Hyosung T&C’s spandex plant in Turkey (Hyosung T&C)
Hyosung T&C said Monday it planned to invest 60 billion won ($52.9 million) in the Cerkezkoy area near Istanbul, Turkey to more than double the size of its spandex production plant with an annual capacity of 15,000 metric tons by July next year.
The fiber production unit of Hyosung Group said the spandex plant production capacity in Turkey would be about 40,000 tons when the expansion is completed.
The firm’s decision came from Hyosung Chairman Cho Hyun-joon’s judgment that a preemptive investment in spandex was necessary, as the global apparel market has recently shown a full-fledged recovery, especially in the European market, according to Hyosung.
Hyosung T&C has been increasing its market presence in Europe through two additional expansions after establishing a production base in Turkey in 2008.
The firm expects that this expansion will be able to meet the recovering global fiber demand of 750 trillion won.
According to US-based research firm Business Wire, global demand for spandex is growing at 6 to 7 percent per year. The growth rate of spandex is more than double that of general apparel fibers, which grow 2 to 3 percent annually.
The demand for spandex in the global apparel market grows as consumers -- who spend more time at home, such as working from home -- seek more homeware and athleisure in the wake of the pandemic, the company said. By Shin Ji-hye