The Americas spandex market expansion is majorly driven by the growing applications of the product in the apparel & textile and medical sectors. In medical sector the product is utilized in the manufacture of compression stockings and surgical hoses.
Spandex, also called Lycra or elastane is a synthetic fiber that is known for its exceptional elasticity. The product also possesses properties like lightweight, durability, regaining to original shape, fast-drying, resistance to UV light, and others. Owing to such outstanding characteristics, its rising demand in automotive textiles, sportswear, home furnishing, and others is creating lucrative growth opportunities for the industry.
The Americas spandex market size is estimated to surpass US$1.40 billion by 2025. Given below are some key factors augmenting demand for the product.
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Demand in automotive textiles production
Automotive textiles share in the America spandex industry is expected to rise significantly in the coming years. Stringent government regulations for the utilization of seat belts and airbags in motor vehicles are encouraging high adoption of the product in automotive textiles. The product’s exceptional flexibility and its ability to return to the original shape make it a highly preferred material used in automotive car seat covers, door panels, and vehicle wraps.
Growing manufacturing of motor vehicles is expected to augment spandex material demand from the automotive industry. As per the European Automobile Manufacturers Associations estimations, about 92.8 million motor vehicles were produced globally in 2019.
High suitability in home furnishing products
High adoption of home furnishing products among consumers in Canada has generated significant spandex fabric demand for its applications in fabrics, cushions, curtains, carpets, bedding, and bathroom linen. The presence of various government initiatives such as Affordable Housing Initiative (AHI), Made in China, and New Building Canada Plan (NBCP) is supporting residential construction activities.
In social infrastructure development, the government of Canada had invested US$6 billion in 2020. This investment was planned to encourage new residential construction and renovation of buildings which is likely to increase demand for home furnishing.
Flourishing automotive sector in Brazil
Increasing government efforts in Brazil to uplift the regional automotive industry is anticipated to boost spandex market growth. Initiatives like “Inovr-Auto Incentive Program” which is introduced to encourage automakers to make efficient, safer, and technologically advanced motor vehicles are influencing product adoption in the manufacture of automobiles. Such initiatives are expected to uplift FDI inflow and upgrade automotive manufacturing facilities in the country.
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Robust demand for spandex in the U.S
Companies across the globe are extensively investing to scale manufacturing capabilities of spandex. For example, Hyosung Corp. in March 2010, announced to expend nearly US$100 million for introducing a new spandex production plant in Brazil. With an annual production capacity of 10,000 tons of spandex fibers, the plant is capable to cater to the rising demand for spandex in Brazil and the U.S. Along with this, the companies are also emphasizing on augmenting the efficiency and sustainability of their supply chain.
Prominent companies in the Americas spandex industry are TK Chemical Corporation, INVISTA, Taekwang Industrial Co. Ltd., and Hyosung. These companies are emphasizing on strategies including mergers, partnerships, acquisitions, collaborations, and new product development. Also, the firms are investing in R&D to enhance product capabilities in terms of durability, elasticity, and strength. Companies are also expanding on establishing multiple manufacturing facilities across the globe to take advantage of the growing competition.
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