spandex market size is growing at a CAGR of more than 8% from 2016 to 2023: Global Market Insights, Inc

Global spandex market size was estimated at over 760 kilo tons in 2015 and is likely to exceed 1,550 kilo tons by 2023, growing at a CAGR of more than 8% from 2016 to 2023. It is also commonly known as elastane.

Asia Pacific, especially China spandex market size was the dominant region and accounted for more than 60% of the total volume in 2015. China accounted for a major chunk of the market in Asia Pacific region in 2015.

Dry spinning technology was majorly preferred among manufacturers over the past few years. Other process includes wet spinning, melt extrusion and reaction spinning.

Request for In-Deapth Table Of Contents from Report@http://bit.ly/2cFr0Ad

Growing application scope in apparel and textile industry is likely to drive spandex market over the forecast period.

Spandex market price has witnessed to be weak in mid 2014 owing to ease of tight supply and low demand from downstream applications. The market is expected to grow with recovery in U.S. economy post recession.

Increase in automobile production, particularly in Asia Pacific is likely to drive market growth. Major automobile manufacturers are shifting bases to countries such as Indonesia, Thailand, India and China owing to cheap labor wages and favorable government incentive schemes.

Polytetramethylene ether glycol (PTEG) and MDI are raw materials required for spandex production derived from petrochemical feedstock. PTEG accounted for more than 70% in 2012 for spandex manufacturing application. It is widely used in Asia Pacific as the region is major manufacturer.

Invista uses biobased 1,4-butanediol as raw material from Genometica’s developed technology which has successfully developed fermentation route for the chemical using E. coli to metabolize sugar.1,4-butanediol is then synthesized to THF which is further used for PTEF production.

Inquire for Buying Industry Analysis Report@http://bit.ly/2djN44b

Asia Pacific market was the dominant and is likely to witness highest gains over the forecast period. China accounted for more than 50% of the global share in 2014 and is the major manufacturer for this market. In 2012, China had around 30 manufacturing units with a total capacity of 520 kilo tons and domestic production exceeding 320 kilo tons in the same year. 40D and 20D are major products manufactured in China.

North America spandex market share is likely to witness moderate growth rates owing to increasing sportswear demand in the U.S. Europe is likely to witness below average growth rates over the forecast period.

The global spandex market share is moderately consolidated and comprises of companies sucg as BASF, DuPont, Invista and Mitsubishi Chemical. Other major companies include Zhejiang Huafo, Dow Chemical, Yantai Bailu Chemical Fiber Co and Swan Fiber Co.

Read our insightful industry blogs:
https://gminsights.wordpress.com
http://www.fractovia.org

Contact Us:
Jack Davis
Corporate Sales, USA
Global Market Insights, Inc.
Phone: 1-302-846-7766
Toll Free: 1 888-689-0688
Email: sales@gminsights.com
Web:https://www.gminsights.com

About Global Market Insights:
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.

29L Atlantic Avenue, Suite L 105
Ocean View, Delaware

This release was published on openPR.