USD 0.99 billion
Americas Spandex Market Size, Share, Growth Analysis, By Application(Apparel, Sportswear, Gloves, Swimwear), By Region - Industry Forecast 2024-2031
Report ID:
SQMIC25M2058 |
Region:
Country |
Published Date: April, 2024
Pages:
223
|Tables:
44
|Figures:
74
Americas Spandex Market Insights
America Spandex Market size was valued at USD 0.99 billion in 2022 and is poised to grow from USD 1.11 billion in 2023 to USD 2.75 billion by 2031, growing at a CAGR of 12% in the forecast period (2024-2031).
The spandex industry in the Americas has seen notable growth patterns in recent years, driven by a number of important causes. As consumers place a higher value on comfort and adaptability in their wardrobe selections, there is an important contributing role in the rising demand for fitness and athleisure clothes. Spandex, which is renowned for its outstanding flexibility and toughness, is now a necessary ingredient in the creation of sportswear, yoga pants, and other athletic apparel. Further fueling the demand for garments with spandex is the rise in gym memberships and outdoor activities brought on by the public's increased interest in health and fitness. As individuals spend more time working from home due to the COVID-19 epidemic, the adoption of loose-fitting apparel has also accelerated. This has helped the spandex industry expand.
The spandex market in America does, however, encounter certain difficulties. The fluctuation of raw material costs is one of the main difficulties. Since petrochemicals are the source of spandex, changes in the price of oil may have an influence on the cost of manufacturing and consequently affect the price of spandex goods. The textile sector is also beginning to place more and more emphasis on sustainability and environmental issues. Manufacturers must invest in sustainable procedures and materials as customers want more environmentally friendly products. In addition, there is increasing rivalry for market share among the competitors in the spandex industry. Companies must differentiate their goods via innovation and differentiation while keeping cost competitiveness in order to prosper. Overall, the spandex market in the Americas offers substantial development potential, but players must overcome these obstacles to succeed in the fast-moving sector.
Market Snapshot - 2024-2031
Global Market Size
Largest Segment
Apparel
Fastest Growth
Sportswear
Growth Rate
12% CAGR
Americas Spandex Market ($ Bn)
Market Share For America Pacific Region (%)
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Americas Spandex Market Segmental Analysis
The Americas spandex market is segmented on the basis of application, region. By application, the market is segmented into apparel, sportswear, gloves, swimwear, activewear, medical, diapers, surgical hoses & compressional stockings, bandages, home furnishings, automotive textiles. By region, the market is segmented into North America
Analysis By Application
Application-based segmentation of the spandex market in the Americas suggests that the "Apparel" category has established its dominance. This dominance is partly because of spandex's adaptable use in a variety of garment styles, which provides a crucial balance of elasticity and comfort and has made it a necessary component in daily clothes. Spandex has been incorporated into a broad range of clothing, including intimate apparel, formal clothing, and casual clothing. Its importance in the fashion sector is shown by the enduring and strong demand for apparel infused with spandex, which satisfies consumer need for attire that flawlessly blends fashion and comfort.
The "Sportswear" division of the American spandex market is also the one that is expanding the quickest. This quick growth can be due to the rising interest in fitness and sports, which is supported by the pervasive athleisure trend. Sportswear that combines performance and comfort is in more demand as active lifestyles become more common. Spandex is the material of choice for sportswear makers since it is essential in fulfilling these requirements because of its outstanding stretchability and toughness. The "Sportswear" section has grown significantly as customers look for clothing that offers flexibility and improved performance, highlighting the market's tremendous potential and development in the Americas.
Americas Spandex Market By Application
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Americas Spandex Market Regional Insights
The Americas spandex market was dominated by North America, in particular the United States. The region's prominence was largely owing to its well-established fashion sector and the extensive usage of spandex in many sorts of garments. Clothing with spandex in it, from casual clothing to athletics, was particularly popular in the United States. The increased demand for spandex in North America was also fueled by the presence of top fashion labels and a focus on fitness and active lives.
The spandex market was expanding significantly in Latin America, which included nations like Brazil and Mexico. A number of reasons, such as a soaring population, rising disposable incomes, and an expanding middle-class customer base, contributed to the area's fast rise. The demand for clothes infused with spandex, particularly in athletic and casual wear, was rising as more customers in Latin America had the money to spend on cozy and fashionable clothing. Consumption of spandex was also boosted by the developing textile and clothing manufacturing industries in nations like Brazil. One of the fastest-growing markets for spandex in the Americas, the area was becoming a more significant participant in the global textile and clothing sector.
Americas Spandex Market Geography
- Largest
- Fastest
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Americas Spandex Market Dynamics
Drivers
Population Growth and Urbanization
- In the Americas, as urban customers look for fashionable and comfortable clothing alternatives, rising populations and urbanization have increased consumption of clothes, especially garments filled with spandex.
Medical and Healthcare Applications
- Due to its capacity to offer support and compression, spandex has become increasingly used in medical applications such as compression stockings, bandages, and surgical hoses.
Increasing Interest in Athletic Clothing and Styles
- The demand for athletic and athleisure clothes has increased as a result of the rising importance placed on health and fitness as well as the trend toward comfortable, adaptable clothing. Due to its comfort and elasticity, spandex is essential in these markets.
Restraints
Intense Competition
- The spandex industry in the Americas is cutthroat, with several companies contending for market share. Pricing pressures and the need for ongoing innovation can result from fierce competition.
Environment-Related Issues
- The procedures used in the production of textiles are being examined more closely as a result of growing environmental and sustainability consciousness. Companies may feel pressure to use more environmentally friendly techniques and materials since the manufacture of spandex may be resource-intensive.
Variable Raw Material Costs
- Petrochemicals are used in the manufacture of spandex, rendering it susceptible to changes in oil prices. Production expenses and product pricing may be impacted by this fluctuation.
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Americas Spandex Market Competitive Landscape
There is fierce competition among the major competitors in the spandex business in the Americas. By utilizing their wide product portfolios and global reach, top firms like Invista, Hyosung Corporation, and RadiciGroup have solidified a presence in the area. To preserve their market dominance, these industrial giants frequently engage in strategic alliances, acquisitions, and investments in R&D.
Regional competitors have also advanced significantly in the sector. They concentrate on providing customized spandex solutions and catering to narrow market groups, carving out a competitive niche within the larger market. Additionally, to address the rising need for eco-friendly alternatives to spandex, small and medium-sized businesses are making their mark by placing an emphasis on innovation and sustainability.
The competitive environment is changing, placing more value on sustainability and eco-aware behavior. To satisfy customer demand for greener choices, businesses are using environmentally friendly production techniques and materials. Competition is anticipated to spur innovation, product diversity, and sustainability measures across the sector as the spandex market in the Americas expands further.
Top Player’s Company Profiles
- Invista (Wichita, Kansas, USA)
- Hyosung Corporation (Seoul, South Korea)
- RadiciGroup (Bergamo, Italy)
- Asahi Kasei Corporation (Tokyo, Japan)
- Zhejiang Huafon Spandex Co., Ltd. (Zhejiang, China)
- Highsun Synthetic Fiber Technologies Co., Ltd. (Shanghai, China)
- Toray Industries, Inc. (Tokyo, Japan)
- Teijin Limited (Tokyo, Japan)
- TK Chemical Corporation (Seoul, South Korea)
- Far Eastern New Century Corporation (Taipei, Taiwan)
- Xiamen Lilong Spandex Co., Ltd. (Xiamen, China)
- Asahi Spandex Co., Ltd. (Osaka, Japan)
- TKA Textile Co., Ltd. (Seoul, South Korea)
- Xinxiang Bailu Chemical Fiber Co., Ltd. (Henan, China)
- Zhejiang Huafei Machinery Co., Ltd. (Zhejiang, China)
- SRO Group (Stiren Runol) Ltd. (Tel Aviv, Israel)
- Yantai Tayho Advanced Materials Co., Ltd. (Yantai, China)
- Taekwang Industrial Co., Ltd. (Seoul, South Korea)
- Tongkun Group Co., Ltd. (Zhejiang, China)
- Shandong Ruyi Technology Group Co., Ltd. (Shandong, China)
Recent Developments
- In March 2023, Invista, a global manufacturer of artificial fibers, announced that it's miles making an investment USD a hundred million to amplify its spandex production capacity in the Americas. The growth is expected to be completed in 2025 and could create 100 new jobs.
- In February 2023, Hyosung Corporation, a South Korean fabric business enterprise, announced that it is commencing a new spandex manufacturing facility in Mexico. The facility is expected to start production in 2024 and will have a ability of 10,000 lots in line with 12 months.
- In January 2023, The United States International Trade Commission (ITC) ruled in desire of Invista in a alternate dispute with China over spandex. The ITC discovered that China turned into dumping spandex within the US market and imposed anti-dumping responsibilities on Chinese spandex imports.
Americas Spandex Key Market Trends
- E-commerce Growth: The reputation of e-commerce has multiplied the provision of garments with a spandex combination, giving clients entry to a massive choice on-line. As more human beings purchase garb online, this practice has multiplied, especially after the COVID-19 epidemic.
- Textile era innovation: New fabric and mixes using spandex are being advanced as a result of ongoing studies and improvement in textile technology for increased consolation and performance.
- Emphasis on Health and Wellness: The call for sportswear, athleisure, and medicinal uses of spandex is still driven by means of the focal point on fitness and wellness, opening up prospects for marketplace enlargement.
Americas Spandex Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Product types team that Collects, Collates, Correlates, and Analyzes the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
According to our America spandex market analysis, the spandex industry in the Americas offers a dynamic environment that is marked by both possibilities and difficulties. The dominance of spandex in the garment market, driven by consumer desire for comfort and flexibility, emphasizes the material's importance in casual clothing. A movement in consumer behavior towards active lives can be seen in the sportswear segment's explosive rise, which is driven by athleisure preferences and fitness trends. The market is not without its challenges, though, such as the fluctuating cost of raw materials, the need for sustainable operations due to environmental concerns, and the fierce competition amongst firms for market dominance.
| Report Metric | Details |
|---|---|
| Market size value in 2022 | USD 0.99 billion |
| Market size value in 2031 | USD 2.75 billion |
| Growth Rate | 12% |
| Base year | 2023 |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
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| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Americas Spandex Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Americas Spandex Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Americas Spandex Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Americas Spandex Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Americas Spandex Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Americas Spandex Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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