Director Hyosung Corporation India Pvt. Ltd
We anticipate the spandex market in India to grow continuously over 10 per cent in 2016
Hyosung Corporation is the largest global spandex producer with Creora brand. India is a key focus market for Hyosung, which is working with several leading Indian players in the textile field. JG Lim, director, Hyosung Corporation India, provides a glimpse into the global spandex yarn market.
What is the size of the market for spandex yarn in India?
We believe the size of the spandex yarn market in India is over 1500 metric tonne this year. The growth of Indian spandex market has been over 10 per cent between 2014 and 2015.
At what rate is the market growing year-on-year? What factors are influencing the growth?
The growth of the global spandex market between 2014 and 2015 was about six per cent. We believe the global spandex market is about 500,000 tons (which is inconsistent with the above six per cent growth rate). Hyosung is the largest producer of spandex in the world with Creora brand.
What is the market share of Creora in the spandex market of India?
Creora's market share is about 50 per cent of the market in India. We expect to increase the share as we provide superior technical support and best quality products. We anticipate the spandex market in India to grow continuously over 10 per cent in 2016 as demand is driven by increasing consumer awareness about healthy lifestyle and demand for comfort in various kinds of apparel, including denim.
Which are the major markets for Creora in Southeast Asia?
We are a leading company in Southeast Asia. In Bangladesh, almost all knitwear mills use Creora. Leading mills in Thailand, Indonesia, Sri Lanka, Vietnam and Pakistan are our major partners.
What business opportunities do you see for spandex in India and in the other geographies mentioned above?
We have seen the spandex markets grow in India and other Southeast Asian regions for more than a decade. India is an emerging market due to many reasons including the huge population. Stretch in apparel is a global growth trend and is consistent with what we are seeing in India. Our primary mission has been to support the growth of the Indian and Southeast Asia textile manufacturers through new products, exceptional service and trend presentations.
Has Creora got into the business of branding itself?
Our main focus is business to business and our intent is to support textile mills as well as retailers and brands in being successful in developing the most innovative products to meet consumer needs. We will work selectively to support brand efforts of key partners and build awareness about Creora in this process.
From which parts of India do clients of Creora hail from?
Creora is working with most leading Indian textile manufacturers engaged in production of woven, denim, knitted, narrow fabric elastic, warp knitting textiles and diapers. Vardhman, Ginza, Pratibha, Maral Overseas are some of our clients. We cater to all major corporate customers all over India.
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