all report title image
  • Published On : Nov 2022
  • Code : CMI311
  • Industry : Advanced Materials
  • Pages : 150
  • Formats :

Spandex is a synthetic fabric that has exceptional elastic properties. It is produced by using polytetramethylene ether glycol and methylene diphenyl diisocyanate as chemical reactants. It is widely used in the creation of bras, skin-tight garments, gloves, gym wear, slacks, and swimwear. Moreover, spandex is used in the production of orthopaedic braces and surgical hoses as it is more durable and stronger.

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).

Drivers

The growing demand for textiles around the globe is propelling the spandex market growth. It is widely used in the manufacturing of sportswear, garments, and casual wears. The increasing disposable income of consumers is driving demand for various textiles. Also, increasing population is propelling the demand for textile, which in turn is augmenting the spandex market growth

Robust growth in the apparel & clothing industry is augmenting the spandex market growth. Growing demand for intimate wear, sportswear, compression garments, etc. coupled with the new application of spandex in denim is expected to foster the market growth. According to Coherent Market Insights in 2020, The Indian textiles and apparel market was estimated at US$ 100 billion in 2019. India is the world's second-largest exporter of textiles and clothing and is expected to increase to US$ 82.00 billion by 2021 from US$ 22.95 billion in 2020.

The sudden emergence of the novel coronavirus has rapidly increased the demand for face masks across the globe as spandex is a key ingredient used in the production of face masks. Hence, spandex industry is expected to increase at a significant rate over the forecast period. Spandex is primarily used to manufacture the ear loops of the mask. The majority of face mask production in China and growing number of consumer apparel and accessory manufacturers in the country is expected to drive the spandex market growth at a significant rate during the forecast period.

Figure 1. Global Spandex Market Value Share (%), By Region, 2021

Spandex Fabric  | Coherent Market Insights

Asia Pacific dominated the global spandex market in 2021, accounting for 77.1% share in terms of value, followed by Europe and MEA.

Market Restraints

Increasing use of substitutes of spandex such as natural rubber latex (NRL) and polybutylene terephthalate (PBT) is affecting its demand. Out of these, natural rubber latex is the second-most widely used elastomeric fiber across stretch textile applications. Thus, the increasing use of substitute is projected to hinder the market growth.

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Spandex Market Report Coverage

Report Coverage Details
Base Year: 2021 Market Size in 2021: US$ 8484.9 Mn
Historical Data for: 2017-2020 Estimated Year: 2022
Forecast Period 2022 to 2030 CAGR: 9.24 % Forecast Period: 2022-2030
Geographies covered:
  • By Region: North America, Latin America, Europe, Asia Pacific, and Middle East & Africa
Segments covered:
  • By Fabric Type: Two-Way, Four-Way
  • By Application: Clothing (Sportswear, Home Furnishing, Underwear, Other Casuals), Medical (Diaper, Compression Stockings & Hoses, Other Medical)
  • By Process: Knitting, Weaving, Yarn Covering 
Companies covered:

INVISTA, Asahi Kasei Corporation, Hyosung Corporation, Zhejiang Huafon Spandex Co. Ltd., Yantai Tayho Advanced Materials Co. Ltd., Indorama Industries Ltd, TK Chemical Corp., Taekwang Industrial Co., Ltd, Jiangsu Shaungliang Spandex Co., Ltd., and Xiamen Lilong Spandex Co. Ltd.

Growth Drivers:
  • Growing demand for textiles around the globe
  • The increasing use of spandex in sportswear 
Restraints & Challenges:
  • The volatile price of raw materials used for the manufacturing of spandex

Market Trends

The increasing use of spandex in sportswear is projected to offer profitable market opportunities in the near future. It is rapidly gaining adoption in the production of swimwear and activewear. It offered desired fit and comfort coupled with stretch-ability properties. The growing participation of people in the sports activities due to rising health awareness and growing prevalence of various disease around the globe are creating demand for sportswear products, thereby fueling market growth.

Agreement and partnership among key players for business expansion is one of the emerging trends in the market. For instance, In November 2021, Zhejiang Manufacturing Standard formulated by Huafon Chemical released Colored Spandex Filament T / ZZB 2535-2021. The standard puts forward stricter requirements for producing and inspecting colored spandex filaments with excellent quality and independent innovation.

Figure 2. Global Spandex Market Value Share (%), By Fabric Type, 2021

Spandex Fabric  | Coherent Market Insights

On the basis of fabric type, the four way segment dominated the overall spandex market with around 74.6% of market share in the year 2021.

Recent Developments

  • In June 2020, Hyosung developed new creora 3D Max spandex. Hyosung introduced 3D Max spandex to give denim products dual performance features such as ultra-stretch and the excellent recovery that lasts over time. Jeans made with 3D Max offer a natural look and feel and allow for add-on details such as eco-friendly finishes and laser treatments.
  • In October 2020, BASF, a multinational chemical company and Hangzhou Banglian Spandex, a manufacturer of spandex products, released soft-spandex-based goods such as earrings and socks for surgical masks
  • In March 2020, Asahi Kahei Corporation, a multinational Japan-based chemical company, acquired Veloxis Pharmaceuticals Inc., a seller of immunosuppressive drug using proprietary drug delivery technology. This acquisition will allow the former business to expand its presence in the healthcare sector and explore new opportunities.

Spandex is a synthetic fabric with high elasticity. The word “Spandex” is not a brand name, contrary to common opinion. This term refers to polyether-poly urea copolymer fabrics that have been manufactured using various production processes. The spandex fabric can stretch up to five to eight times its normal size, and it is commonly used in form-fitting consumer apparel. In most cases, spandex in its pure form is not used in the manufacturing of garments

Market Dynamics

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.

Growing demand for spandex from the medical industry for the manufacturing of medical textile is projected to create major market opportunities. Due to its high elasticity properties, it is majorly used in the production of clothing and apparel for the healthcare sector. On the other hand, the market is experiencing steady growth in the developing regions, due to changing lifestyle, growing affluence, and preferences among the people in these regions. 

Key features of the study:

  • This report provides an in-depth analysis of global spandex market, and provides market size (US$ Million) and compound annual growth rate (CAGR %) for the forecast period (2022-2030), considering 2021 as the base year
  • It elucidates potential revenue opportunity across different segments and explains attractive investment proposition matrix for this market
  • This study also provides key insights about market drivers, restraints, opportunities, new product launches or approvals, regional outlook, and competitive strategies adopted by key players
  • It profiles key players in the global spandex market based on the following parameters – company overview, financial performance, product portfolio, geographical presence, distribution strategies, key developments and strategies, and future plans
  • Key companies covered as a part of this study include INVISTA, Asahi Kasei Corporation, Hyosung Corporation, Zhejiang Huafon Spandex Co. Ltd.,Yantai Tayho Advanced Materials Co. Ltd., Indorama Industries Ltd, TK Chemical Corp., Taekwang Industrial Co., Ltd, Jiangsu Shaungliang Spandex Co., Ltd., and Xiamen Lilong Spandex Co. Ltd
  • Insights from this report would allow marketers and management authorities of companies to make informed decision regarding future products launches, technology up gradation, market expansion, and marketing tactics
  • The global spandex market report caters to various stakeholders in this industry including investors, suppliers, spandex manufacturers, distributors, new entrants, and financial analysts
  • Stakeholders would have ease in decision-making through various strategy matrices used in analyzing the global spandex market

Detailed Segmentation:

  • Global Spandex Market, By Fabric Type:
    • Two-Way
    • Four-Way
  • Global Spandex Market, By Application:
    • Clothing (Sportswear, Home Furnishing, Underwear, Other Casuals)
    • Medical (Diaper, Compression Stockings & Hoses, Other Medical)
  • Global Spandex Market, By Process:
    • Knitting
    • Weaving
    • Yarn Covering
  • Global Spandex Market, By Region:
    • North America
      • U.S.
      • Canada
    • Europe
      • U.K.
      • France
      • Germany
      • Rest of Europe
    • Asia Pacific
      • China
      • India
      • Rest of Asia Pacific
    • Latin America
      • Brazil
      • Argentina
      • Mexico
      • Rest of Latin America
    • Middle East & Africa
      • Africa
  • Company Profiles
    • Invista*
      • Company Overview
      • Product Portfolio
      • Financial Performance
      • Key Strategies
      • Recent Developments
      • Future Plans
    • Asahi Kasei Corporation
    • Hyosung Corporation
    • Zhejiang Huafon Spandex Co. Ltd.
    • Yantai Tayho Advanced Materials Co. Ltd.
    • Indorama Industries Ltd
    • TK Chemical Corp.
    • Taekwang Industrial Co., Ltd 
    • Jiangsu Shaungliang Spandex Co., Ltd.
    • Xiamen Lilong Spandex Co. Ltd.

 “*” marked represents similar segmentation in other categories in the respective section.

Frequently Asked Questions

Global spandex market was valued at around US$ 8484.9 Million in 2021.
The increasing use of spandex in sportswear is projected to offer profitable market opportunities.
Growing demand for textiles around the globe is propelling the market.
Increasing use of substitutes of spandex such as natural rubber latex (NRL) and polybutylene terephthalate (PBT) is restricting the market.
Major players operating in the market include INVISTA, Asahi Kasei Corporation, Hyosung Corporation, Zhejiang Huafon Spandex Co. Ltd., Yantai Tayho Advanced Materials Co. Ltd., Indorama Industries Ltd, TK Chemical Corp., Taekwang Industrial Co., Ltd, Jiangsu Shaungliang Spandex Co., Ltd., and Xiamen Lilong Spandex Co. Ltd.
The market is estimated to grow at around 9.24 % CAGR in the forecast period (2022-2030).

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