The spandex market boasts remarkable features, primarily its exceptional elasticity and comfort. This synthetic fiber is extensively utilized in apparel, sportswear, and medical textiles due to its ability to stretch and recover, enhancing garment fit and mobility. The dominating segment is sportswear and activewear, where spandex's stretch properties are crucial for performance and comfort. Additionally, the growing athleisure trend further boosts demand for spandex in casual wear, making it a staple in modern textile and fashion industries.
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Data Bridge Market Research analyses that the Asia-Pacific Spandex Market is growing at a CAGR of 6.2% in the forecast period of 2022 to 2029. The market was valued at USD 23,69,779.67 thousand in 2021 and is expected to reach USD 38,34,459.05 thousand by 2029.
The surge in sports and fitness engagement has created a demand for sportswear incorporating spandex. Spandex's unique elasticity provides flexibility, allowing sportswear to conform to the body's movements, enhancing comfort and overall athletic performance.
Key Findings of the Study
Medical textiles are expected to drive the market's growth rate
Spandex plays a crucial role in the healthcare sector by being incorporated into medical compression garments and bandages. These products are designed to provide therapeutic pressure to aid in circulation, reduce swelling, and support injured or post-surgical areas. Spandex's elastic properties enable these garments to maintain their shape, provide consistent compression, and offer a snug fit, ensuring both comfort and efficacy. The healthcare industry's demand for effective compression solutions has driven the utilization of Spandex in these essential medical applications.
Report Scope and Market Segmentation
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Report Metric
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Details
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Forecast Period
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2022 to 2029
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Base Year
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2021
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Historic Years
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2020 (Customizable to 2014-2019)
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Quantitative Units
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Revenue in USD Thousand, Volumes in Units, Pricing in USD
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Segments Covered
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Technology (Solution Dry-Spinning, Wet-Spinning, and Others), Application (Clothing, Medical, and Others)
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Countries Covered
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China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC.
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Market Players Covered
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Huafon Chemical Co., Ltd. (China), HYOSUNG TNC (South Korea), TAKEWANG INDUSTRIAL CO., LTD. (South Korea), Asahi Kasei Corporation (Japan), Indorama Corporation (Thailand), Yantai Tayho Advanced Materials Co., Ltd. (China), TK CHEMICAL CORPORATION (South Korea), Xiamen Lilong Spandex Co., Ltd. (China), Mitsubishi Chemical Corporation (Japan), Xinxiang Sunshining Ecotex Clothes Co., Ltd. (China), TORAY INDUSTRIES (Japan)
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Data Points Covered in the Report
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In addition to the insights on market scenarios such as market value, growth rate, segmentation, geographical coverage, and major players, the market reports curated by the Data Bridge Market Research also include in-depth expert analysis, geographically represented company-wise production and capacity, network layouts of distributors and partners, detailed and updated price trend analysis and deficit analysis of supply chain and demand.
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Segment Analysis:
The Asia-Pacific spandex market is segmented into two notable segments based on technology and application.
- On the basis of technology, the market is segmented into solution dry-spinning, wet-spinning, and others.
- On the basis of application, the market is segmented into clothing, medical, and others.
Major Players
Data Bridge Market Research recognizes the following companies as the Asia-Pacific spandex market players in Asia-Pacific spandex market are Huafon Chemical Co., Ltd. (China), HYOSUNG TNC (South Korea), TAKEWANG INDUSTRIAL CO., LTD. (South Korea), Asahi Kasei Corporation (Japan), Indorama Corporation (Thailand), Yantai Tayho Advanced Materials Co., Ltd. (China), TK CHEMICAL CORPORATION (South Korea), Xiamen Lilong Spandex Co., Ltd. (China).
Market Development
- In November 2021, Huafon Chemical, through its involvement in the formulation of the Zhejiang Manufacturing Standard, introduced the Colored Spandex Filament T / ZZB 2535-2021. This standard sets forth more stringent guidelines for the production and inspection of colored spandex filaments. It emphasizes excellence, quality, and independent innovation in four key areas. This initiative aims to elevate manufacturing standards within the industry, bolster the reputation of "Made in Zhejiang," foster innovation, promote the adoption of new technologies, methods, and ideas, and enhance sustainable competitive advantages for the company.
Regional Analysis
Geographically, the countries covered in the Asia-Pacific spandex market report China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC).
As per Data Bridge Market Research analysis:
China is the dominant region in Asia-Pacific spandex market during the forecast period 2022 - 2029
China's dominance in the spandex market within the region is attributed to its expanding export of spandex products. Chinese manufacturers have excelled in producing spandex, a versatile synthetic fiber widely used in textiles and garments. With a robust export infrastructure and competitive pricing, China has become a key supplier to global markets, driving its dominance in the region. The nation's ability to cater to the growing demand for spandex products positions it as a leader in the industry.
India is expected to dominate the Asia-Pacific spandex market in the forecast period 2022 - 2029
India is poised to dominate the spandex market, primarily driven by the increasing disposable income of consumers. As disposable incomes rise, consumers become more aware of the comfort and versatility offered by spandex products in clothing and textiles. This growing awareness fuels demand, pushing India to the forefront of the spandex market. The country's expanding middle-class population and changing fashion preferences further contribute to its dominance in this segment.
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