Huafon Chemical Co., Ltd., HYOSUNG TNC, and Asahi Kasei Corporation were Dominating the Global Spandex Market in 2021

The Global Spandex Market is expected to grow with a CAGR of 5.9% in the forecast period of 2022 to 2029. The years considered for the study are as mentioned below.

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The global spandex market is a highly consolidated market, including a specific number of key and local players. The market has witnessed increased strategic developments owing to favorable market scenarios.

The major players in the global spandex market are introducing a strong range of product portfolios. This helped companies to maximize sales with an enhanced product portfolio.

For instance,

  • In December 2021, Asahi Kasei Medical Co., Ltd. acquired Bionique Testing Laboratories LLC, a leader in mycoplasma testing services for the biotherapeutics and life-sciences industries. The acquisition expands Asahi Kasei Medical's biosafety contract testing business.

Huafon Chemical Co., Ltd. Is the dominating player, the other player include HYOSUNG TNC., Asahi Kasei Corporation, TAEKWANG INDUSTRIAL CO., LTD, Xinxiang Sunshining Ecotex Clothes Co.,Ltd, Indorama Corporation, Mitsubishi Chemical Engineering Corporation., TORAY INDUSTRIES, INC., Yantai Tayho Advanced Materials Co., Ltd, Xiamen Lilong Spandex Co., Ltd., Jiangsu Shuangliang Spandex Co., Ltd, and TK CHEMICAL CORPORATION., among others. DBMR analysts understand competitive strengths and provide competitive analysis for each competitor separately.

Spandex MarketHuafon Chemical Co., Ltd.

Huafon Chemical Co., Ltd is headquartered in Zhejiang, China; as for public ownership, it was founded in 1999. The company engages in the manufacturing of high-tech fibers and new materials. The company has several product categories: Qianxi Spandex, Differentiated Spandex, The Developing Product, and Qianxi Spandex, Differentiated Spandex, The Developing Product are focused product categories. The company has a wide global presence in Asia-Pacific. The company has subsidiaries which are Zhejiang Huafon New Materials Co., Ltd. (China), Liaoning Huafeng Chemical Co., Ltd. (China), and Huafon Chongqing Spandex Co., Ltd. (China).

  • In November 2021, Zhejiang Manufacturing Standard formulated by Huafon Chemical released Colored Spandex Filament T / ZZB 2535-2021. The standard puts forward stricter requirements for producing and inspecting colored spandex filaments from the four aspects of excellent quality and independent innovation.

This will help the company improve the industry manufacturing standard and expand the brand effect of "Made in Zhejiang," and stimulate the company's innovation driving potential, increasing the application of new technologies, new methods, and new ideas and expanding the sustainable competitive advantage.

HYOSUNG TNC

HYOSUNG TNC headquartered in Seoul, South Korea, was founded in 1957 as public ownership. The company manufactures products such as nylon, polyester yarn, textiles, dyed, and processed fabric. The company offers a wide range of product categories such as Textile and Trading, out of which Textile is a market-focused category. The company has a presence in North America, Latin America, Europe, Asia-Pacific, the Middle East, and Africa. The company has several subsidiaries, which are Hyosung TNS Inc. (South Korea), Hyosung Information System Co., Ltd. (South Korea), AEGIS HYOSUNG Co., Ltd. (South Korea), Hyosung Vietnam Co., Ltd (Vietnam), FMK Corp. (South Korea) amongst others.

  • In August 2021, Hyosung TNC signed a MOU on Gwangyang Bay Resources Circulation Project. The MOU signed companies established a circulation system that bolsters sustainable consumption and production by recycling waste resources. Hyosung TNC will produce recycled fiber Regen with the waste PET bottles.

Asahi Kasei Corporation

Asahi Kasei Corporation is headquartered in Tokyo, Japan, and was founded in 1922. The company manufactures materials consisting of fibers, chemicals, and electronics. The company has a product which is Material Sector, Health Care Sector, Home Sector, out of which Material Sector is the market-focused product. The company has a wide global presence across North America, South America, Asia-Pacific, Europe, Middle East and Africa. The company has subsidiaries which are Asahi Kasei Homes Corp.(Japan), Asahi Kasei Medical Co., Ltd.(Japan), Asahi Kasei Microdevices Corporation(Japan), Polypore International Inc. (U.S.), Asahi Kasei America, Inc.

  • In December 2021, ZOLL Medical Corporation (ZOLL), an Asahi Kasei company, acquired Itamar Medical Ltd. (Itamar Medical), an Israeli medical device manufacturer. ZOLL subsidiaries to Asahi Kasei focus on the continuity of Itamar Medical's business while using ZOLL's global infrastructure and strong brand to accelerate and expand growth opportunities.