Spandex Fiber Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028

Spandex Fiber Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028

Market Overview:

The global spandex fiber market size reached US$ 7.8 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 10.7 Billion by 2028, exhibiting a growth rate (CAGR) of 5.2% during 2023-2028.

Spandex fiber, also known as elastane, is a man-made fiber that is lightweight, smooth and possesses unique elasticity. It is abrasion-resistant and demonstrates negligible damage from needle cutting when stitched as compared to other elastic materials. In addition, it offers several advantages, including durability; resistance against body oils, perspiration, lotions, and detergents; and no static and pilling problems. As a result, it is widely used in the manufacturing of athletic, aerobic, exercise apparel, swim and bathing suits, brassiere straps and bra side panels, ski pants, slacks, hosiery, socks, belts, surgical hose, bicycle pants, foundation, and shaped garments.

 

 

 

Spandex Fiber Market Trends:

The growing utilization of spandex fiber in swimming and cycling garments worldwide represent one of the key factors driving the market. Moreover, governments of several countries are focusing on encouraging students to participate in sports. This, along with the rising demand for rapid dry and comfortable fabrics for activewear, is propelling the growth of the market. In addition, there is a rise in the utilization of spandex fiber in the healthcare industry to manufacture pressure diapers, compression stockings, surgical hoses, and bandages across the globe. This, coupled with the increasing employment of spandex fiber in the automotive industry to make door panel fabrics, is positively influencing the market. Besides this, the escalating demand for textiles around the world is offering lucrative growth opportunities to investors and end-users. Furthermore, key market players are focusing on the capacity and business expansions, partnerships, and mergers and acquisitions (M&A) to expand their customer base. These players are also extensively investing in research and development (R&D) activities to enhance product quality, which is projected to augment their overall sales and profitability.

Key Market Segmentation:

IMARC Group provides an analysis of the key trends in each sub-segment of the global spandex fiber market report, along with forecasts at the global, regional and country level from 2023-2028. Our report has categorized the market based on fabric type, production method and application.

Breakup by Fabric Type:

Two-Way
Four-Way
 

Breakup by Production Method:

 

 

 

Solution Dry Spinning
Solution Wet Spinning
Others
 

Breakup by Application:

Apparel and Clothing

Sportswear
Casual Wear
Inner Wear
Medical and Healthcare
Others


Home Furnishing
Others
 

Breakup by Region:

 

 

 

North America

United States
Canada


Asia-Pacific

China
Japan
India
South Korea
Australia
Indonesia
Others


Europe

Germany
France
United Kingdom
Italy
Spain
Russia
Others


Latin America

Brazil
Mexico
Others


Middle East and Africa
 

Competitive Landscape:

The competitive landscape of the industry has also been examined along with the profiles of the key players being Asahi Kasei Corporation, BASF SE, Huafon Chemical Co. Ltd., Hyosung Corporation, Indorama Corporation, Invista (Koch Industries Inc.), Mitsubishi Chemical Corporation, Taekwang Industrial Co.Ltd, Teijin Limited, TK Chemical Corporation, Toray Industries Inc., Xiamen Lilong Spandex Co. Ltd. and Yantai Tayho Advanced Materials Co. Ltd.

Key Questions Answered in This Report:

What was the size of the global spandex fiber market in 2022?
What is the expected growth rate of the global spandex fiber market during 2023-2028?
What are the key factors driving the global spandex fiber market?
What has been the impact of COVID-19 on the global spandex fiber market?
What is the breakup of the global spandex fiber market based on the production method?
What is the breakup of the global spandex fiber market based on the application?
What are the key regions in the global spandex fiber market?
Who are the key players/companies in the global spandex fiber market?