Spandex fibers' high elasticity and resilience properties owing to its unique molecular structure make it highly preferable for wearable products such as t-shirts, swimwear, socks, activewear and inner wear among others. Furthermore, expansion of textile industry and rapid urbanization in developing regions have created substantial demand for spandex based fabrics which is projected to drive market growth over coming years.
Market Dynamics:
The global Spandex Market is projected to be driven by growing demand from textile industry and increasing consumption in developing regions over the forecast period. Firstly, exceptional properties of spandex such as high elasticity, shape retention, and durability have made it the material of choice for various kinds of wearable textile products. Expansion of activewear, innerwear, and athletic segments along with rising incorporation of spandex in sports garments, yoga pants, and leggings have augmented the market growth. Secondly, rapid urbanization and improving living standards in developing countries of Asia Pacific and Latin America have accelerated demand for branded clothing and fashion apparels. Higher spend on lifestyle clothing has augmented spandex consumption in these regions.
Increasing Demand from Sports and Activewear Industry is Driving the Global Spandex Market
The sports and active wear industry has seen tremendous growth over the past few decades. More people are embracing healthy and active lifestyles which has led to increased participation in sports and exercise. Spandex fabrics are incredibly popular in sports and activewear due to their stretchable and breathable properties. They offer great flexibility and comfort during workouts. The comfort and performance benefits of spandex have made it an essential component in leggings, yoga pants, compression wear and other athletic apparel. The booming sports and activewear industry is expected to continue fueling the demand for spandex in the coming years.
Rising Usage in Shapewear is another Key Driver for the Market
Shapewear made using spandex fabrics have become extremely popular for smoothening and shaping the body. They are widely used by women to create a slimmer silhouette under clothes. The convenience of shapewear has boosted their acceptance in recent times. Manufacturers are introducing innovative designs and blends to make shapewear more comfortable yet effective. The growing female workforce has also increased the preference for versatile shaping garments. As women seek flattering and easy to wear solutions, the shapewear business is emerging as a major application area for spandex. This growing usage in the shapewear segment is acting as an important driver for the global spandex market.
Volatile Raw Material Prices Pose a Significant Restraint
Spandex is derived from petroleum-based products like polyurethane. Therefore, its raw material prices often fluctuate with the volatility in oil prices. Any increase in crude oil rates directly impacts spandex production costs. This makes the spandex market highly susceptible to fluctuations in petrochemical feedstock costs. Steep price hikes of raw materials reduce profit margins for manufacturers and compel them to hike spandex prices as well. High prices discourage many buyers and restrains the market’s growth potential. Managing the instability in raw material costs remains a major challenge faced by spandex producers.
Intense Competition from Polyester Poses Threat
Polyester fabrics have emerged as a strong substitute for spandex due to their lower costs and stretchable properties. The easy availability and mass production of polyester have made it highly competitive against spandex. Especially in value-sensitive applications, polyester is gaining more acceptability. It provides decent stretch and shrink-resistance at affordable prices. This price advantage gives polyester an edge over comparatively costlier spandex. The intense competition from polyester substitutes is posing a restraint on the growth prospects of the global spandex market.
Growing Medical Applications Open New Opportunities
The advanced properties of spandex like flexibility, breathability and compression make it suitable for several medical uses. It is increasingly utilized in orthopedic and post-surgery garments, compression socks, medical tape and bandages. The growing healthcare needs of aging populations across the globe presents lucrative opportunities. Also, new innovations are exploring the use of spandex in prosthetics, joint supports and other assistive devices. Leveraging the numerous medical uses can help drive higher spans of growth for the market.
Surging E-commerce Sales will Boost Market Prospects
The thriving e-commerce industry is emerging as an important growth lever for the spandex market. Shoppers are gradually migrating online to purchase everything from apparel to medical supplies. This allows manufacturers to directly engage with a wider customer base. E-commerce also enhances product discovery, enables fashionable launch and boost visibility for specialty fabrics like spandex. Interactive online platforms help manufacturers optimize production and address demand efficiently. Rising e-commerce penetration in both developing and developed countries provide a key opportunity to spur future expansion of the global spandex market.
Link - https://www.coherentmarketinsights.com/market-insight/spandex-market-311
Key Developments:
- In May 2024, Hyosung TNC, a prominent global manufacturer of textile and industrial materials, revealed its plans to boost the production of spandex tailored specifically for the diaper industry. This strategic initiative is designed to improve the performance and comfort of diaper products, addressing the growing demand for high-quality, flexible, and durable materials in personal care items.
- In 2023, Hyosung, a leading global manufacturer of textile and industrial materials, announced the launch of new iterations of its well-known Creora spandex line. This innovative update is designed to address the changing needs of the apparel industry, with a strong emphasis on sustainability, performance, and versatility.
- In June 2020, Hyosung unveiled its new Creora 3D Max spandex, designed to enhance denim products with dual performance features, including exceptional stretch and long-lasting recovery. Jeans made with 3D Max not only provide a natural look and feel but also accommodate additional details such as eco-friendly finishes and laser treatments, making them a versatile choice for modern consumers.
- In October 2020, BASF, a multinational chemical company, and Hangzhou Banglian Spandex, a manufacturer of spandex products, collaborated to develop soft-spandex-based goods, including earrings and socks for surgical masks. This innovative partnership aimed to provide comfortable and functional accessories that could be worn alongside personal protective equipment, addressing the unique challenges posed by the global health crisis.
Key Player:
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., Tayho Advanced Materials Co., Ltd, DuPont, BASF, Mitsubishi Chemical, Dongil Industries, Nippon Shokubai, and Guilin Songquan
