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Phase-Xs | Biologics & Biosimilars | Coherent Market Insights

Impact Analysis of Covid-19

The complete version of the Report will include the impact of the COVID-19, and anticipated change on the future outlook of the industry, by taking into the account the political, economic, social, and technological parameters.

Definition of Market/Industry:

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

The global spandex market is was accounted for US$ 7,150.4 Mn in terms of value by the end of 2019, witnessing a CAGR of 10.3% during the forecast period (2020 to 2027).

Drivers:

The growing demand for textiles around the globe is propelling the market growth of spandex. 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 base is again propelling the demand for textile which in turn is augmenting the market growth of spandex. According to the U.S Census Bureau, the global population is expected to reach 8 billion by the end of 2025.

Robust growth in the apparel & clothing industry is augmenting the market growth of the spandex. Growing demand for intimate wear, sportswear, compression garments, etc. coupled with the emergence of a new application of spandex in denim is again expected to foster market growth. 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.

Figure 1. Global Spandex Market, Revenue Share (%), By Region, 2019

Spandex  | Coherent Market Insights

Asia Pacific region dominated the global frozen food market in 2019, accounting for 77.1% share in terms of value, followed by Europe and Asia Pacific, respectively

Market Restraints

Slower economic growth in major markets such as North America and Europe as these markets are mature and hence witnessing sluggish growth. Moreover, this condition is expected to remain the same over the forecast period. Also, China, the other key market for spandex, is experiencing an economic downturn. All these factors are expected to hinder the market growth.

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

Market Opportunities

Increasing development of innovation in spandex fibers is projected to bring bright market opportunities in the near future. For instance in June 2020, Hyosung has 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.

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. 

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Spandex Market Report Coverage

Report Coverage Details
Base Year: 2019 Market Size in 2019: US$ 7,150.43 Mn
Historical Data for: 2017 to 2019 Forecast Period: 2020 to 2027
Forecast Period 2020 to 2027 CAGR: 10.3% 2027 Value Projection: US$ 15,674.71 Mn
Geographies covered:
  • Regions: North America, Latin America, Europe, APEJ, Japan, and Middle East & Africa
Segments covered:
  • By Fabric Type: Two-Way and  Four-Way
  • By Application: Clothing (Sportswear, Home Furnishing, Underwear, Other Casuals) Medical (Diaper, Compression Stockings & Hoses, Other Medical)
  • By Process: Knitting, Weaving and 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., Xiamen Lilong Spandex Co. Ltd.

Growth Drivers:
  • The growing demand for textiles around the globe is propelling the market growth of spandex
  • The increasing use of spandex in sportswear is projected to offer profitable market opportunities
Restraints & Challenges:
  • The volatile price of raw materials used for the manufacture of spandex is restricting market growth

Figure 2. Global Spandex Market – Opportunity Analysis

Spandex  | 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 2019.

Figure 3. Global Spandex Market, Revenue Share (%), By Fabric Type, in 2019

Spandex  | Coherent Market Insights

Market Trends/Key Takeaways

Production capacity expansion by key manufacturers is a growing trend in the market and this is expected to augment the market growth. For instance, in May 2018, Hyosung a Korean fiber and Yarn Company announced its plan to build a spandex plant in Maharashtra. The factory will be used for the production of Hyosung’s spandex fiber Creora.

Agreement and partnership among key players for business expansion is one of the emerging trends in the market. For instance, in May 2018, BASF and Huafon Group Co., Ltd. signed a strategic cooperation agreement to extend their partnership with initiatives to develop the polyurethane, bio-fiber, and spandex markets in China. The goal of this partnership is to optimize their raw material resources for the development of the fabrics.

Value Chain Analysis

Spandex  | Coherent Market Insights

Global Spandex Market - Impact of Coronavirus (Covid-19) Pandemic

The sudden emergence of the novel Corona virus 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 is in China, a growing number of consumer apparel and accessory manufacturers in the country is expected to increase the spandex market at a significant rate during the forecast period. 

Competitive Section:

Company Names 

  1. INVISTA
  2. Asahi Kasei Corporation
  3. Hyosung Corporation
  4. Zhejiang Huafon Spandex Co. Ltd.
  5. Yantai Tayho Advanced Materials Co. Ltd.
  6. Indorama Industries Ltd
  7. TK Chemical Corp.
  8. Taekwang Industrial Co., Ltd 
  9. Jiangsu Shaungliang Spandex Co., Ltd.
  10. Xiamen Lilong Spandex Co. Ltd.

Few Recent Developments

In November 2018, INVISTA launched launch its new patented LYCRA® FREEF!T® Technology in North America at the Kingpins NYC show.

Spandex is a synthetic fabric that has exceptional elastic properties. It is produced by using PTMEG and MDI as the chemical reactants. It is widely used in the creation of bras, skin-tight garments, gloves, gym wear, slacks, and swimwear.

The global spandex market is was accounted for US$ 7,150.4 Mn in terms of value by the end of 2019, witnessing a CAGR of 10.3% during the forecast period (2020 to 2027).

Market Dynamics

Robust growth in the apparel & clothing industry is augmenting the market growth of the spandex. Growing demand for intimate wear, sportswear, compression garments, etc. coupled with the emergence of a new application of spandex in denim is again expected to foster market growth. 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 growing demand for spandex from the medical industry for the manufacturing of medical textile is projected to serve major market opportunities. Due to their 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 from 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 in-depth analysis of graphite market, and provides market size (US$ Million & Metric tons) and compound annual growth rate (CAGR %) for the forecast period (2020-2027), considering 2019 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., 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 upgradation, market expansion, and marketing tactics
  • The Global Spandex Market report caters to various stakeholders in this industry including investors, suppliers, graphite 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
    • Medical
  • Global Spandex Market, By Process:
    • Knitting
    • Weaving
    • Yarn Covering
  • Global Spandex Market, By Region:
    • North America
      • U.S.
        • 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
      • Canada
        • 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
    • Europe
      • U.K.
        • 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
      • France
        • 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
      • Germany
        • By 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
      • Rest of Europe
        • By 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
    • APAC
      • China
        • 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
      • India
        • 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 Coverings
      • Rest of APAC
        • By 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
    • Latin America
      • Brazil
        • 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
      • Argentina
        • 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
      • Mexico
        • By 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
      • Rest of Latin America
        • By 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
    • Middle East & Africa
      • Middle East
        • 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
      • Africa
        • By 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
  • 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.

Table of Contents

  1. Research Objectives and Assumptions
    • Research Objectives
    • Assumptions
    • Abbreviations
  2. Market Purview
    • Report Description
      • Market Definition and Scope
    • Executive Summary
      • Market Snippet, By Fabric Type
      • Market Snippet, By Application
      • Market Snippet, By Process
      • Market Snippet, By Region
    • Coherent Opportunity Map (COM)
  3. Market Dynamics, Regulations, and Trends Analysis
    • Market Dynamics
      • Drivers
      • Restraints
      • Market Opportunities
      • Regulatory Scenario
      • Industry Trend
      • PEST Analysis
      • PORTER’s Analysis
      • Key Developments
  4. Global Spandex Market- Impact of Coronavirus (Covid-19) Pandemic
    • Overview
    • Factors Affecting Global Spandex Market– COVID-19
  5. Global Spandex Market, By Fabric Type, 2017 - 2027 (US$ Million & Metric Tons)
    • Introduction
      • Market Share Analysis, 2017 and 2027 (%)
      • Y-o-Y Growth Analysis, 2020 - 2027
      • Segment Trends
    • Two-Way
      • Market Share Analysis, 2017 and 2027 (%)
      • Y-o-Y Growth Analysis, 2020 - 2027
    • Four-Way
      • Market Share Analysis, 2017 and 2027 (%)
      • Y-o-Y Growth Analysis, 2020 – 2027
  6. Global Spandex Market, By Process, 2017 - 2027 (US$ Million & Metric Tons)
    • Introduction
      • Market Share Analysis, 2017 and 2027 (%)
      • Y-o-Y Growth Analysis, 2020 - 2027
      • Segment Trends
    • Knitting
      • Market Share Analysis, 2017 and 2027 (%)
      • Y-o-Y Growth Analysis, 2020 - 2027
    • Weaving
      • Market Share Analysis, 2017 and 2027 (%)
      • Y-o-Y Growth Analysis, 2020 - 2027
    • Yarn Covering
      • Market Share Analysis, 2017 and 2027 (%)
      • Y-o-Y Growth Analysis, 2020 – 2027
  7. Global Spandex Market, By Application, 2017 - 2027 (US$ Million & Metric Tons)
    • Introduction
      • Market Share Analysis, 2017 and 2027 (%)
      • Y-o-Y Growth Analysis, 2020 - 2027
      • Segment Trends
    • Clothing
      • Market Share Analysis, 2017 and 2027 (%)
      • Y-o-Y Growth Analysis, 2020 – 2027
      • Sub-Segments
        • Sportswear
        • Home Furnishing
        • Underwear
        • Others
    • Medical
      • Market Share Analysis, 2017 and 2027 (%)
      • Y-o-Y Growth Analysis, 2020 – 2027
      • Sub-Segments
        • Diaper
        • Compression Stockings & Horses
        • Others
  8. Global Spandex Market, By Region, 2017- 2027 (US$ Million & Metric Tons)
    • Introduction
      • Market Share Analysis, By Region, 2017 and 2027 (%)
      • Y-o-Y Growth Analysis, By Region, 2020 - 2027
    • North America
      • Market Share Analysis, By Country, 2017 and 2027 (%)
      • Y-o-Y Growth Analysis, By Country, 2020 - 2027
      • Market Size and Forecast, By Product Type, 2017- 2027 (US$ Million & Metric Tons)
      • Market Size and Forecast, By Process, 2017- 2027 (US$ Million & Metric Tons)
      • Market Size and Forecast, By Application, 2017- 2027 (US$ Million & Metric Tons)
    • Europe
      • Market Share Analysis, By Country, 2017 and 2027 (%)
      • Y-o-Y Growth Analysis, By Country, 2020 - 2027
      • Market Size and Forecast, By Product Type, 2017- 2027 (US$ Million & Metric Tons)
      • Market Size and Forecast, By Process, 2017- 2027 (US$ Million & Metric Tons)
      • Market Size and Forecast, By Application, 2017- 2027 (US$ Million & Metric Tons)
    • Asia Pacific
      • Market Share Analysis, By Country, 2017 and 2027 (%)
      • Y-o-Y Growth Analysis, By Country, 2020 - 2027
      • Market Size and Forecast, By Product Type, 2017- 2027 (US$ Million & Metric Tons)
      • Market Size and Forecast, By Process, 2017- 2027 (US$ Million & Metric Tons)
      • Market Size and Forecast, By Application, 2017- 2027 (US$ Million & Metric Tons)
    • Latin America
      • Market Share Analysis, By Country, 2017 and 2027 (%)
      • Y-o-Y Growth Analysis, By Country, 2020 - 2027
      • Market Size and Forecast, By Product Type, 2017- 2027 (US$ Million & Metric Tons)
      • Market Size and Forecast, By Process, 2017- 2027 (US$ Million & Metric Tons)
      • Market Size and Forecast, By Application, 2017- 2027 (US$ Million & Metric Tons)
    • MEA
      • Market Share Analysis, By Country, 2017 and 2027 (%)
      • Y-o-Y Growth Analysis, By Country, 2020 - 2027
      • Market Size and Forecast, By Product Type, 2017- 2027 (US$ Million & Metric Tons)
      • Market Size and Forecast, By Process, 2017- 2027 (US$ Million & Metric Tons)
      • Market Size and Forecast, By Application, 2017- 2027 (US$ Million & Metric Tons)
  9. Competitive Landscape
    • Market Share Analysis
    • Company Profiles
      • Invista
        • Company Overview
        • Product Type Portfolio
        • Financial Performance
        • Key Strategies
        • Recent Developments
        • Future Plans
      • Asahi Kasei Corporation
        • Company Overview
        • Product Type Portfolio
        • Financial Performance
        • Key Strategies
        • Recent Developments
        • Future Plans
      • Zhejiang Huafon Spandex Co. Ltd
        • Company Overview
        • Product Type Portfolio
        • Financial Performance
        • Key Strategies
        • Recent Developments
        • Future Plans
      • Yantai Tayho Advanced Materials Co. Ltd
        • Company Overview
        • Product Type Portfolio
        • Financial Performance
        • Key Strategies
        • Recent Developments
        • Future Plans
      • Indorama Industries Ltd
        • Company Overview
        • Product Type Portfolio
        • Financial Performance
        • Key Strategies
        • Recent Developments
        • Future Plans
      • TK Chemcial Corp
        • Company Overview
        • Product Type Portfolio
        • Financial Performance
        • Key Strategies
        • Recent Developments
        • Future Plans
      • Taekwang Industrial Co., Ltd.
        • Company Overview
        • Product Type Portfolio
        • Financial Performance
        • Key Strategies
        • Recent Developments
        • Future Plans
      • Jiangsu Shaungliang Spandex Co., Ltd.
        • Company Overview
        • Product Type Portfolio
        • Financial Performance
        • Key Strategies
        • Recent Developments
        • Future Plans
      • Xiamen Lilong Spandex Co. Ltd
        • Company Overview
        • Product Type Portfolio
        • Financial Performance
        • Key Strategies
        • Recent Developments
        • Future Plans
    • References
    • Research Methodology
    • About us and Sales Contact
FAQgrowicon

Frequently Asked Questions

The market for global spandex is forecast to surpass US$ 7,150.43 million by 2027 witnessing a CAGR of 10.3% between 2020 and 2027.
The increasing use of spandex in sportswear is projected to offer profitable market opportunities.
The growing demand for textiles around the globe is propelling the market growth of spandex.
The volatile price of raw materials used for the manufacture of spandex is restricting market growth.
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., Xiamen Lilong Spandex Co. Ltd
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