Spandex Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2031 - By Product, Technology, Grade, Application, End-user, Region: (North America, Europe, Asia Pacific, Latin America and Middle East and Africa)

Spandex Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2031 - By Product, Technology, Grade, Application, End-user, Region: (North America, Europe, Asia Pacific, Latin America and Middle East and Africa)

Fairfield Market Research's Latest Report Highlights Spandex's Growing Demand Across Industries

The global spandex market is poised for remarkable expansion, with projections indicating that it will surge to a staggering $19 billion by 2031, driven by a steady growth rate of 10%. These findings come from the latest market report by Fairfield Market Research, underscoring the versatile applications and increasing demand for spandex in various sectors.

Spandex: The Flexible Fabric for the Modern World

Spandex, also known as elastane, is a synthetic fabric derived from long-chain polymers, primarily segmented polyurethane. Its exceptional flexibility and durability have established it as a key player in the global textile and apparel industries, making it an integral component in intimate wear, sportswear, denim, and casual clothing. Additionally, spandex is revolutionizing the healthcare sector with applications in compression garments such as surgical hoses, support hoses, and bandages.

Driving Forces of the Spandex Market
• Booming Medical Textiles: Spandex's unique properties have led to its widespread use in medical textiles, including compression stockings, bandages, and surgical hoses. The rising demand for these products, especially in countries like China and India, is a significant driver of the spandex market's growth.
• Increasing Use of Substitutes: While spandex is dominant in stretch textile applications, alternatives like Polybutylene terephthalate (PBT) and Natural rubber latex (NRL) offer cost-effective options. This competition from substitutes poses a challenge to the spandex market.
• Embracing Bio-Based Products: In response to the volatile prices of raw materials, spandex manufacturers are venturing into sustainable, bio-based products. This shift aligns with the growing emphasis on sustainability in the textile industry.

Regional Insights

East Asia: China leads the East Asian spandex market, driven by rapid industrialization, a growing population, and increasing demand for medical textiles. Japan and South Korea are also experiencing expansion due to the manufacturing industry's growth and consumer preference for spandex-based clothing.

India: India accounts for 15.6% of the global spandex market and is expected to witness substantial double-digit growth from 2024 to 2031. Factors such as foreign investment, abundant raw resources, and low production costs contribute to India's spandex market growth.

United Kingdom: Despite initial doubts during the global pandemic, the UK spandex market experienced a 4.9% year-on-year growth in 2023. Rising disposable income and the popularity of innerwear, sportswear, and activewear drive this trend.

Competitive Analysis

Key players in the spandex market are expanding their presence globally and enhancing their product portfolios to meet the increasing demand from clothing and medical applications. This includes adopting alternative distribution channels such as online platforms. Large manufacturers are acquiring smaller players, while smaller companies are investing in research and development to introduce innovative products.

Key Companies Profiled:
• Hyosung Corporation
• Asahi Kasei Corporation
• INVISTA
• Zhejiang Huafon Spandex Co. Ltd
• TK Chemical Corp
• Taekwang Industrial Co. Ltd.
• Yantai Tayho Advanced Materials Co., Ltd
• Xiamen Lilong Spandex Co., Ltd
• Jiangsu Shuangliang Spandex Co., Ltd.
• Toray Industries
• Xiamen Lilong Spandex Co., Ltd.
• DuPont de Nemours, Inc.
• Indorama Industries
• Far Eastern New Century Corporation
• Mitsubishi Chemical Engineering Corporation
• Inviya
• LYCRA
• Tabb Textile Company Inc.

Spandex Market Segmentation

By Fabric Type, the Spandex market is segmented as:
• Two-Way
• Four-Way

By Process, the Spandex market is segmented as:
• Knitting
• Weaving
• Yarn Covering

By Application, the Spandex market is segmented as:
• Clothing
Sportswear
Home Furnishing
Underwear
Other Clothing (Casuals, denim, etc.)
• Medical
Diapers
Compression Stockings & Surgical Hoses
Other Medical Applications (bandages, etc.)

By Region:
• North America
• Latin America
• Europe
• East Asia
• South Asia & Pacific
• Middle East & Africa

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