Spandex Market Size, Industry Share & Forecast, 20162023: 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. Growing application scope in apparel and textile industry is likely to drive spandex market over the forecast period. They are used in textile manufacturing applications such as leggings, gloves, cycling jerseys and competitive swimwear. 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.
The global spandex market share is moderately consolidated and comprises of companies sucg as BASF, DuPont, Invista and Mitsubishi Chemical.
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