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Increasing demand from textile, medical sector coupled with growing demand from the sports sub-segment, is driving the demand for the market.

NEW YORK CITY, NEW YORK, UNITED STATES, September 26, 2022 /EINPresswire.com/ -- The Global Spandex Market is projected to grow at a CAGR of 4.9% from USD 7.41 billion in 2019 to USD 10.95 billion in 2027. The increasing demand for the material from textile sector especially for sportswear, active wear along with high usage in medical applications is likely to propel the growth of the industry. Rising average disposable income of people is another factor driving the market’s growth.

People around the world have become more conscious about their health and are getting engaged in various kinds of sports or fitness activities. This is creating huge demands in the sports wear market which is largely dependent on the availability of spandex. The need for comfortable sportswear is creating huge demands in the market under study. Apart from this rising disposable income of people has led to greater adoption of high quality inner wears and active wears which is another key factor behind the market’s growth. Spandex fiber offers excellent strength, weight and versatility which makes it so popular among the textile manufacturers. It also finds widespread usage in medical applications which is also contributing to the sales figures of the product. The material is light in weight, soft, elastic, stretchable and provides effective resistance against body oils, perspiration, detergent and abrasions. It is used in the production of casual clothing, trekking pants, under graments, hoem furnishing items amongst others.

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Major companies Hyosung Corporation, LYCRA, TK Chemical Corporation, Taekwang Industrial Company Limited, Teijin Ltd, Toray Industries, Asahi Kasei Corporation, Far Eastern New Century Corporation, INVISTA and Yantai Tayho Advanced Material Corporation Ltd.

Further key findings from the report suggest

Two way spandex is not witnessing similar growth as four way spandex since it has limited stretchability in one direction. The melt extrusion process is predicted to have considerate amount of growth since it involves relatively lower cost than the other production processes. The medical application segment is expected to have significant growth due to increasing usage of spandex in compress as well as stretchable bandages. Rising health consciousness along with the development of medical sector in North America is providing a major boost to the market’s growth in this region. In January 2018, Hyosung Corporation announced the construction of Hyosung Quzhou Spandex Plant with an aim of expanding its production capacity. There have been a number of new product launches in the market amongst which ‘creora Fresh’ by Hyosung Corporation, LYCRA T400, 161E, 162E by LYCRA require special mention.

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Segments covered in the report:

Fabric Type Outlook (Revenue, USD Billion; 2020-2027)

Two Way Spandex Four Way Spandex

Production Process Outlook (Revenue, USD Billion; 2020-2027)

Dry Spinning Wet Spinning Melt Extrusion Reaction Spinning

Application Outlook (Revenue, USD Billion; 2020-2027)

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Key Regional Markets Covered in the Report:

North America (U.S.A., Canada, Mexico) Europe (Italy, U.K., Germany, France, Rest of Europe) Asia Pacific (India, China, Japan, South Korea, Australia, Rest of Asia Pacific) Latin America (Chile, Brazil, Argentina, Peru, Rest of Latin America) Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of Middle East & Africa)

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