Home > Reports > Spandex Market Growth, Latest Trend Analysis and Forecast 2030

Spandex Market

Spandex Market: Information by Application (Clothing, Medical), Technology (Solution Dry-spinning, Wet-spinning), and Region- Forecast till 2030

Published On : 17 Oct, 2022
Updated On : 18 Oct, 2022
Table of Content Download Sample

Market Snapshot

Base Year:
2021
Study Period:
2020-2030
CAGR:
2.25 %
Fastest Growing Market:
North America
Largest Market:
Asia-Pacific

The global spandex market size was valued at USD 7.74 billion in 2021, and is projected to reach USD 9.46 billion by 2030, registering a CAGR of 2.25% from 2022 to 2030. Spandex fibre is a synthetic fibre derived from a polyurethane chain, often known as lycra or elastane. This fibre is renowned for its remarkable elasticity and is more resilient than rubber. It is lightweight, can be coloured, and possesses exceptional abrasion resistance. Unlike other elastic materials, spandex fibre material does not fray when fitted. It offers various applications in the textile industry, including swimming attire, cycling apparel, and casual clothing. Additionally, it is utilised as a raw material in producing healthcare-related products, such as surgical gloves and diapers. The worldwide spandex fibre market is growing significantly due to population growth and a shift in fashion preferences. Changes in the textile industry's market dynamics of spandex fibres are also a factor in the development of bio-based raw material products.

Due to its comprehensive range of qualities, including elasticity, durability, and resistance to ultraviolet light, spandex fibre is gaining popularity in various industries, including the textile and automotive sectors. Spandex fibre is commonly used in the textile industry to produce flexible garments. In addition, an increase in demand for bandages, medical housing, and diapers from the healthcare sector will drive the expansion of the spandex fibre market share over the projection period. Increased awareness among individuals regarding personal healthcare and an increase in the income of middle-class persons in emerging nations has led to a change in living standards, thereby driving the expansion of the spandex fibre market throughout the forecast period. Due to global crude oil price changes, fluctuating prices of spandex fibre, the availability of replacements, and stringent government regulations hinder the expansion of the market. During the forecast period, a rise in R&D spending on spandex fibre will likely create attractive potential possibilities for the market.

Get more information on this report Download Sample Report

Market Dynamics

Global Spandex Market Drivers

Increasing disposable income associated with a rapidly developing population

The demand for sports and activewear is anticipated to increase due to a rapidly growing population and increased disposable incomes, consequently boosting market expansion. Growing awareness about maintaining a healthy lifestyle is projected to increase sports participation, raising the need for comfortable apparel, such as cycling pants. Increasing demand for apparel, such as undergarments, sportswear, and activewear, is predicted to propel the market's expansion due to rising disposable income levels and the growing popularity of various sports and leisure activities. The spandex fibre offers superior strength, weight, and versatility compared to other fibres, increasing its demand in the apparel and medical industries. In addition to possessing high elasticity and stretchability, it is frequently combined with cotton, wool, and other materials.

The rapid evolution of sports and athletic apparel

The rapid growth of sports and sportswear is a significant factor driving the global spandex market. It is anticipated that a rapidly expanding population coupled with increased consumer discretionary income will stimulate the demand for sports and sports gear, fostering the expansion of the Spandex Market. The acceptance of spandex-based stretch garments, particularly in the fashion industry, is a significant factor propelling the expansion of the global Spandex market. You must be aware that Spandex is commonly used for material assembly applications, such as tights, gloves, cycling pullovers, and swimwear. The increasing health consciousness of consumers is also a crucial factor in the growing demand for athletic apparel. The Spandex Market Value is anticipated to increase because of Spandex's driving forces.

Global Spandex Market Restraints

Common characteristics of these substances

There are a few limits in the Spandex Market, such as the predominant features of these materials, which have brought about the high market cost and tight government rules to check carbon impacts on the climate. The complex manufacturing process and superior properties of these materials have resulted in the high market price of these materials when compared to organic fabrics such as wool and cotton as well as nylon and polyester. This is because the manufacturing process for these materials is labour-intensive. Because of this, there is a possibility that the demand will decrease, which will slow the expansion of the market during the next few years.

Key Market Opportunities

Eco-accommodating and bio-based Spandex

It is anticipated that Spandex, which is friendly to the environment and made from bio-based materials, will open up new creative and production avenues, thereby hastening the expansion of the spandex market. Similarly, growing interest from the medical services sector, such as using Spandex in diapers, pressure stockings, and careful hoses, will allow for further liberties. The innovative work being done to develop other properties of Spandex like flexibility and the speculations to foster products made from sustainable sources each offer different degrees of freedom. In this way, there are a significant number of possibilities for the expansion of the spandex market.

Segmentation Analysis

In 2021, the clothes segment held the highest market share, with more than 76 %. Due to the growing demand for active wear, sportswear, intimate wear, yoga pants, cycling shorts, jerseys, swimsuits, etc. is anticipated to grow at the quickest CAGR between 2022 and 2030. Spandex's exceptional stretchability allows the wearer to move freely, increasing the athletic apparel demand. In addition, superior flexibility, durability, and UV light resistance are anticipated to increase demand. Due to the substantial use of Spandex in the production of compress bandages, stretchable bandages, etc., it is anticipated that the medical application segment will have significant expansion in the coming years. Product characteristics, including as high elasticity, smoothness, and softness, drive its application in the production of medical products, consequently contributing to segment expansion. In the film industry, Spandex is used to create motion capture outfits that performers wear in front of green screens. This is anticipated to fuel product demand, consequently driving market expansion.

The solution dry-spinning technique held more than 94 % of the global market share in 2021 and is anticipated to grow at the highest CAGR between 2022 and 2030. Compared to other techniques, such as wet spinning and melt spinning, the high spinning speed of solution dry-spinning significantly increases the product's productivity. The solvent utilized in solution dry-spinning is combustible. Hence post-spinning processes are undertaken to remove all solvent. This is expected to restrict the process's adoption across multiple applications. However, it is anticipated that the process's simplicity and adaptability will facilitate its deployment. The melt-spinning technique is gaining popularity because its manufacturing costs are lower than those of the wet and dry spinning processes. Due to the short spinneret lifespan, melt-spinning technology requires periodic maintenance and replacements. In addition, it necessitates regular cleanings of the manifold and results in yarn that is not uniform. These disadvantages will likely limit its adoption.

Regional Analysis

Because of the substantial expansion of the manufacturing industry in developing economies such as China, India, Indonesia, and Japan, the Asia Pacific region accounted for the highest market share in 2021, reaching 37 %. This was the highest market share of any region. For the time covered by this prediction, an increase in the amount of money invested from outside the region is also expected to promote market expansion. As a result of the growing number of industrial facilities in the country, China captured a significant portion of the market share in the surrounding area. In addition to rising foreign investments, rapid industrialization, competitive production and processing prices, and lower overall costs contribute to the country's expanding market.

Spandex Market Regional Analysis

Regional Growth Insights Request Sample Pages

The demand for Spandex will probably increase in North America due to an improved standard of living and rising disposable income levels. In addition, increased awareness of the importance of maintaining a healthy lifestyle, an increase in the number of production facilities in the United States, as well as an increase in the number of healthcare facilities are likely to increase the product demand in several end-use sectors, thereby driving the regional market. In addition, the fast-growing residential construction sector in Canada and the United States will drive up demand for home-furnishing products such as bathroom linen, curtains, cushions, and carpets. This demand will be driven by the fact that more people are moving into their homes. Because of this, it is anticipated that the demand for Spandex in various applications will increase, ultimately leading to the expansion of the regional market.

Competitive Landscape

  • Hyosung Corporation
  • Invista
  • Asahi Kasei Corporation
  • Toray Industries Inc.
  • Indorama Industries Ltd.
  • TK Chemical Corporation
  • Zhejiang Huafon Spandex Co. Ltd.
  • Xiamen Lilong Spandex Co.Ltd.
  • Yantai Spandex Co. Ltd.
  • Taekwang Industrial Co. Ltd.
  • Xinxiang Bailu Chemical Fibre Group Co. Ltd.
  • Baoding Swan Spandex Co. Ltd.
  • Spandex Corporation Ltd.
  • Jiangsu Shuangliang Spandex Co. Ltd.
  • Highsun Group
  • Yantai Tayho Advanced materials Co. Ltd

Recent Developments

  • In May 2022, Hyosung TNC's Regen (eco-friendly recycled fiber) also used to make eco-cooler bags.
  • In February 2022, Invista Camden achieves recognition for environmental excellence.
  • In June 2022, Asahi Kasei Medical Completes Acquisition of Bionova Scientific, U.S.-based biopharmaceutical CDMO.
  • In June 2022, Toray Opens New Development and Marketing Center to Expand Environmental and Mobility Businesses.

Global Spandex Market: Segmentation

By Application

  • Clothing
  • Medical
  • Others

By Technology

  • Solution Dry-spinning
  • Wet-spinning
  • Others

By Regional

  • North America
  • Europe
  • Asia Pacific
  • LAMEA
Price Starts From
$4250

Purchase Benefits

  • Eligible for a free updated report next year
  • Completely customizable scope
  • 30% discount on your next purchase
  • Dedicated account manager
  • Query resolution within 24 hours
  • Permission to print the report

As featured on :

Trusted by Fortune 500
Over 30000+ subscribers