The Spandex fiber market is expected to touch $5.40 billion by 2020, at a CAGR of 7.2 per cent between 2015 and 2020. Factors such as increasing disposable income in emerging economies such as China, India, Japan, and others and increasing market for compress bandages are fueling growth of Spandex Fiber Market. The details were shared in a report titled ‘Spandex Fiber Market by Production Process (Solution Dry Spinning, and Solution Wet Spinning), by End-Use (Textile, and Healthcare) & by Region (Asia-Pacific, North America, Europe, and RoW) - Forecast to 2020’.

Manufacturing process of spandex entails two processes namely solution dry spinning and solution wet spinning. Solution dry spinning is the most cost effective process out of the two and hence, is used more commonly. It also accounts for the larger market share between the two processes. Solution wet spinning in spite of being costlier is growing slightly faster than the solution dry spinning because of the it is used in manufacturing spandex fiber for healthcare applications.

The textile segment accounted for the largest market share in Spandex Fiber Market. Increasing disposable income in developing countries has led to increase in demand for apparels, which in turn is fueling the growth of textile market. The demand for spandex fibers is expected to grow due to rapid growth of sportswear market in the recent years. This is creating enormous opportunities for the spandex fiber manufacturers and to tap these opportunities, companies are increasing their production capacities all over the globe.

Spandex Fiber Market in Asia-Pacific is expected to grow at the highest CAGR between 2015 and 2020. This is followed by North America and Europe. India is the largest-growing market in the Asia-Pacific region.