Global Spandex Fibre Market to be dominated by utilization of Spandex Fibre in automotive industry through 2028.
Initiatives taken by the
government to support the production of Spandex Fibre are the major drivers for
the Global Spandex Fibre Market.
According to TechSci Research
report, “Spandex Fibre Market –Global Industry Size, Share, Trends, Competition,
Opportunity and Forecast, 2018-2028”, the Global
Spandex Fibre Market is anticipated to register a high CAGR during the
forecast period. This can be ascribed to collaborations and partnerships among
leading companies with a diverse approach to merge the expertise of individual
companies and to strengthen their position in the market.
Spandex, also known as
elastane or Lycra, is a synthetic fiber renowned for its exceptional elasticity
and durability. The integration of spandex in automotive seating upholstery is
revolutionizing the driving experience. Its unparalleled stretch and recovery
characteristics enable the creation of seat covers that conform to the
occupant's body, providing superior comfort during long journeys.
Spandex-enhanced upholstery not only offers a better fit but also ensures
minimal creasing and wear over time, thus maintaining the aesthetic appeal of
the vehicle's interior. The utilization of spandex fibers extends beyond
comfort to functional aspects as well. Interior trims such as door panels,
headliners, and dashboard cover benefit from spandex's flexibility, enabling
the realization of complex shapes and designs that were once challenging to
achieve. Spandex-infused components can seamlessly accommodate integrated
technology, airbags, and controls, thereby enhancing the functionality and
user-friendliness of the vehicle's interior. In an industry where aesthetics
plays a significant role, spandex fibers offer a novel approach to design and
customization. Automakers can utilize spandex in decorative stitching, logo
embedding, and textured surfaces, providing an avenue for unique branding and
personalization options. This infusion of style, coupled with spandex's
practical advantages, transforms vehicles into more than just means of
transportation – they become personalized expressions of the owner's lifestyle.
The automotive sector's demand for spandex has not only expanded the
application spectrum but also increased the overall consumption of this
versatile material. As a result, the market has witnessed a surge in demand,
with manufacturers ramping up production to meet the needs of the growing
automotive industry. Governments are actively promoting the spandex fiber
market by allocating funds for research and development (R&D) in the
textile sector. R&D plays a crucial role in the development of new and improved
variants of spandex fibers that meet evolving consumer demands, including
eco-friendly and performance-enhanced products. As sustainability emerges as a
paramount concern for both consumers and industries, governments are
establishing regulatory frameworks that encourage sustainable practices in the
spandex fiber sector. This encompasses the establishment of standards for
environmentally friendly production processes, waste reduction, and responsible
sourcing of raw materials. By aligning the spandex industry with sustainability
goals, governments not only enhance the marketability of spandex products but
also ensure their long-term viability. Additionally, governments are investing
in skill development initiatives to cultivate a proficient workforce capable of
driving innovation and maintaining the competitiveness of the spandex fiber
industry. One of the primary advantages of collaborations and partnerships in
the spandex fiber market is the potential for market expansion. By forming alliances
with other industry players, manufacturers can gain access to previously
untapped geographical regions and consumer segments. For example, a local
spandex fiber manufacturer can partner with an international distributor to
enter new markets, leveraging the distributor's established network and market
expertise. A recent collaboration in the spandex fiber industry involves The
LYCRA Company and Qore®. The two companies have partnered to develop a
next-generation bio-derived spandex fiber called QIRA®. This collaboration aims
to create a renewable and sustainable alternative for the production of spandex
fibers.
However, fluctuations in
price of raw materials coupled with disruptions in supply chain and growing
competition form alternative fibers are expected to slow down the growth of the
market in the coming years.
The Global Spandex Fibre Market segmentation is based on Production Process, End-Use Industry, By Company, and Region
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Some
of the major companies operating in the Global
Spandex Fibre Market include:
·
Hyosung Corporation
·
INVISTA Sarl
·
Asahi Kasei Corporation
·
Toray Industries, Inc.
·
Indorama Industries Ltd.
·
TK Chemical Corporation
·
Zhejiang Huafon Spandex Co. Ltd.
·
Xiamen Lilong Spandex Co., Ltd.
·
Yantai Spandex Co., Ltd.
·
Taekwang Industrial Co. Ltd.
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“Certain regions,
particularly the Asia Pacific, are projected to exert significant demand for spandex
fibre worldwide. The growth in the competitive landscape and the presence of
well-established companies in the market, committed to enhancing their spandex fibre
reproductivity each year, are expected to contribute to a remarkable growth of
the Global Spandex Fibre Market in the forecast period," said Mr. Karan
Chechi, Research Director with TechSci Research, a research-based Global
management consulting firm.
Spandex Fibre Market - Global Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028 Segmented By Production Process (Solution Dry Spinning and Solution Wet Spinning), By End-Use Industry (Textile, Healthcare, Others), By Region, Competition has evaluated the future growth potential of Global Spandex Fibre Market and provides statistics & information on market size, structure, and future market growth. The report intends to provide innovative market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in Global Spandex Fibre Market.
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