Spandex Market Size, Industry Share & Forecast, 2016-2023: Global Market Insights, Inc.

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Spandex Market Size, Share, Industry Outlook
Forecast 2016-2023
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Global Market Scenario of Spandex Industry

• Global spandex market size was estimated at over
  760 kilo tons in 2015 and is likely to exceed
  1,550 kilo tons by 2023, growing at a CAGR of
  more than 8 from 2016 to 2023. It is also
  commonly known as elastane.
• Asia Pacific, especially China spandex market
  size was the dominant region and accounted for
  more than 60 of the total volume in 2015. China
  accounted for a major chunk of the market in Asia
  Pacific region in 2015.
• Dry spinning technology was majorly preferred
  among manufacturers over the past few years.
  Other process includes wet spinning, melt
  extrusion and reaction spinning.
• Growing application scope in apparel and textile
  industry is likely to drive spandex market over
  the forecast period. They are used in textile
  manufacturing applications such as leggings,
  gloves, cycling jerseys and competitive swimwear.
  Spandex market price has witnessed to be weak in
  mid 2014 owing to ease of tight supply and low
  demand from downstream applications.

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• Increase in automobile production, particularly
  in Asia Pacific is likely to drive market growth.
  Major automobile manufacturers are shifting bases
  to countries such as Indonesia, Thailand, India
  and China owing to cheap labor wages and
  favorable government incentive schemes.
• It is preferred for manufacturing door panel
  fabrics required to stretch and adhere to floor.
  Global automobile sales were estimated at 75
  million units in 2011 and are likely to cross 90
  million units by 2017.
• Sportswear application is likely to witness
  highest gains over the forecast period.
  Technology advancement with moisture management
  properties coupled with performance efficiency is
  likely to benefit elastane market growth. Up to
  3 of spandex fiber in fabric is enough for
  fabric improvement shape retention whereas high
  performance garments such as swimwear is may
  contain 30.
• Global sportswear market size was estimated at
  over USD 260 billion in 2013 and is likely to
  grow at a CAGR of over 7 up to 2023. Sportswear
  accounted for over 15 of the clothing industry.

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Research Methodology
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Regional and Competitive Insights

• Asia Pacific market was the dominant and is
  likely to witness highest gains over the forecast
  period. China accounted for more than 50 of the
  global share in 2014 and is the major
  manufacturer for this market. In 2012, China had
  around 30 manufacturing units with a total
  capacity of 520 kilo tons and domestic production
  exceeding 320 kilo tons in the same year. 40D and
  20D are major products manufactured in China.
• North America spandex market share is likely to
  witness moderate growth rates owing to increasing
  sportswear demand in the U.S. Europe is likely to
  witness below average growth rates over the
  forecast period. Latin America is likely to grow
  at significant rates owing to growth in
  sportswear and apparel industry.
• The global spandex market share is moderately
  consolidated and comprises of companies sucg as
  BASF, DuPont, Invista and Mitsubishi Chemical.
  Other major companies include Zhejiang Huafo, Dow
  Chemical, Yantai Bailu Chemical Fiber Co and Swan
  Fiber Co.

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