Spandex Market Forecasts to 2030 – Global Analysis By Type (Two-Way and Four-Way), Process, Technology, Application and By Geography

Spandex Market Forecasts to 2030 – Global Analysis By Type (Two-Way and Four-Way), Process, Technology, Application and By Geography

According to Stratistics MRC, the Global Spandex Market is accounted for $8.3 billion in 2023 and is expected to reach $11.1 billion by 2030 growing at a CAGR of 4.2% during the forecast period. Spandex, also known as elastane or Lycra, is a synthetic fiber known for its exceptional elasticity. It is made from a long-chain polymer called polyurethane, which is derived from petrochemicals. Spandex fibers can stretch up to five times their original length and still return to their original shape when relaxed. This property makes spandex an ideal material for clothing that requires a high degree of stretch, such as activewear, swimwear, underwear, and form-fitting garments. Additionally, spandex is often blended with other fibers like cotton, polyester, or nylon to improve the stretch and comfort of the resulting fabric.

Market Dynamics:

Driver:

Growing demand in apparel industry

The apparel industry is witnessing a surge in demand for spandex, driven by its exceptional elasticity and comfort properties. It is increasingly sought after for its ability to enhance the flexibility and fit of garments, particularly in activewear, athleisure, and intimate apparel segments. This trend is fueled by evolving consumer preferences towards more comfortable and performance-oriented clothing. As a result, the market is experiencing significant growth, catering to the burgeoning needs of the apparel industry.

Restraint:

Technological disruptions

Advanced weaving techniques, such as air-jet spinning and double-covering, enhance fabric durability and elasticity, meeting diverse industry demands. The integration of nanotechnology enables the development of spandex with superior moisture-wicking properties and antibacterial capabilities, catering to the growing athleisure sector. Therefore, the market is experiencing significant technological disruptions, with innovations revolutionizing manufacturing processes and product performance.

Opportunity:

Growing awareness of fitness and health

With more people prioritizing active lifestyles, demand for spandex-infused clothing has risen sharply. Consumers seek garments that offer flexibility, comfort, and durability, qualities inherent in Spandex-based products. This trend has propelled the market forward, as individuals increasingly opt for activewear that supports their exercise routines. Manufacturers are responding by innovating with these blends, catering to the evolving needs of health-conscious consumers.

Threat:

Fluctuating raw material prices

Fluctuations in the prices of key materials like polyurethane precursors are causing uncertainty for manufacturers and buyers alike. These price variations are influenced by factors such as supply chain disruptions, changes in demand, and geopolitical tensions. Consequently, manufacturers and traders in the market are facing challenges in maintaining pricing stability and profit margins. Thus, the market is experiencing volatility in raw material prices, impacting production costs and market dynamics.

Covid-19 Impact:

The COVID-19 pandemic significantly impacted the spandex market, causing disruptions in both supply and demand. With widespread lockdowns and restrictions, manufacturing activities were hampered, leading to a decrease in production output. Additionally, reduced consumer spending on non-essential items, including apparel, further dampened demand for spandex-containing garments. However, as economies gradually reopen and consumer confidence improves, the spandex market is expected to witness a rebound, albeit with lingering uncertainties surrounding global economic recovery and supply chain disruptions.

The knitting segment is expected to be the largest during the forecast period

The knitting segment is expected to be the largest during the forecast period driven by the increasing demand for comfortable and stretchable textiles across various applications. The trend towards athleisure and fitness-conscious consumer preferences further propels market expansion. Additionally, technological advancements in knitting techniques and spandex blends enhance product performance and versatility.

The clothing segment is expected to have the highest CAGR during the forecast period

The clothing segment is expected to have the highest CAGR during the forecast period driven by growing demand for flexible and form-fitting apparel. Consumers increasingly prioritize comfort and performance, fueling the popularity of spandex-based clothing across various demographics. This trend shows no signs of slowing down, with innovative designs and advanced fabric technologies continuously reshaping the spandex clothing market landscape.

Region with largest share:

North America is projected to hold the largest market share during the forecast period. Factors such as increasing fitness awareness among consumers, rising disposable incomes, and advancements in textile technologies contribute to the market expansion. Additionally, the versatility and comfort offered by spandex in clothing applications further propel its adoption. With a competitive landscape characterized by innovation and product development, the market is poised for continued growth in the foreseeable future.

Region with highest CAGR:

Asia Pacific is projected to hold the highest CAGR over the forecast period. With rising disposable incomes and changing lifestyles, there has been an increasing demand for comfortable clothing that provides flexibility and ease of movement. Manufacturers are continually innovating to develop new types of spandex fabrics that offer enhanced properties such as moisture-wicking, antibacterial properties, and improved breathability.

Key players in the market

Some of the key players in Spandex market include Indorama Industries Ltd., Asahi Kasei Corporation, Highsun Group, Huafon Chemical Co., Ltd., Hyosung Corporation, Spandex Corporation Ltd, Taekwang Industrial Co. Ltd., TK Chemical Corporation, Toray Industries Inc., Xiamen Lilong Spandex Co.Ltd., Yantai Spandex Co. Ltd., Zhejiang Huafon Spandex Co. Ltd., DuPont de Nemours, Inc., Shandong Ruyi Group and Teijin Ltd.

Key Developments:

In April 2023, Hyosung TNC announced the launch of eco-friendly black spandex products to the global textile market under its trademark creora®. The products are made of bio-based or recycled materials and do not require dyeing, which saves water and reduces environmental impact.

In June 2022, Toray Establishes a New Development and Marketing Center in Order to Expand Its Environmental and Mobility Businesses.

Types Covered:
• Two-Way
• Four-Way

Processes Covered:
• Yarn Covering
• Knitting
• Weaving
• Airways
• Land ways

Technologies Covered:
• Wet Spinning
• Solution Dry Spinning
• Other Technologies

Applications Covered:
• Medical
• Clothing
• Other Applications

Regions Covered:
• North America
US
Canada
Mexico
• Europe
Germany
UK
Italy
France
Spain
Rest of Europe
• Asia Pacific
Japan
China
India
Australia
New Zealand
South Korea
Rest of Asia Pacific
• South America
Argentina
Brazil
Chile
Rest of South America
• Middle East & Africa
Saudi Arabia
UAE
Qatar
South Africa
Rest of Middle East & Africa

What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2021, 2022, 2023, 2026, and 2030
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements