Global Spandex Market is estimated to be valued at US$ 8484.9 Million in 2021, according to the Global Spandex Market Report, 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), published by Coherent Market Insights.
Global spandex market was valued at US$ 8484.9 Million in 2021 and is expected to register a CAGR of 9.24% over the forecast period (2022–2030), to reach US$ 18787.8 Million by 2030.
Spandex is a polymer-based fabric that expands up to 600% of its original length without losing its quality. Diapers, home furnishings, sportswear, casual clothing, compression stockings & hoses, and bandages are some of the key application areas of spandex. It is produced through four major processes which include dry spinning, reaction spinning, melt extrusion, and wet spinning of solutions.
The global spandex market is growing at more than double the rate of all other fiber markets with sales set to pass 1 million tons in the year 2020. China is leading the global spandex market with over 75% of the global spandex production capacity. Moreover, rising demand for face masks across the globe as spandex is a key ingredient used in the production of face masks is expected to grow at a significant rate over the forecast period.
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https://www.coherentmarketinsights.com/market-insight/spandex-market-311
Browse 50 market data tables* and 40 figures* on "Global Spandex Market” - Forecast to 2030.
Key Trends and Analysis of the Global Spandex Market:
- Dyed and textured spandex yarn is trending among manufacturers of spandex fabric is fostering the market growth of spandex. For instance, in May 2020, THANH PHAT TEXTILE DYEING CO., LTD, a supplier of quality spandex for factories, large and small garment companies introduced a new variant of spandex fabric. The new variant of spandex is very light in weight, can be stretched widely, are available in many colors, and will not fade away even after repeated washes.
- Shifting preferences of consumer towards extra-stretch skin fit jeans, especially among women, is one of the growing market trends. Skin-fit jeans and denim apparels produced with two-way and four-way stretch fabrics are gaining popularity among women. For instance, Hyosung’s creora Fit2 4-way stretch extra skinny jeans. Moreover, creora Fit2 4-way stretch has the flexibility and super stretch property with excellent recovery. Thus, the growing demand for extra-stretch skin fit jeans among women is expected to foster the market growth.
Key Takeaways of the Global Spandex Market:
- On the basis of fabric, the four way fabric segment dominated the global spandex market in 2021, accounting for 74.6% share in terms of value.
- Asia Pacific accounted for the maximum market share of 35.9% in 2021, owing to the rapid expansion of the manufacturing industry in developing economies such as China, India, Indonesia, and Japan
- New product launches, merger & acquisitions, strategic partnership expansion, and research & development activities for the spandex are key strategies adopted by players in the global spandex market. For instance, in November 2020, VISTA, a company engaged in the making of fiber, resins, and intermediates, completed a 40,000-ton/year nylon 6,6 polymer capacity expansion at its polymer factory in Shanghai Chemical Industry Park.
