Douglas - Isle Of Man, Dec. 08, 2022 (GLOBE NEWSWIRE) -- Douglas Insights has analyzed various market research reports from relevant authorities, such as industry experts, market researchers, and other professionals, to forecast the spandex market. Its comparison engine has yielded exceptional results in compiling key details from relevant research materials, providing insights on current and emerging market trends, growth drivers, and restraints, which have helped paint a clear picture of the global spandex industry.
The sales analysis of the global spandex market has revealed that there has been a noticeable rise in spandex sales across various industries, such as healthcare and clothing, which is due to an increase in demand for consumer preference, which is a growth driver. More people from across the world are buying spandex clothes, impacting the global market and dramatically increasing sales. The healthcare industry has many uses for spandex, including compression stockings, diapers, and more, further propelling the growth landscape and providing opportunities for key players to capitalize on new market trends. The global pandemic played a large part in slowing down spandex production, leading to a temporary decline in market activities and causing stagnated revenue generation. However, things have picked up in 2022, and production and supply will quickly return to baseline, leading to a significant change that will take the market towards a growth trajectory.
Manufacturers are facing a rising demand for various spandex-based products, such as diapers, sportswear, and casualwear, which is pushing them to expand the market into a new direction of innovative clothing options for the general public. The incorporation of spandex in denim fabrics has become a significant trend in many countries around the world, resulting in a comfier clothing experience. However, there are some limitations faced by the industry, which have to do with the difficulty of procuring the raw materials needed for spandex production. Since the materials are petroleum-based, their prices vary greatly due to global circumstances, adversely impacting many manufacturers and suppliers and preventing the market from flourishing.
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East Asia is the best region for the spandex market to expand since China is making moves to ensure their customer demand gets fulfilled, allowing spandex manufacturers and suppliers to invest in a lucrative business opportunity, directly affecting the global spandex market. Looking at the recent trends, market activities between 2016 and 2020 only yielded a CAGR of 2.3%, which is likely to hit double digits in the near future. Until recently, the spandex market was mainly captured by Europe and North America, but East Asia has become the leading market contributor due to China's recent intervention. Two reasons the global spandex market has expanded in recent years are higher incomes per household and lifestyle changes, resulting in steady and significant market growth.
The CAGR is 8.26% for 2021-2031, which may yet rise due to developing countries appreciating the benefits and appeal of spandex materials, contributing to a rise in overall demand. Since people are becoming increasingly health-conscious, they are investing in spandex-based sports clothing, which offers comfort and quality, especially for physically demanding activities like cycling, yoga, and swimming. This means the textile industry is also playing its part in affecting the market growth. Additionally, the healthcare industry continues to place more orders for compression bandages, stretchable bandages, and other medical materials, driving growth in the medical segment. The industrial industry is also beginning to increase its utilisation of spandex due to its lack of water absorption. Finally, COVID-19 played a significant role in increasing global demand, with far-reaching effects yet to be discovered.
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Countries Covered in the report are as below:
- North America - United States, Canada, and Mexico
- Europe - United Kingdom, Germany, France, Italy, Russia, Spain & Rest of Europe
- Asia-Pacific - China, India, Japan, South Korea, Australia & Rest of APAC
- Latin America - Brazil, Argentina, Peru, Chile & Rest of Latin America
- Middle East and Africa - Saudi Arabia, UAE, Israel, South Africa
Segmentation of Global Spandex Market-
By Technology
- Solution Dry-Spinning
- Wet-Spinning
- Others
By Application
- Clothing
- Clothing, By Segment
- Apparel
- Ties & Clothing Accessories
- Handbags
- Pillows & Bed Sheets
- Others
Medical, By Segment
- Rubber Tubing
- Hosing
- Mask
- Others
Key questions answered in this report
- COVID 19 impact analysis on global Spandex industry.
- What are the current market trends and dynamics in the Spandex market and valuable opportunities for emerging players?
- What is driving Spandex market?
- What are the key challenges to market growth?
- Which segment accounts for the fastest CAGR during the forecast period?
- Which product type segment holds a larger market share and why?
- Are low and middle-income economies investing in the Spandex market?
- Key growth pockets on the basis of regions, types, applications, and end-users
- What is the market trend and dynamics in emerging markets such as Asia Pacific, Latin America, and Middle East & Africa?
Unique data points of this report
- Statistics on Spandex and spending worldwide
- Recent trends across different regions in terms of adoption of Spandex across industries
- Notable developments going on in the industry
- Attractive investment proposition for segments as well as geography
- Comparative scenario for all the segments for years 2018 (actual) and 2028 (forecast)
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