May 27, 2020
According to the research report titled ‘Americas Spandex Market Size by Application, Industry Analysis Report, Regional Outlook, Application Potential, Price Trends, Competitive Market Share & Forecast, 2019 – 2025’, available with Market Study Report LLC, Americas spandex market is set to record momentous growth by the year 2025.
Rising health awareness along with increasing number of sports and physical activities are major factors driving the spandex market growth in the Americas. Spandex, which is made using polyester and nylon, have gained recognition over the years as a premium fabric for swimwear, activewear and sportswear.
Based on the apparel application spectrum, swimwear segment accounted for 7% market share in 2018 and is predicted to grow continuously during the forecast period. Increasing health & fitness awareness among the demographics and upsurge in swimming activities are boosting the demand for swimwear as it protects swimmer from sea water or chlorinated water.
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Americas spandex market share from activewear application is expected to grow with a CAGR of 11.5% during 2019-2025., owing to increasing utilization of spandex in active and sportswear as it provides exceptional elasticity. The material is not only supple and dries quickly, but also offers comfort.
Further elaborating on the application landscape, medical, automotive textiles and home furnishings segments are also reckoned to witness decent growth during the estimated timespan. Spandex is widely utilized in hoses, compression stockings, diapers, and bandages.
Citing the regional scope, Brazil spandex market is slated to register a y-o-y growth rate of 10.5% between 2019 and 2025. Increased pervasiveness of obesity among children and high occurrence of chronic health conditions have increased the participation in leisure & sports activities, thereby promoting the business scenario in Brazil.
On the other hand, Argentina spandex market is predicted to grow with a CAGR of 10% through 2025, on account of surging involvement in indoor & outdoor sports activities to address the issue of over-weight among the population.
The major contenders in Americas spandex market are Taekwang Industrial Co. Ltd., TK Chemical Corp., INVISTA and Hyosung among others.