Spandex market

Spandex Market, by Fabric Type (Two-Way and Four-Way), by Application (Clothing (Sportswear, Home Furnishing, Underwear, Other Casuals) and Medical (Diaper, Compression Stockings & Hoses, Other Medical)), by Process (Knitting, Weaving, and Yarn Covering), by Region (North America, Europe, Asia pacific, Latin America, and Middle East & Africa) Size, Share, Outlook, and Opportunity Analysis, 2022 - 2030

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Nov 2022
CMI311
150 Pages
Excel & Pdf
Advanced Materials

Summary

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

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.

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

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.

Table of Content

Table of Contents

Segmentation

Detailed Segmentation:

Global Spandex Market, By Fabric Type:

Two-Way
Four-Way

- Frequently Asked Questions -

What was the global spandex market size in 2021?

Global spandex market was valued at around US$ 8484.9 Million in 2021.

What are the major factors that are expected to drive the growth of the market during the forecast period?

The increasing use of spandex in sportswear is projected to offer profitable market opportunities.

What are the trends in the market?

Growing demand for textiles around the globe is propelling the market.

What are the key factors hampering the growth of the market?

Increasing use of substitutes of spandex such as natural rubber latex (NRL) and polybutylene terephthalate (PBT) is restricting the market.

Which are the key players in 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.

What is the estimated CAGR for the market?

The market is estimated to grow at around 9.24 % CAGR in the forecast period (2022-2030).