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).
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
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
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.
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.
Spandex Market Report Coverage
||Market Size in 2019:
||US$ 7,150.43 Mn
|Historical Data for:
||2017 to 2019
||2020 to 2027
|Forecast Period 2020 to 2027 CAGR:
||2027 Value Projection:
||US$ 15,674.71 Mn
- Regions: North America, Latin America, Europe, APEJ, Japan, and Middle East & Africa
- 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
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.
- 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
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
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
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.
- 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.
Few Recent Developments
In November 2018, INVISTA launched launch its new patented LYCRA® FREEF!T® Technology in North America at the Kingpins NYC show.