Selbyville, Delaware, Feb. 10, 2020 (GLOBE NEWSWIRE) -- According to the report published by Global Market Insights, Inc., the Americas spandex market is expected to exceed $1.40 billion by 2025, registering a CAGR of 12% from 2019 to 2025. Rising demand for spandex based products due to persuading characteristics including superior elasticity, regaining to the original shape, durability, lightweight, resistance to UV light should fuel the product demand.
Automotive textiles account for a significant share in Americas spandex market due to rising government regulations promoting the provision of seat belts & airbags and booming automotive industry. The high elasticity of spandex and the ability to conform to any shape makes it ideal for automotive door panels, car seat covers, and vehicle wraps.
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Affirmative government initiatives including the “Inovar Auto Incentive Program” aiming to boost Brazil industry competitiveness by promoting automakers to produce safer, efficient and technologically advanced automobiles. Through this initiative, increased FDI inflow into the country will be witnessed which would result in increasing manufacturing facility establishment and inland automotive production. Thus, these factors should drive Americas spandex market growth.
Rising industrialization, growing personal vehicle demand and increasing research & development activities by textile manufacturers are likely to accelerate spandex market share from automotive textiles.
According to Americas spandex market trends, companies are participating in manufacturing capabilities expansion to boost productivity and contribute to market growth. For instance, in March 2010, Hyosung Corp. announced to invest USD 100 million for starting a new spandex production plant in Brazil. The plant will have annual production capacity of producing 10,000 tons of creora spandex fibers and serving the growing demand from spandex customers in Brazil and the U.S. Moreover, the companies are also working to make their supply chain as secure and sustainable as possible.
Demand for home furnishing products in Canada has strengthened demand for products including bathroom linen, bedding, carpets, curtains, cushions and fabrics. Supportive government programs including New Building Canada Plan (NBCP), Made in Canada and Affordable Housing Initiative (AHI) will support increase in residential construction activities. The Canadian government has planned to invest USD 6 billion in social infrastructure development till 2020. This initiative includes new residential construction and expenditure on renovation which will result in growing home furnishings demand. Thus, driving the Americas spandex market growth.
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Some major findings of the Americas spandex market report include:
- Changing customer proclivities towards spandex over natural rubber and latex owing to high heat resistance, stretch power, wet processing chemicals resistance and better frictional properties will support the market expansion
- Major industry players are implementing various R&D programs for superior product utilization in medical, apparel, home furnishings and automotive textiles manufacturing
- Major market participants in the market are Dupont, Hyosung, INVISTA, TK Chemical Corporation, and Taekwang Industrial Co. Ltd.
- The Market for spandex across the apparel sector accounted for the highest share and expected to grow further at the fastest rate than the medical, home furnishings and automotive textiles sectors
- The U.S. attained majority share in the Americas spandex market.
Leading market players:
Market participants are investing more on research & development to boost product innovations that provide superior elasticity, durability and strength properties. Companies are expanding their market reach by establishing multiple manufacturing units worldwide to withstand growing competition.
Leading players analyzed in the Americas spandex industry include Hyosung, INVISTA, TK Chemical Corporation, Taekwang Industrial Co. Ltd. These players are primarily involved in different strategies such as mergers & acquisitions, partnerships, collaborations, new product launches, and others to gain a strong position in the global industry.
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.