26 September 2022
Douglas Insights has analysed various market research reports from relevant authorities, such as industry experts, market researchers, and other professionals, to forecast the spandex market. Its comparison engine has yielded exceptional results in compiling key details from relevant research materials, providing insights on current and emerging market trends, growth drivers, and restraints, which have helped paint a clear picture of the global spandex industry.
The sales analysis of the global spandex market has revealed that there has been a noticeable rise in spandex sales across various industries, such as healthcare and clothing, which is due to an increase in demand for consumer preference, which is a growth driver. More people from across the world are buying spandex clothes, impacting the global market and dramatically increasing sales. The healthcare industry has many uses for spandex, including compression stockings, diapers, and more, further propelling the growth landscape and providing opportunities for key players to capitalise on new market trends. The global pandemic played a large part in slowing down spandex production, leading to a temporary decline in market activities and causing stagnated revenue generation. However, things have picked up in 2022, and production and supply will quickly return to baseline, leading to a significant change that will take the market towards a growth trajectory.
Manufacturers are facing a rising demand for various spandex-based products, such as diapers, sportswear, and casualwear, which is pushing them to expand the market into a new direction of innovative clothing options for the general public. The incorporation of spandex in denim fabrics has become a significant trend in many countries around the world, resulting in a comfier clothing experience. However, there are some limitations faced by the industry, which have to do with the difficulty of procuring the raw materials needed for spandex production. Since the materials are petroleum-based, their prices vary greatly due to global circumstances, adversely impacting many manufacturers and suppliers and preventing the market from flourishing.
East Asia is the best region for the spandex market to expand since China is making moves to ensure their customer demand gets fulfilled, allowing spandex manufacturers and suppliers to invest in a lucrative business opportunity, directly affecting the global spandex market. Looking at the recent trends, market activities between 2016 and 2020 only yielded a CAGR of 2.3%, which is likely to hit double digits in the near future. Until recently, the spandex market was mainly captured by Europe and North America, but East Asia has become the leading market contributor due to China's recent intervention. Two reasons the global spandex market has expanded in recent years are higher incomes per household and lifestyle changes, resulting in steady and significant market growth.
The CAGR is 8.26% for 2021-2031, which may yet rise due to developing countries appreciating the benefits and appeal of spandex materials, contributing to a rise in overall demand. Since people are becoming increasingly health-conscious, they are investing in spandex-based sports clothing, which offers comfort and quality, especially for physically demanding activities like cycling, yoga, and swimming. This means the textile industry is also playing its part in affecting the market growth. Additionally, the healthcare industry continues to place more orders for compression bandages, stretchable bandages, and other medical materials, driving growth in the medical segment. The industrial industry is also beginning to increase its utilisation of spandex due to its lack of water absorption. Finally, COVID-19 played a significant role in increasing global demand, with far-reaching effects yet to be discovered.
The overall global insurance industry is expected to have a CAGR of 3.5% until 2030.
Technology has also ensured that the global smartwatch market remains competitive, with the neck-to-neck competition due to several entries and increased R&D projects. Even amidst this, few businesses remain industry pioneers due to their significant market shares. Below we offer six of the most prominent smartwatch manufacturers worldwide.
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