Spandex Market - Global Industry Insights, Trends, Outlook, and Opportunity Analysis, 2016–2024

Spandex, also known as polyurethane-polyurea copolymer, is a fiber in which the fiber forming substance is in the form of a long-chain synthetic polymer consisting of at least 85% of segmented polyurethane. Spandex is produced by solution dry-spinning in which the fabric is produced from a plastic-like compound. After chemically processing the component polymer solvent, the solution is injected into a high-speed spinning cylinder. The solution is spun with the help of a cylinder. In the alter stage the polymer passes through a spinneret: a metal mesh. After heating the polymer solution it solidifies fibrous “pre-spandex” strands. These strands are further processed which forms the final product spandex.

Spandex has unique characteristics which include extremely stretchable nature, lightweight and durable, resistant to deterioration by lotions, body oils, perspiration and detergents, high resistance to abrasion, heat settable, and is available in a variety of colors and structures. Spandex is widely used in hosiery, ski pants, aerobic/exercise wear, disposable diaper, waist bands, swimsuits, golf jackets, bra straps, and bra side panels.

Spandex Market Taxonomy

On the basis of type of production method, the global market is classified into:

  • Solution wet spinning
  • Solution dry spinning
  • Reaction spinning
  • Melt extrusion

On the basis of end-use industry, the global market is segmented into:

  • Healthcare
  • Automotive
  • Textile

In textile industry, spandex is used for compression garments such as surgical hose, bicycle pants, support hose, and foundation garments. Spandex is also used in the production of chair coverings and table coverings. In healthcare industry, spandex is used in knee and back braces and in the rubber tubing.  Spandex is widely used in sports apparel, volleyballs and soccer balls, owing to properties such as high stretchablity and extremely durable nature. In automotive industry, spandex is used in the production of door panel fabrics and other internal décor applications owing to its scratch proof surface and opaque luster.

Spandex Market Outlook – Need for Durable Materials Expected to Boost Demand

Extremely elastic and more durable nature as compared to rubber has boosted the growth of spandex market globally. Asia Pacific is expected to be the most potential market for spandex manufacturers. Asia Pacific is projected to witness relatively high growth in terms of value over the forecast period. Rapidly growing automotive and textile industry in developing countries such as India and China has propelled the growth of spandex market in the region. According to IBEF, the Indian textile industry contributed revenue of US$ 40 billion in 2016. In addition to this, the Indian government has allowed 100 percent Foreign Direct Investment in the Textile sector which will boost the growth of textile industry in the region. India Brand Equity Foundation (IBEF) is a Trust established by the Ministry of Commerce and Industry, Department of Commerce in collaboration with the Government of India with the purpose of promoting and creating international awareness of goods manufactured in India.

Fluctuating prices of raw material is expected to be one of the restraining factors for the growth of spandex market over the forecast period. Expansions in different geographies and diversification of product portfolio are few strategies adopted by the top players in the spandex market. The introduction of bio based spandex is also one of the important strategies for the new entrants in the spandex market. In 2016, Hyosung Corporation, a leading Spandex producer expanded its Turkey facility to increase the supply of spandex in European and Middle East markets. This expansion included an investment of US$ 27 million and increase in production by 5 thousand tons. Some of the companies operating in the global spandex industry are Hyosung Corporation, Acelon Chemical and Fiber Corporation, Du Pont, Teijin Ltd., Investa, Asahi Kasei Corporation, Far Eastern New Century Corporation, and Toray Industries.

Research Methodology

Coherent Market Insights followsa comprehensive research methodology focused on providing the most precise market analysis. The company leverages a data triangulation model which helps company to gauge the market dynamics and provide accurate estimates. Key components of the research methodologies followed for all our market reports include:

  • Primary Research (Trade Surveys and Experts Interviews)
  • Desk Research
  • Proprietor Data Analytics Model

In addition to this, Coherent Market Insights has access to a wide range of the regional and global reputed paid data bases, which helps the company to figure out the regional and global market trends and dynamics. The company analyses the industry from the 360 Degree Perspective i.e. from the Supply Side and Demand Side which enables us to provide granular details of the entire ecosystem for each study. Finally, a Top-Down approach and Bottom-Up approach is followed to arrive at ultimate research findings.

Smiley face

Coherent Market Insights desk research is based on a principle set of research techniques:

  • National level desk research: It Includes research analysis of regional players, regional regulatory bodies, regional trade associations, and regional organization.
  • Multinational level desk research: The research team keeps a track of multinational players, global regulatory bodies, global trade associations, and global organization.

Coherent Market Insights has a large amount of in-house repository of industry database. This is leveraged as a burner for initiating a new research study. Key secondary sources include:

  • Governmental bodies, National and international social welfare institutions, and organizations creating economic policies among others.
  • Trade association, National and international media and trade press.
  • Company Annual reports, SEC filings, Corporate Presentations, press release, news, and specification sheet of manufacturers, system integrators, brick and mortar - distributors and retailers, and third party online commerce players.
  • Scientific journals, and other technical magazines and whitepapers.
Smiley face

Preliminary Data Mining

The raw data is obtained through the secondary findings, in house repositories, and trade surveys. It is then filtered to ensure that the relevant information including industry dynamics, trends, and outlook is retained for further research process.

Data Standardization:

Holistic approach is used to ensure that the granular and uncommon parameters are taken into consideration to ensure accurate results. The information from the paid databases are further combined to the raw data in order to standardize it.

Coherent Statistical model

We arrive at our final research findings through simulation models. Coherent Data Analytics Model is a statistical tool that helps company to forecast market estimates. Few of the parameters considered as a part of the statistical model include:

  • Micro-economic indicators
  • Macro-economic indicators
  • Environmental indicators
  • Socio-political indicators
  • Technology indicators

Data Processing

Once the findings are derived from the statistical model, large volume of data is process to confirm accurate research results. Data analytics and processing tools are adopted to process large chunk of collected informative data. In case, a client customizes the study during the process, the research finding till then are benchmarked, and the process for new research requirement is initiated again.

Data Validation

This is the most crucial stage of the research process. Primary Interviews are conducted to validate the data and analysis. This helps in achieving the following purposes:

  • It provides first-hand information on the market dynamics, outlook, and growth parameters.
  • Industry experts validates the estimates which helps the company to cement the on-going research study.
  • Primary research includes online surveys, face-to face interviews, and telephonic interviews.

The primary research is conducted with the ecosystem players including, but not limited to:

  • Raw Material Suppliers
  • Manufacturers
  • System Integrators
  • Distributors
  • End-users

Choose License Type

"How Can I Help You" ?

Finding it difficult to find the research that would cater to your business demands? Give us a chance to help you. One of our Research Consultants will connect to provide a customized solution.

Key Benefits

  • Custom Research Solution

    Talk to our research consultant to design an exclusive report as per your research needs.

  • Customer Fulfilment

    We aim to fulfil client's research demands with tailored research solutions.

  • Quick Turnaround Time Reports

    We aim to provide research studies in quickest turnaround time and in a much cost effective manner.

  • 360-degree Approach

    We cover each industry from supply and demand side with an aim to provide a most holistic research study.

  • Assured Quality

    We strive to provide most accurate and reliable research findings in our research reports.