What is the value of spandex fiber in the global market?

Spandex is a lightweight, synthetic fiber. Spandex is made up of a long-chain polyglycol combined with a short diisocyanate containing at least 85% polyurethane. In 2019, the global spandex fiber market accounts for nearly USD 4 billion.

The global spandex fiber market can be segmented on the following basis:

• Based on manufacturing process: On the basis of the manufacturing process, the spandex fiber global market has been segmented into solution dry spinning, solution wet spinning and others (Melt Extrusion and Reaction Spinning). Out of the two manufacturing processes, the solution dry spinning holds the largest market share because it is the most cost-efficient process.
• Based on application: On the basis of application, the global market of spandex fiber is segmented into apparel & clothing, textile, home furnishing, automotive, sports accessories, others. Apparel & clothing segment is further sub-segmented into sportswear, casual wear, innerwear, medical & healthcare, and others. Among all the segments, the textile is the fastest-growing segment in the spandex fiber market.
• Based on geographical region: On the basis of region, the spandex fiber global market has been segmented into various geographies such as North America, Europe, Asia Pacific, Middle East & Africa, and Central & South America.

Among all these regions, Asia-Pacific accounts for the largest market share because of its growing demand in countries like China and India. The Asia Pacific region is followed by North America and Europe. Although there are a large number of bandage manufacturers present in Europe because of the absence of spandex fiber manufacturing facilities in Europe, the Europe region lacks behind North America and the Asia Pacific.

Some of the dominating manufacturers operating in the global market of spandex fiber are Hyosung Corporation (South Korea), Du Pont (U.S.), Investa (U.S.), Teijin Ltd. (Japan), Asahi Kasei Corporation (Japan), Toray Industries (Japan), Far Eastern New Century Corporation (Taiwan), Acelon Chemical and Fiber Corporation (Taiwan), and others.