Spandex Fibre Market - Global Industry Size, Share, Trends, Opportunity, and Forecast, Segmented By Production Process (Solution Dry Spinning and Solution Wet Spinning), By End-Use Industry (Textile, Healthcare, Others), By Region, Competition 2018-2028F

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Summary

Report Description


Forecast Period

2024-2028

Market Size (2022)

USD 6.23 billion

CAGR (2023-2028)

6.53%

Fastest Growing Segment

Solution Dry Spinning

Largest Market

Asia Pacific


Market Overview

Global Spandex Fibre Market has valued at USD 6.23 billion in 2022 and is anticipated to project robust growth in the forecast period with a CAGR of 6.53% through 2028. Spandex fiber is a synthetic material derived from a long chain of polyurethane, known as lycra or elastane. Renowned for its exceptional elasticity, it surpasses rubber in durability. It boasts properties such as lightweightness, dyeability, and excellent abrasion resistance. Unlike other elastic materials, spandex fiber remains fray-free when tailored, making it a preferred choice in the textile industry. Its applications span a wide range, including swimwear, cycling wear, and casual wear. Moreover, it serves as a raw material for manufacturing healthcare products like surgical gloves and baby diapers. The growth of the global spandex fiber market is driven by factors such as population growth and changing fashion trends. Additionally, the market dynamics of spandex fibers in the textile sector are influenced by the development of bio-based raw materials. The demand for spandex fiber is on the rise across various industries, including textiles and automotive, owing to its remarkable properties such as elasticity, durability, and resistance to UV light. It finds extensive use in the textile industry for producing stretchable clothing. Furthermore, the growth of the spandex fiber market is fueled by the increasing demand for bandages, medical housing, and diapers from the healthcare sector. As individuals become more aware of personal healthcare and the income of middle-class individuals in developing countries continues to grow, there is a corresponding shift in living standards, driving the expansion of the spandex fiber market.

 Key Market Drivers

Growing Demand of Spandex Fibre in Healthcare Industry

The global spandex fiber market has experienced significant growth, as various industries acknowledge the unique properties and versatility of this elastomeric material. Spandex, also known as elastane or Lycra, is a synthetic fiber renowned for its exceptional elasticity and stretchability. Initially popularized in the apparel sector for activewear, swimwear, and undergarments, spandex fibers have found a thriving market in the healthcare industry. The remarkable stretch and recovery properties of spandex fiber make it highly valuable for applications requiring elasticity and comfort. It can stretch up to five to eight times its original length and return to its initial size when released. This characteristic makes it ideal for blending with other fibers to enhance material performance, combining desired qualities of each component. In recent years, the healthcare industry has increasingly recognized the potential of spandex fibers to revolutionize patient care, medical equipment, and protective gear. Spandex-blended fabrics are used to create medical garments like compression stockings, surgical gowns, and patient apparel. The elasticity of spandex fibers ensures a snug fit, comfortable wear, enhanced blood circulation, and reduced risk of blood clots. Spandex fibers are incorporated into bandages and dressings, providing flexibility, support, better wound coverage, and mobility. Orthopedic supports and braces benefit from spandex-based materials, offering targeted compression and support for injured joints or muscles, aiding in rehabilitation and recovery. Disposable medical products such as surgical caps, masks, and shoe covers utilize spandex fibers to deliver a comfortable fit, enabling healthcare professionals to work efficiently and comfortably for extended periods. Moreover, the importance of PPE during the COVID-19 pandemic has led to the utilization of spandex fibers to enhance the fit and comfort of masks, gowns, and other protective gear. The rising demand for spandex in healthcare has prompted manufacturers to invest in research and development, further enhancing spandex properties for medical applications. Spandex fibers are also utilized in medical furniture upholstery and bedding materials, contributing to patient comfort, and assisting in pressure distribution, which is crucial for patients with limited mobility.

Increasing Demand of Spandex Fibre in Textile Industry

In recent years, the global textile industry has witnessed a significant shift in consumer preferences, gravitating towards comfort, flexibility, and functionality in clothing. This evolving landscape has spurred the growing demand for spandex fiber, an exceptional stretchable material that has revolutionized the textile industry. Renowned for its remarkable elasticity, spandex fiber has become a driving force behind the expansion of the global spandex fiber market. One of the primary catalysts for this surge lies in the changing consumer preferences. Modern consumers increasingly seek versatile clothing that seamlessly transitions between various activities and environments. From athleisure wear and activewear to denim and formal attire, the incorporation of spandex fiber empowers designers to create garments that effortlessly blend style with functionality. The rise of remote work and lifestyle changes, such as a burgeoning interest in fitness and wellness, has further fueled the demand for comfortable and flexible clothing. The global fitness trend has sparked a surge in the demand for sportswear and activewear. These garments necessitate materials that can endure intense physical activities while providing comfort and unrestricted movement. Spandex fiber, with its unique ability to stretch and recover, coupled with its moisture-wicking properties, emerges as an ideal choice for sportswear. This trend extends beyond athletes alone; the general population's heightened awareness of health and fitness has created a broader market for activewear, thereby contributing to the growing demand for spandex fiber. From form-fitting jeans that offer all-day comfort to elegant dresses with concealed stretch elements, the undeniable role of spandex fiber in enhancing the wearability of various clothing styles is apparent. As fashion evolves to cater to modern lifestyles, spandex fiber's versatility continues to reshape the industry. Manufacturers are investing in research and development to enhance spandex fiber's properties, rendering it even more adaptable to diverse textile applications. Technological advancements have also led to improvements in production processes, making spandex fiber more accessible to a wider range of clothing manufacturers. This, in turn, has fostered a competitive market that offers innovative solutions to meet the diverse demands of the textile industry.



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Key Market Challenges

Raw Material Costs and Supply Chain Disruptions

Spandex fibers are primarily manufactured from petrochemical-derived raw materials, such as polyurethane, which undergo intricate chemical processes to achieve the desired elastic properties. The cost of these raw materials significantly influences the overall production costs of spandex. Fluctuations in crude oil prices, geopolitical tensions, and supply-demand imbalances can all contribute to volatile raw material costs. Consequently, manufacturers face the challenge of maintaining a delicate balance between profitability and offering competitive prices to consumers. The impact of raw material cost fluctuations is felt throughout the spandex value chain. Furthermore, the spandex industry's heavy reliance on petrochemical feedstocks makes it susceptible to geopolitical and environmental factors, adding an additional layer of complexity to the raw material cost challenge. Supply chain disruptions have emerged as another significant challenge in the global spandex fiber market. The COVID-19 pandemic starkly highlighted the vulnerabilities within global supply chains, affecting industries across various sectors. Spandex manufacturing heavily depends on intricate supply chains, encompassing multiple stages from raw material extraction to finished product delivery. Disruptions at any stage of this chain can lead to cascading impacts, causing delays, increased lead times, and production bottlenecks. The industry's resilience and long-term sustainability will depend on its ability to navigate these challenges. As manufacturers continue to innovate, collaborate, and adapt, the spandex industry may find ways to overcome these hurdles, ensuring a steady supply of this essential fiber to meet global demands while remaining economically viable.

Competition from Alternative Fibers

In recent years, the global spandex fiber market has encountered a mounting challenge in the form of competition from alternative fibers. Spandex, a synthetic fiber renowned for its exceptional elasticity and durability, has long been a fundamental component in various industries, including apparel, sportswear, and medical applications. However, the emergence and progression of alternative fibers have presented significant challenges for the conventional spandex market. Newer fibers like elastomeric yarns, such as polyurethane-based fibers, offer comparable elasticity and comfort. Furthermore, certain alternative fibers showcase improved moisture-wicking properties and enhanced breathability, making them appealing choices for manufacturers of sportswear and activewear. As the global emphasis on sustainability continues to grow, traditional spandex fibers face scrutiny due to their non-biodegradability and dependence on petrochemical feedstocks. Alternative fibers derived from renewable sources like plant-based materials have gained popularity owing to their perceived lower environmental impact. This shift towards sustainability could have a substantial impact on the long-term demand for spandex. The spandex market encounters competition in terms of innovation and customization. Some alternative fibers provide manufacturers with the opportunity to tailor properties such as elasticity, strength, and comfort to specific requirements. This flexibility attracts industries seeking specialized solutions, potentially diverting demand away from traditional spandex.

Key Market Trends

E-commerce and Global Reach

In an era characterized by digital transformation and the increasing interconnectedness of global markets, industries worldwide are undergoing profound shifts in their operations and interactions with consumers. One sector that is particularly experiencing significant transformation is the spandex fiber market, driven by the dual forces of E-commerce and expanding global reach. The global expansion of the spandex fiber market has been further facilitated by the reduction of trade barriers and improvements in supply chain logistics. International shipping and trade agreements have effectively streamlined the transportation of spandex fibers and spandex-containing products to even the most remote corners of the world. Additionally, advancements in logistics and distribution have resulted in shorter delivery times and simplified the complexities associated with cross-border trade. As a result, manufacturers now have greater ease in maintaining a global presence and meeting the demands of diverse markets.

Segmental Insights

Type Insights

In 2022, the Spandex Fibre market was dominated by the solution dry spinning and is predicted to continue expanding over the coming years. The dry spinning solution is a highly cost-efficient process in fibre manufacturing. Compared to other production methods, fibres produced through this process exhibit superior elastic recovery, contributing to their dominant market share. The dry spinning fibre production involves the reaction of prepolymer, formed by combining macro glycol with a diisocyanate monomer, with an equal amount of diamine, resulting in a chain extension reaction. The resultant solution is then diluted with a solvent to create a spinning solution, facilitating ease of handling due to its decreased viscosity. Subsequently, the spinning solution is introduced into a cylindrical spinning cell where it undergoes curing and conversion into fibres. The dry spinning technique is specifically employed for polymers that cannot be melted and spun, primarily due to safety and environmental considerations associated with solvent management.

End-Use Industry Insights

In 2022, the Spandex Fibre market was dominated by textile segment and is predicted to continue expanding over the coming years. In the realm of clothing, spandex is commonly blended with cotton, rayon, polyester, or nylon fibres, depending on the fabric. With its durability and ability to maintain its original length and shape even after stretching, spandex fibres play a crucial role in the formulation of intimate apparel and hosiery. These properties contribute to the growth of the spandex fibre market. According to the International Trade Center, the revenue generated from the import of stockings, socks, and other hosiery items experienced a 2% increase, reaching $2,449.8M in 2019. This signifies the rising demand for apparel and the expansion of textile industries worldwide, driving the market's growth. Spandex fibre, renowned for its elasticity and chemical properties, is a favored choice in the textile industry. The growing demand for activewear and sportswear, particularly for water-related competitive activities, propels the expansion of the textile industry. Notably, clothing apparel brands are investing in spandex fiber-based garments. For example, Invista, the owner of Lycra, has introduced bio-based spandex made from renewable butanediol derived from corn, appealing to consumers who prioritize eco-friendly products. This consumer shift towards sustainability is expected to further contribute to the market's growth.



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Regional Insights

The Asia Pacific region has established itself as the leader in the Global Spandex Fibre Market. The Asia-Pacific region is witnessing a rise in demand for clothing, including innerwear, sportswear, and activewear, driven by higher disposable income levels and the growing popularity of various sports and leisure activities. This trend is contributing to the growth of the market. According to the Indian Brand Equity Foundation (IBEF), India's textile and apparel exports reached $38.70 billion in 2019 and are projected to increase to $82.00 billion by 2021, further driving the growth of the spandex fiber market. Additionally, government initiatives in developing countries like India and China are stimulating manufacturing activities and fueling market growth. For example, in 2019, the Malaysian government allocated $7 billion to the public health sector, marking a 7.8% increase from 2018. Similarly, the Australian government announced a 10-year investment plan of $5 billion for the Medical Research Future Fund (MRFF) in its 2019–20 budget to support health and medical research in the country. The increase in healthcare investments across various regions in Asia-Pacific is expected to have a positive impact on the market's development during the forecast period.

Recent Developments

·       In November 2021, Huafon Chemical Co., Ltd. released and implemented a product formulated under the Zhejiang Manufacturing Standard: Colored Spandex Filament T / ZZB 2535-2021.

·       In 2021, Huafon Chemical formulated the Zhejiang Manufacturing Standard for Colored Spandex Filament T / ZZB 2535-2021. This standard introduces stricter requirements for the production and inspection of colored spandex filaments, emphasizing the importance of excellent quality and independent innovation.

·     In August 2021, Hyosung TNC entered into a Memorandum of Understanding (MOU) for the Gwangyang Bay Resources Circulation Project. The companies involved in the MOU have collaboratively established a circulation system that promotes sustainable consumption and production through the recycling of waste resources. As part of this initiative, Hyosung TNC will produce Regen, a recycled fiber made from waste PET bottles.


Key Market Players

  • 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.

  

 By Production Process

  By End-Use Industry

By Region

•       Solution Dry Spinning

•       Solution Wet Spinning

•       Textile

•       Healthcare

•       Others

•       Asia Pacific

•       North America

•       Europe

•       Middle East & Africa

•       South America


Report Scope:

In this report, the Global Spandex Fibre Market has been segmented into the following categories, in addition to the industry trends which have also been detailed below:

  • Spandex Fibre Market, By Production Process:
  • Solution Dry Spinning
  • Solution Wet Spinning
  • Spandex Fibre Market, By End-Use Industry:
  •   Textile
  •   Healthcare
  •   Others
  • Global Spandex Fibre Market, By region:
    • North America
      • United States
      • Canada
      • Mexico
    • Asia-Pacific
      • China
      • India
      • South Korea
      • Australia
      • Japan
    • Europe
      • Germany
      • France
      • United Kingdom
      • Spain
      • Italy
    • South America
      • Brazil
      • Argentina
      • Colombia
    • Middle East & Africa
      • South Africa
      • Saudi Arabia
      • UAE

Competitive Landscape

Company Profiles: Detailed analysis of the major companies present in the Global Spandex Fibre Market.

Available Customizations:

Global Spandex Fibre Market report with the given market data, Tech Sci Research offers customizations according to a company's specific needs. The following customization options are available for the report:

Company Information

  • Detailed analysis and profiling of additional market players (up to five).

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Table of content

1.    Product Overview

1.1.  Market Definition

1.2.  Scope of the Market

1.2.1.   Markets Covered

1.2.2.   Years Considered for Study

1.2.3.   Key Market Segmentations

2.    Research Methodology

2.1.  Objective of the Study

2.2.  Baseline Methodology

2.3.  Key Industry Partners

2.4.  Major Association and Secondary Sources

2.5.  Forecasting Methodology

2.6.  Data Triangulation & Validation

2.7.  Assumptions and Limitations

3.    Executive Summary

3.1.  Overview of the Market

3.2.  Overview of Key Market Segmentations

3.3.  Overview of Key Market Players

3.4.  Overview of Key Regions/Countries

3.5.  Overview of Market Drivers, Challenges, Trends

4.    Voice of Customer

5.    Pricing Analysis

6.    Global Spandex Fibre Market Outlook

6.1.  Market Size & Forecast

6.1.1.   By Value

6.2.  Market Share & Forecast

6.2.1.   By Production Process (Solution Dry Spinning and Solution Wet Spinning)

6.2.2.   By End-Use Industry (Textile, Healthcare, Others)

6.2.3.   By Company (2022)

6.2.4.   By Region

6.3.  Market Map

7.    North America Spandex Fibre Market Outlook

7.1.  Market Size & Forecast          

7.1.1.   By Value

7.2.  Market Share & Forecast

7.2.1.   By Production Process

7.2.2.   By End-Use Industry

7.2.3.   By Country

7.3.  North America: Country Analysis

7.3.1.   United States Spandex Fibre Market Outlook

7.3.1.1. Market Size & Forecast

7.3.1.1.1.               By Value

7.3.1.2. Market Share & Forecast

7.3.1.2.1.               By Production Process

7.3.1.2.2.               By End-Use Industry

7.3.2.   Mexico Spandex Fibre Market Outlook

7.3.2.1. Market Size & Forecast

7.3.2.1.1.               By Value

7.3.2.2. Market Share & Forecast

7.3.2.2.1.               By Production Process

7.3.2.2.2.               By End-Use Industry

7.3.3.   Canada Spandex Fibre Market Outlook

7.3.3.1. Market Size & Forecast

7.3.3.1.1.               By Value

7.3.3.2. Market Share & Forecast

7.3.3.2.1.               By Production Process

7.3.3.2.2.               By End-Use Industry

8.    Europe Spandex Fibre Market Outlook

8.1.  Market Size & Forecast          

8.1.1.   By Value

8.2.  Market Share & Forecast

8.2.1.   By Production Process

8.2.2.   By End-Use Industry 

8.2.3.   By Country

8.3.  Europe: Country Analysis

8.3.1.   France Spandex Fibre Market Outlook

8.3.1.1. Market Size & Forecast

8.3.1.1.1.               By Value

8.3.1.2. Market Share & Forecast

8.3.1.2.1.               By Production Process

8.3.1.2.2.               By End-Use Industry

8.3.2.   Germany Spandex Fibre Market Outlook

8.3.2.1. Market Size & Forecast

8.3.2.1.1.               By Value

8.3.2.2. Market Share & Forecast

8.3.2.2.1.               By Production Process

8.3.2.2.2.               By End-Use Industry

8.3.3.   United Kingdom Spandex Fibre Market Outlook

8.3.3.1. Market Size & Forecast

8.3.3.1.1.               By Value

8.3.3.2. Market Share & Forecast

8.3.3.2.1.               By Production Process

8.3.3.2.2.               By End-Use Industry

8.3.4.   Italy Spandex Fibre Market Outlook

8.3.4.1. Market Size & Forecast

8.3.4.1.1.               By Value

8.3.4.2. Market Share & Forecast

8.3.4.2.1.               By Production Process

8.3.4.2.2.               By End-Use Industry

8.3.5.   Spain Spandex Fibre Market Outlook

8.3.5.1. Market Size & Forecast

8.3.5.1.1.               By Value

8.3.5.2. Market Share & Forecast

8.3.5.2.1.               By Production Process

8.3.5.2.2.               By End-Use Industry

9.    Asia-Pacific Spandex Fibre Market Outlook

9.1.  Market Size & Forecast          

9.1.1.   By Value

9.2.  Market Share & Forecast

9.2.1.   By Production Process

9.2.2.   By End-Use Industry 

9.2.3.   By Country

9.3.  Asia-Pacific: Country Analysis

9.3.1.   China Spandex Fibre Market Outlook

9.3.1.1. Market Size & Forecast

9.3.1.1.1.               By Value

9.3.1.2. Market Share & Forecast

9.3.1.2.1.               By Production Process

9.3.1.2.2.               By End-Use Industry

9.3.2.   India Spandex Fibre Market Outlook

9.3.2.1. Market Size & Forecast

9.3.2.1.1.               By Value

9.3.2.2. Market Share & Forecast

9.3.2.2.1.               By Production Process

9.3.2.2.2.               By End-Use Industry

9.3.3.   South Korea Spandex Fibre Market Outlook

9.3.3.1. Market Size & Forecast

9.3.3.1.1.               By Value

9.3.3.2. Market Share & Forecast

9.3.3.2.1.               By Production Process

9.3.3.2.2.               By End-Use Industry

9.3.4.   Japan Spandex Fibre Market Outlook

9.3.4.1. Market Size & Forecast

9.3.4.1.1.               By Value

9.3.4.2. Market Share & Forecast

9.3.4.2.1.               By Production Process

9.3.4.2.2.               By End-Use Industry

9.3.5.   Australia Spandex Fibre Market Outlook

9.3.5.1. Market Size & Forecast

9.3.5.1.1.               By Value

9.3.5.2. Market Share & Forecast

9.3.5.2.1.               By Production Process

9.3.5.2.2.               By End-Use Industry

10.  South America Spandex Fibre Market Outlook

10.1.              Market Size & Forecast

10.1.1.                By Value

10.2.              Market Share & Forecast

10.2.1.                By Production Process

10.2.2.                By End-Use Industry 

10.2.3.                By Country

10.3.              South America: Country Analysis

10.3.1.                Brazil Spandex Fibre Market Outlook

10.3.1.1.              Market Size & Forecast

10.3.1.1.1.             By Value

10.3.1.2.              Market Share & Forecast

10.3.1.2.1.             By Production Process

10.3.1.2.2.             By End-Use Industry

10.3.2.                Argentina Spandex Fibre Market Outlook

10.3.2.1.              Market Size & Forecast

10.3.2.1.1.             By Value

10.3.2.2.              Market Share & Forecast

10.3.2.2.1.             By Production Process

10.3.2.2.2.             By End-Use Industry

10.3.3.                Colombia Spandex Fibre Market Outlook

10.3.3.1.              Market Size & Forecast

10.3.3.1.1.             By Value

10.3.3.2.              Market Share & Forecast

10.3.3.2.1.             By Production Process

10.3.3.2.2.             By End-Use Industry

11.  Middle East and Africa Spandex Fibre Market Outlook

11.1.              Market Size & Forecast

11.1.1.                By Value

11.2.              Market Share & Forecast

11.2.1.                By Production Process

11.2.2.                By End-Use Industry 

11.2.3.                By Country

11.3.              MEA: Country Analysis

11.3.1.                South Africa Spandex Fibre Market Outlook

11.3.1.1.              Market Size & Forecast

11.3.1.1.1.             By Value

11.3.1.2.              Market Share & Forecast

11.3.1.2.1.             By Production Process

11.3.1.2.2.             By End-Use Industry

11.3.2.                Saudi Arabia Spandex Fibre Market Outlook

11.3.2.1.              Market Size & Forecast

11.3.2.1.1.             By Value

11.3.2.2.              Market Share & Forecast

11.3.2.2.1.             By Production Process

11.3.2.2.2.             By End-Use Industry

11.3.3.                UAE Spandex Fibre Market Outlook

11.3.3.1.              Market Size & Forecast

11.3.3.1.1.             By Value

11.3.3.2.              Market Share & Forecast

11.3.3.2.1.             By Production Process

11.3.3.2.2.             By End-Use Industry

12.  Market Dynamics

12.1.              Drivers

12.2.              Challenges

13.  Market Trends & Developments

13.1.              Recent Developments

13.2.              Product Launches

13.3.              Mergers & Acquisitions

14.  PESTLE Analysis

15.  Porter’s Five Forces Analysis

15.1.              Competition in the Industry

15.2.              Potential of New Entrants

15.3.              Power of Suppliers

15.4.              Power of Customers

15.5.              Threat of Substitute Product

16.  Competitive Landscape

16.1.              Business Overview

16.2.              Company Snapshot

16.3.              Products & Services

16.4.              Financials (In case of listed companies)

16.5.              Recent Developments

16.6.              SWOT Analysis

16.6.1.                Hyosung Corporation

16.6.2.                INVISTA Sarl

16.6.3.                Asahi Kasei Corporation

16.6.4.                Toray Industries, Inc.

16.6.5.                Indorama Industries Ltd.

16.6.6.                TK Chemical Corporation

16.6.7.                Zhejiang Huafon Spandex Co. Ltd.

16.6.8.                Xiamen Lilong Spandex Co., Ltd.

16.6.9.                Yantai Spandex Co., Ltd.

16.6.10.              Taekwang Industrial Co. Ltd.

17.  Strategic Recommendations

Figures and Tables

Frequently asked questions

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The market size of the Global Spandex Fibre Market was estimated to be USD 6.23 billion in 2022.

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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., are some of the key players operating in the Global Spandex Fibre Market.

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Raw material costs and supply chain disruptions along with competition from alternative fibres are the major challenges faced by the Global Spandex Fibre Market in the upcoming years.

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Growing demand of spandex fibre from healthcare and textile industry is expected to drive the Global Spandex Fibre Market in the forecast period.

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Sakshi Bajaal

Business Consultant
Press Release

Global Spandex Fibre Market to be dominated by utilization of Spandex Fibre in automotive industry through 2028.

Aug, 2023

Initiatives taken by the government to support the production of Spandex Fibre are the major drivers for the Global Spandex Fibre Market.

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