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Global spandex market likely to grow at a CAGR of over 8 per cent from 2016 to 2023

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spandex-marketThe global spandex market likely to grow at a CAGR of over 8 per cent from 2016 to 2023. It was estimated at over 760 kilo ton in 2015, is likely to cross 1,550 kilo ton by 2023. China dominated the Asia-Pacific market in 2015, accounting for 60 per cent of the total volume. Major growth driver for the spandex market will be the apparel and textile industry which uses spandex in manufacturing leggings, gloves, cycling jerseys and competitive swimwear et al. Spandex is also used to provide stretchability to garments used in active sports. Factors such as superior elasticity, regaining original shape, durability, lightweight, resistance to UV light boost its demand in the global market.

Major growth driver for the spandex market will be the apparel and textile industry which uses spandex in manufacturing leggings, gloves, cycling jerseys and competitive swimwear et al. Spandex is also used to provide stretchability to garments used in active sports. Factors such as superior elasticity, regaining original shape, durability, lightweight, resistance to UV light boost its demand in the global market.

The other big consumer is the automobile industry. With global automobile sales on the rise demand for spandex is expected to touch new highs. Asia-Pacific was the dominant market for spandex production and is likely to witness highest gains by 2023. China accounted for more than 50 per cent of the global share in 2014 and is the major manufacturer. North America is also likely to witness moderate growth owing to increasing demand for sportswear in the US. 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.

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