Spandex is variedly used in bras, gloves, slacks, gym wear, swim wear and skin-tight garments. The growth in textile sector is growing the spandex market. Increasing population is raising the demand for textile, which in turn propelling market growth. Healthy progress in apparel and clothing industry is driving the spandex market. Pandemic COVID-19 also has increased the spandex demand globally due to demand of face masks. However, the alternative use of natural rubber latex and polybutylene terephthalate as substitute of spandex is hindering the market. in June 2020, a new creora 3D Max spandex was introduced by Hyosung. This spandex gives denim features as ultra-stretch and the finest recovery that lasts over time.
According to Coherent Market Insights, Global Spandex Market was valued at US$ 8484.9 Million in 2021, exhibiting a CAGR of 9.24 % during the forecast period (2022 to 2030)
Top Companies in the Spandex Industry:
1. INVISTA
Invista, headquartered in Wichita, Kansas, United States, is a fiber, resin and intermediates company, founded on February 2003. On Sep. 26, 2022, INVISTA Nylon Chemicals (China) Co. celebrated the full operation of its Asia Innovation Center with an opening ceremony held at the Shanghai Chemical Industry Park. Serving as a key capability within INVISTA’s global R&D network and the company’s first R&D center for nylon 6,6 application development in Asia, the AIC is positioned to broaden the possibilities for application development in engineering polymers and provide superior innovative solutions for customers in Asia.
2. Asahi Kasei Corporation
Asahi Kasei Corporation was founded in 1922 and is headquartered in Tokyo, Japan. Asahi Kasei Corporation manufactures, processes, and sells chemical products in Japan and internationally. The company operates through three segments: Material, Homes, and Health Care. On August 2021, Asahi Kasei to optimize the global strategy of its ROICA™ premium stretch fiber business. The brand of ROICA™ with superior performance features enabled by integrated production from raw material to finished yarn based on its advanced technology.
3. Hyosung Corporation.
Hyosung TNC announced on August 10, 2022 that it successfully developed bio-derived spandex, ‘creora® bio-based’, using a natural material extracted from corn instead of coal, and obtained a global eco-friendly certification. Hyosung Corporation, together with its subsidiaries, engages in the textile, trading, power and industrial systems, construction, industrial materials, chemicals, and information and communication businesses in Korea and internationally. The company was founded in 1966 and is based in Seoul, South Korea.
4. Zhejiang Huafon Spandex Co. Ltd.
On November 2021, the Zhejiang Manufacturing Standard: Colored Spandex Filament formulated by Huafon Chemical Co., Ltd., has been officially released and implemented. This is the second Zhejiang Manufacturing Standard formulated by Huafon Chemical after the release of Chlorine Resistant Spandex Filament. Established in December 1999, headquartered in China. Its spandex production scale occupies No. 1 in China and comes to the fore among the spandex enterprises in the world.