USD 761 million
Spandex Fiber Market Size, Share, Growth Analysis, By Product(Solution Dry Spinning, Solution Wet Spinning, Others), By End - Use(Apparel & Clothing, Medical & Healthcare, Others), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG15P2012 |
Region:
Global |
Published Date: March, 2024
Pages:
184
|Tables:
63
|Figures:
65
Spandex Fiber Market Insights
Global Spandex Fiber Market size was valued at USD 761 million in 2022 and is poised to grow from USD 827.21 million in 2023 to USD 1612.32 million by 2031, growing at a CAGR of 8.7% in the forecast period (2024-2031).
Spandex fibers, known for their elasticity and stretchability, are widely used in the apparel industry for manufacturing activewear, sportswear, swimwear, intimate wear, and even denim. As consumers increasingly seek comfortable and flexible clothing options, the demand for spandex fibers in these applications has been on the rise.
The global trend towards healthier lifestyles, increased participation in sports and fitness activities, and the athleisure fashion trend have contributed to a higher demand for activewear and sports clothing. These types of clothing often incorporate spandex fibers to provide the necessary stretch and flexibility, driving the demand for spandex in the market.
Technological advancements in the textile industry have led to the development of innovative spandex blends and applications. Manufacturers are continuously researching and introducing new spandex-based fabrics that offer enhanced performance characteristics such as moisture-wicking, breathability, and antibacterial properties. These advancements have expanded the potential applications of spandex in various industries, contributing to market growth.
US Spandex Fiber Market is poised to grow at a sustainable CAGR for the next forecast year.
Market Snapshot - 2024-2031
Global Market Size
Largest Segment
Solution Dry Spinning
Fastest Growth
Solution Dry Spinning
Growth Rate
8.7% CAGR
Global Spandex Fiber Market ($ Bn)
Country Share for Asia Pacific Region (%)
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Spandex Fiber Market Segmental Analysis
The global spandex fiber market is segmented on the basis of product, end -use, region. By product, the market is segmented into solution dry spinning, solution wet spinning, others. By end - use, the market is segmented into apparel & clothing, medical & healthcare, others. By region, the market is segmented into North America, Europe, Latin America, Asia- Pacific, Middle East and Africa.
Spandex Fiber Market Analysis By Product
The dominance of solution dry-spinning technology in 2019, constituting more than 94% of the global market share, is predicted to persist with remarkable growth, boasting the highest CAGR. This process owes its heightened productivity to its rapid spinning speed, a factor that far outperforms alternative methods like wet spinning and melt spinning.
Conversely, melt-spinning technology is gaining ground due to its cost advantage over wet and dry spinning. Nevertheless, its adoption is hindered by maintenance demands and the relatively short lifespan of the spinneret. Frequent cleaning of the manifold is essential, which introduces non-uniformities in the yarn, posing a significant drawback to its wider acceptance.
Spandex Fiber Market Analysis By End - Use
The realm of clothing emerged as the dominant force in the market landscape, capturing a substantial share exceeding 74% in 2019. This segment's momentum is poised to surge even further, sprinting ahead with the swiftest CAGR. This acceleration can be attributed to the escalating desire for an array of dynamic garments like activewear, sportswear, intimate wear, yoga pants, cycling shorts, jerseys, swimwear, and more. The unique property of Spandex, characterized by its exceptional stretchiness that liberates the wearer's movements from constraints, forms a pivotal driver for its heightened demand in the realm of sportswear. The added virtues of remarkable elasticity, durability, and resistance to UV light contribute to the escalating demand. Furthermore, the medical sector is poised to register substantial expansion during the projected years, primarily due to the extensive integration of Spandex in the fabrication of compression bandages, stretchable bandages, and related medical paraphernalia. Attributes like high elasticity, smoothness, and softness have endowed Spandex with a role of significance in medical product manufacturing, thereby propelling growth within this sector.
Beyond the confines of clothing and medical applications, Spandex finds a captivating role within the film industry. Its utilization in the production of motion capture suits, donned by actors against green screens, adds an intriguing dimension. This venture is expected to stoke the demand for Spandex, thus acting as a dynamic impetus that fuels the overall growth of the market.
Global Spandex Fiber Market By Product
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Spandex Fiber Market Regional Insights
In 2022, the Asia Pacific region took the lead in market dominance, commanding a substantial share of 35.9%. This was primarily attributable to the swift and expansive growth of the manufacturing industry in burgeoning economies like China, India, Indonesia, and Japan. Additionally, the influx of foreign investments into this region is foreseen to act as a catalyst for market expansion throughout the forecast period.
China, within the regional context, claimed a significant slice of the market pie due to its escalating number of manufacturing facilities. The driving forces behind this growth include rapid industrialization, cost-effective production and processing practices, and a heightened influx of foreign investments, all of which collectively contribute to bolstering market expansion in the country.
North America, on the other hand, is poised to witness an upsurge in Spandex demand due to an improved standard of living, augmented disposable incomes, and an increasing consciousness towards health and fitness. Notably, the U.S. is experiencing an amplification of production facilities, coupled with the expansion of healthcare amenities, all of which converge to foster demand across various end-use sectors and thereby propel the regional market forward.
Moreover, the burgeoning residential construction sector in both Canada and the U.S. is expected to provide an added push to market growth. This surge in construction activity is set to amplify the need for home-furnishing products like bathroom linen, curtains, cushions, and carpets, consequently driving the demand for Spandex across various applications and fostering the overall expansion of the regional market.
Global Polyolefin Catalyst Market By Geography
- Largest
- Fastest
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Spandex Fiber Market Dynamics
Spandex Fiber Market Drivers
Apparel Industry Growth
- The expanding global apparel industry, driven by changing fashion trends and increasing consumer spending on clothing, is a significant driver for spandex fiber demand. Spandex offers comfort and flexibility, aligning with the evolving preferences of consumers.
Medical and Healthcare Applications
- Spandex's properties, such as elasticity and softness, make it suitable for various medical applications, including compression bandages, surgical garments, and orthopedic products. The growing healthcare sector drives demand for spandex in these applications.
Spandex Fiber Market Restraints
Flammability and Safety Concerns
- The flammable nature of solvents used in spandex production poses safety concerns during manufacturing and post-processing. This limits the adoption of spandex in certain industries and applications.
Price Volatility of Raw Materials
- The production of spandex relies on petrochemical-derived raw materials. Price fluctuations in these materials can impact the overall cost of production, affecting the pricing and profitability of spandex products.
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Spandex Fiber Market Competitive Landscape
The spandex fiber market portrays a fragmented structure, attributed to the presence of numerous enterprises operating both on a global and regional scale. This intricate competitive milieu encompasses an evaluation of several prominent international and local entities that not only command significant market shares but also enjoy widespread recognition. Notable among these players are Zeus Biotech Limited, renowned for its innovative contributions, and Klaire Labs, a stalwart in digestive health solutions. Further amplifying the landscape's diversity is the influential presence of global giants such as Amway Corporation, known for its expansive reach and diverse product portfolio, and AbbVie Inc., a recognized leader in healthcare solutions.
Spandex Fiber Market Top Player’s Company Profiles
- Invista (United States)
- Zhejiang Huafon Spandex Co., Ltd. (China)
- Asahi Kasei Corporation (Japan)
- TK Chemical Corporation (South Korea)
- Xiamen Lilong Spandex Co., Ltd. (China)
- Yantai Tayho Advanced Materials Co., Ltd. (China)
- RadiciGroup (Italy)
Spandex Fiber Market Recent Developments
- In May 2022, Hyosung TNC's Regen (eco-friendly recycled fiber) will start being used to create eco-cooler bags.
- In February 2022, Invista Camden received an award for environmental excellence.
Spandex Fiber Key Market Trends
- Growing Demand for Athleisure and Activewear: The trend of incorporating activewear and athleisure into daily wear has significantly increased the demand for spandex fibers. These fibers provide stretch, comfort, and durability, aligning with the consumer preference for versatile and comfortable clothing.
- Sustainable and Eco-Friendly Production: There is a rising emphasis on sustainable and eco-friendly production processes in the textile industry. Manufacturers are exploring methods to incorporate recycled materials and reduce the environmental impact of spandex fiber production.
Spandex Fiber Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Product types team that Collects, Collates, Co-relates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
According to our global spandex fiber market analysis, the global spandex fiber market continues to be influenced by a dynamic interplay of trends, drivers, and challenges. The market trends underscore the increasing incorporation of activewear and athleisure in daily wear, driven by the demand for comfort and versatility. Moreover, the push towards sustainable and eco-friendly production methods reflects a growing industry commitment to reducing environmental impact. On the driver's side, the expanding apparel industry, propelled by changing fashion preferences and rising consumer spending, remains a key growth factor. The surge in active lifestyles and health-consciousness contributes to the demand for spandex in sportswear and athleisure segments. Additionally, the utilization of spandex in medical and healthcare applications and its diversification into innovative sectors like automotive and home textiles further stimulate market expansion.
| Report Metric | Details |
|---|---|
| Market size value in 2023 | USD 761 million |
| Market size value in 2031 | USD 1612.32 million |
| Growth Rate | 8.7% |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Million |
| 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 Spandex Fiber 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 Spandex Fiber 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 Spandex Fiber 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 Spandex Fiber 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 Spandex Fiber Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Spandex Fiber 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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