, demand for applications such as sport wear, active wear, intimate wear, and others is likely to propel the growth during the forecast period.
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Which key questions will this report answer?
This market research report focuses to deliver relevant information regarding the market trends, structure and growth during the forecast period of 2020-2025. It also offers insights into different market segments and other factors affecting the market.
Some of the key questions answered by the report are:
Stratview Research’s reports are generated after accumulating data from various authenticated sources. > 10 primary interviews with industry experts are conducted by us for every report. Insights gained from primary interviews, in-depth analysis of company statements and annual reports, accompanied by a number of articles, whitepapers, and reports help us to connect the dots and triangulate the market in the most effective manner.
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