Spandex Market size in Americas to exceed $1.40bn by 2025
Published Date: February 7, 2020 Authors: Kunal Ahuja, Amit Rawat
Americas Spandex Market size is set to surpass USD 1.40 billion by 2025, according to a new research report by Global Market Insights, Inc.
Spandex is classified as elastic fiber which is manufactured from polyurea - polyether copolymer. This product is also known by the commercial name Lycra in Americas region. Spandex provides resistance to sweat, tear & wear due to detergents, lotions, and body oils which makes its suitable for utilization in apparel manufacturing.
It offers superior elasticity, perfect fit and preventing sagging or bagging for garments manufacturing. The product is predominantly utilized in several sportswear including swimsuits, rowing suits, cycling shorts, exercise wear and wrestling suits owing to lightweight & free movement ability and preventing rashes & chafing. Thus, propelling product demand.
Rising spandex utilization for bandages manufacturing to accelerate market growth
As per market forecast, spandex based bandages segment of the market may obtain appreciable growth over the forecast period due to robust application in health care industry. The product offers persuading attributes including efficient compression, reduced skin irritation, light weight, high air permeability and easy limbs movement. Spandex based bandages are predominantly used to treat conditions including deep vein thrombosis, leg ulceration, sprains and soft tissue injury which should boost Americas spandex market outlook.
According to market analysis, technological advancements have led to product utilization in manufacturing apparel, home furnishings and automotive textiles products. Spandex are majorly used in manufacturing these products owing to beneficial characteristics including resistance to perspiration, greater elasticity and high durability & strength, thus driving product demand.
Browse key industry insights spread across 142 pages with 137 market data tables and 17 figures & charts from the report, “Americas Spandex Market Statistics by Application (Apparel [Sportswear, Gloves, Swimwear, Activewear], Medical [Diapers, Surgical Hoses & Compressional Stockings, Bandages], Home Furnishings, Automotive Textiles), Industry Analysis Report, Regional Outlook (U.S., Canada, Mexico, Brazil, Argentina) Competitive Market Share & Forecast, 2014 – 2025” in detail along with the table of contents:
Growth of diaper products to boost Americas spandex industry growth
Aa per market insights, use of diapers will grow significantly among geriatric population owing to rising prevalence of nephrological disorders. Spandex is predominantly used for diapers manufacturing owing to beneficial properties including soft, high recovery, better fitting, high efficiency and low cost. Rural population in Latin Americas will propel growth of spandex based diapers aimed for newborn babies, thus driving Americas spandex market demand.
Latest product development coupled with rising R&D investments has resulted in use of spandex over natural rubber due to high elasticity and strength which may open new opportunities for market.
Superior characteristics offered by spandex based surgical hoses & compressional stockings should propel market growth
According to market forecast, spandex based surgical hoses & compressional stockings segment of the market may achieve over 10% CAGR during the analysis period. Rising production of surgical hoses and compressional stockings is supported by strong growth in advanced healthcare treatment in North America and Latin America. Medical tourism growth in the region owing to rising demand for high-quality treatment offered in these countries will drive Americas spandex market trends.
Booming U.S. medical industry will boost spandex utilization throughout the Americas
As per market trends, supportive government initiatives by U.S. government including Affordable Care Act (ACA) which provides more medic aid funding for states offering subsidized access to medical care. This initiative will help people in accessing medical care at an affordable rate which will result in more utilization of health care products including bandages, syringes, medicines and other materials which should accelerate Americas spandex market growth.
Key industry participants in Americas spandex industry are Dupont, Hyosung, TK Chemical, Taekwang Industrial and INVISTA.
According to market analysis, key market participants are incorporating various strategic initiatives such as strategic mergers & acquisitions, R&D investment, new product launch and partnerships to capture healthy market share.
Explore More on Related Topics: