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
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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 | ||
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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: |
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Segments covered: |
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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. |
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Growth Drivers: |
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Restraints & Challenges: |
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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
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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
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