USD 6.12 Billion
Spandex Market Size, Share, Growth Analysis, By Application(Clothing, Medical, and others), By Technology(Solution dry-spinning, wet-spinning, and other technologies), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG25M2043 |
Region:
Global |
Published Date: February, 2024
Pages:
157
|Tables:
63
|Figures:
75
Spandex Market Insights
Spandex Market size was valued at USD 6.12 Billion in 2021 and is poised to grow from USD 6.71 Billion in 2022 to USD 13.87 Billion by 2030, at a CAGR of 9.51% during the forecast period (2023-2030).
The global spandex market has experienced significant growth in recent years and is expected to continue expanding in the coming years. Spandex, also known as elastane, is a synthetic fibre renowned for its exceptional elasticity, stretchability, and durability. It finds widespread applications in various industries, including textiles, sportswear, swimwear, undergarments, and medical garments. One of the key drivers fueling the growth of the global spandex market is the increasing demand for comfortable and stretchable fabrics. Spandex offers superior elasticity and recovery properties, providing a snug and flexible fit in clothing. With the rising popularity of athleisure and activewear trends, the demand for stretchable fabrics has surged, driving the adoption of spandex in sportswear and casual clothing.
Additionally, the growing awareness of health and fitness, coupled with changing lifestyles and increased participation in sports and recreational activities, has spurred the demand for performance-driven apparel. Spandex offers moisture-wicking properties, breathability, and enhanced comfort, making it a preferred choice for performance-oriented garments. Moreover, the rising disposable incomes and improving standards of living in emerging economies have resulted in increased consumer spending on clothing and fashion. The fashion industry's continuous evolution and the demand for stylish and well-fitting clothing have further propelled the growth of the spandex market. However, the global spandex market also faces several challenges. One of the primary challenges is the volatility of raw material prices. The main raw material for spandex production is polyurethane, and fluctuations in the price of polyurethane can impact the overall manufacturing costs of spandex fibres. Fluctuating raw material prices can pose challenges for manufacturers in terms of cost management and profitability. Another challenge is the environmental impact associated with spandex production and disposal. Spandex is a synthetic fibre derived from petrochemicals, and its production involves energy-intensive processes. Additionally, the disposal of spandex products can contribute to waste and environmental pollution. Increasing environmental concerns and regulations related to sustainability and circular economy practices pose challenges for the spandex industry to adopt more eco-friendly manufacturing processes and promote recycling initiatives.
US Spandex Market is poised to grow at a sustainable CAGR for the next forecast year.
Market Snapshot - 2024-2031
Global Market Size
Largest Segment
Clothing
Fastest Growth
Clothing
Growth Rate
9.51% CAGR
Global Spandex Market ($ Bn)
Country Share for Asia-pacific Region (%)
To get more reports on the above market click here to Buy The Report
Spandex Market Segmental Analysis
The global spandex market is segmented on the basis of application, technology, and region. By application, the market is segmented into clothing, medical, and other sectors. By technology, the market is segmented into solution dry-spinning, wet-spinning, and other technologies. By region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
Analysis By Application
The global spandex market can be segmented by application into clothing, medical, and other sectors. Each segment represents distinct areas where spandex finds diverse applications. The dominant segment in the global spandex market is clothing. Spandex has become an integral component in the apparel industry, offering stretchability, flexibility, and comfort. It is widely used in the production of sportswear, activewear, intimate apparel, swimwear, and leggings. The clothing segment benefits from the increasing consumer demand for comfortable and form-fitting garments, particularly in the athleisure and fitness sectors. The dominant position of the clothing segment can be attributed to the widespread adoption of spandex in various clothing categories and the continuous innovation in textile technologies to enhance fabric performance.
The fastest-growing segment in the global spandex market is the medical sector. Spandex has found increasing applications in the medical field, primarily in compression garments and medical braces. Compression garments made with spandex provide support, promote blood circulation, and aid in the treatment of various medical conditions such as venous disorders, lymphedema, and sports injuries. The medical sector's growth is driven by factors such as an aging population, increasing awareness of health and wellness, and advancements in medical textiles. The use of spandex in medical applications is expected to witness significant growth as the demand for therapeutic and supportive garments continues to rise.
Analysis By Technology
The global spandex market can be analysed by technology, with key categories including solution dry-spinning, wet-spinning, and other technologies. Each technology represents different manufacturing processes and characteristics in the production of spandex fibres. The dominant segment in the global spandex market is solution dry-spinning. This technology involves dissolving spandex raw materials, typically polyurethane, in a solvent to create a solution. The solution is then forced through spinnerets to form continuous filaments, which are solidified and collected. Solution dry-spinning is widely used in the production of spandex fibres due to its efficiency, versatility, and ability to produce high-quality fibres with consistent properties. The dominance of the solution dry-spinning segment can be attributed to its well-established manufacturing processes and its suitability for large-scale production.
The fastest-growing segment in the global spandex market is wet-spinning. Wet-spinning is a technology where spandex raw materials are dissolved in a coagulating bath, which triggers the formation of fibres. The wet-spun fibres are then washed, dried, and wound onto spools. Wet-spinning offers advantages such as greater control over fibre properties and the ability to produce fibres with different cross-sectional shapes. This technology is gaining popularity due to its potential for producing specialised spandex fibres with unique characteristics and enhanced performance. The growth of the wet-spinning segment is driven by the demand for customised spandex fibres and the exploration of new applications in various industries.
Global Spandex Market By Application
To get detailed analysis on other segments, Request For Free Sample Report
Spandex Market Regional Insights
Asia Pacific stands as the dominant region in the global spandex market. This can be attributed to the presence of major textile manufacturing hubs in countries like China, South Korea, and India. The region's well-established textile industry, abundant labour resources, and favourable production costs contribute to its dominance. Additionally, the growing population, rising disposable incomes, and changing fashion trends in Asia Pacific have resulted in increased demand for spandex-based clothing and textiles.
The fastest-growing region in the global spandex market is Latin America. The region has experienced significant growth in recent years due to factors such as rising consumer awareness, increasing urbanisation, and a growing middle class with higher purchasing power. The demand for spandex fibers in Latin America is driven by the growing apparel and textile industries, as well as the popularity of athleisure and sportswear trends. Moreover, government initiatives promoting the textile and clothing sectors, along with investments in infrastructure development, have further fueled the growth of the spandex market in the region.
Global Spandex Market By Region
- Largest
- Fastest
To know more about the market opportunities by region and country, click here to
Buy The Complete Report
Spandex Market Dynamics
Drivers
Rise in Fitness and Active Lifestyle Trends
- The growing awareness of health and wellness, coupled with the rise in fitness and active lifestyle trends, has led to an increased demand for performance-oriented clothing. Spandex is a preferred choice in sportswear and activewear due to its stretchability, moisture-wicking properties, and enhanced comfort.
Technological Advancements
- Continuous technological advancements in the production of spandex have led to improved fiber properties, such as increased durability, recovery, and color fastness. These advancements have expanded the applications of spandex in various industries, driving market growth.
Restraints
Environmental Concerns
- Spandex production involves the use of petrochemical-based raw materials and energy-intensive processes. The industry faces challenges related to its environmental impact, including energy consumption, carbon emissions, and waste generation. Increasing environmental regulations and consumer preferences for sustainable alternatives pose restraints to the growth of the spandex market.
Competition from Substitute Materials
- Spandex faces competition from alternative materials such as natural rubber, synthetic rubber, and other stretch fabrics. These materials offer different properties and cost advantages, presenting challenges to the growth of the spandex market.
Request Free Customization of this report to help us to meet your business objectives.
Spandex Market Competitive Landscape
In the global spandex market, companies strive to differentiate themselves by offering a diverse range of spandex fibers with varying properties and applications. They focus on research and development activities to improve the performance of their products and meet the evolving demands of customers. Manufacturers also invest in advanced manufacturing technologies and processes to enhance productivity and efficiency in spandex production. Partnerships, collaborations, and strategic alliances are common in the spandex market, allowing companies to leverage each other's expertise and resources. These collaborations often involve textile manufacturers, fashion brands, and retailers to develop innovative products and cater to specific market needs. Moreover, sustainability has emerged as a key focus in the spandex industry, with companies emphasising eco-friendly production processes, recycling initiatives, and the use of recycled materials.
Manufacturers that prioritise sustainability and environmental responsibility gain a competitive advantage, meeting the growing demand for sustainable textiles and addressing regulatory requirements. The global spandex market is also witnessing mergers and acquisitions as companies seek to expand their product portfolios, geographic presence, and customer base. These strategic moves enable companies to consolidate their market position, access new markets, and enhance their competitive edge.
Top Player’s Company Profile
- Hyosung Corporation - South Korea
- Invista - US
- Asahi Kasei Corporation - Japan
- RadiciGroup - Italy
- Far Eastern New Century Corporation - Taiwan
- Toyobo Co., Ltd. - Japan
- Zhejiang Huafon Spandex Co., Ltd. - China
- Toray Industries, Inc. - Japan
- DuPont de Nemours, Inc. - US
- Yantai Tayho Advanced Materials Co., Ltd. - China
- Xiamen Lilong Spandex Co., Ltd. - China
- TK Chemical Corp. - South Korea
- Yantai Spandex Co., Ltd. - China
- Huafon Group - China
- Deyongjia Textile Co., Ltd. - China
- Taekwang Industrial Co., Ltd. - South Korea
- Solvay S.A. - Belgium
- TAYHO Advanced Material Corporation - Taiwan
- Nantong Huafulong Chemical Co., Ltd. - China
- Huvis Corporation - South Korea
Recent Developments
- In November 2021, Huafon Chemical Co., Ltd. introduced and successfully implemented a new product known as Zhejiang Manufacturing Standard: Colored Spandex Filament T / ZZB 2535-2021.
Spandex Key Market Trends
- Growing Demand for Medical and Healthcare Applications: Spandex fibers are finding increased applications in the medical and healthcare sectors. The use of spandex in compression garments, orthopaedic braces, and medical textiles has grown due to the demand for therapeutic and supportive solutions. The expanding aging population and the rising prevalence of chronic diseases have further fueled the demand for spandex in the medical field.
- Focus on Product Innovation and New Applications: Market players are focusing on continuous product innovation and the development of new applications for spandex. This includes exploring niche markets, such as automotive textiles, industrial applications, and smart textiles. The integration of spandex fibers with advanced technologies, such as sensing capabilities and shape memory properties, is opening up new possibilities and driving market growth.
Spandex Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
According to our global spandex market analysis, Asia Pacific stands as the dominant region in the global spandex market and The fastest-growing region in the global spandex market is Latin America. The global spandex market has experienced steady growth and is expected to continue expanding in the coming years. The market is driven by various factors, including the rising demand for comfortable and stretchable fabrics, the growth of the apparel industry, and the increasing popularity of athleisure and activewear trends. Technological advancements in spandex manufacturing have led to improved fiber properties and performance, enabling manufacturers to offer higher-quality and customised spandex solutions. Sustainability has emerged as a key focus, with manufacturers emphasising eco-friendly practices and the use of recycled materials. The market is also witnessing growth in medical and healthcare applications, as well as the exploration of new niche markets and smart textile integration. Geographic expansion in emerging markets presents significant growth opportunities for market players. However, challenges such as volatile raw material prices and environmental concerns need to be addressed by manufacturers. Overall, the global spandex market is poised for further growth, driven by evolving consumer preferences, technological advancements, and sustainability initiatives.
| Report Metric | Details |
|---|---|
| Market size value in 2023 | USD 6.12 Billion |
| Market size value in 2031 | USD 13.87 Billion |
| Growth Rate | 9.51% |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| 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:-
|
To get a free trial access to our platform which is a one stop solution for all your data requirements for quicker decision making. This platform allows you to compare markets, competitors who are prominent in the market, and mega trends that are influencing the dynamics in the market. Also, get access to detailed SkyQuest exclusive matrix.
Buy The Complete Report to read the analyzed strategies adopted by the top vendors either to retain or gain market share
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 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 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 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 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 Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the 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.
USA (+1) 351-333-4748
