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The Spandex Market is shaped by a combination of factors that determine its growth and dynamics. One driving force is the increasing demand for stretchable, comfortable textiles used in different industries such as textile and clothing. The market size of spandex was estimated at $ 5.36 billion in 2022. According to these estimates, the spandex market industry will grow from USD 5.69 Billion in 2023 to USD 10.87 billion by 2030 with a CAGR of 8.43%. On the other hand, cars are becoming one of the major contributors to spandex market development. In addition, it is widely used when making seat covers, upholstery, and other interior components due to its combined comfort features and good resistance to adverse environments. As automotive manufacturers prioritize enhancing the aesthetic appeal and comfort of vehicle interiors, the demand for spandex in this sector is on the rise. This shift in taste towards more comfortable and flexible car designs has also played an important role.
Moreover, awareness of sustainable materials and their adoption are among key issues affecting the textile industry today, even more so now that natural resources' depletion has become predominant on Earth. While environmental concerns continue mounting pressure on the textile and apparel industry, there is a move towards sustainability. Consequently, companies have examined recyclable or bio-based alternatives for spandex within this context as well. Furthermore, advances in technology coupled with improvements in high-performance types of spandexes contribute significantly towards its market expansion. Most attention is being paid to those spandex formulas that offer better moisture-wicking properties, improved sustainability levels, enhanced wear resistance, etc. Thus far, technological breakthroughs regarding this type of textiles have met the evolving requirements outlined above.
Asia-Pacific remains a significant player in the global spandex market owing to its robust textile industry and huge customer base. Major textile manufacturing hubs such as China and India have earned their name. Furthermore, the rise of the middle class with changing lifestyles has led to increased demand for spandex-infused clothing in Asia-Pacific region. However, there are a number of challenges facing the market for spandex. Notably, changes in prices of raw materials, including those used in polyurethane manufacturing, affect overall production costs associated with this fiber production. Additionally, geopolitical factors, trade policies, and currency fluctuations can influence raw material pricing and the profitability of spandex producers.
Spandex Market Highlights:
Global Spandex Market Overview
Spandex Market Size was valued at USD 5.36 billion in 2022. The Spandex industry is projected to grow from USD 5.69 Billion in 2023 to USD 10.87 billion by 2030, exhibiting a compound annual growth rate (CAGR) of 8.43% during the forecast period (2023 - 2030). Spandex, also referred to as Elastane, is a synthetic elastomeric fiber made of long-chain polyurethane or polyurethane-polyurea molecules. To make them durable and solid, the fiber that can be inferred from their exceptional flexibility is continually combined with various natural and synthetic textures like cotton, fleece, silk, and fabric. In industries where a high degree of flexibility and extensibility is necessary, spandex is frequently used. For instance, spandex filaments are typically used in a variety of apparel items like swimsuits, biking pants, and shirts. Be on the watch for Elaspan, Creora, Lycra, INVIYA, ROICA, and Acepora, some of the popular spandex brand names.
Spandex Market Trends
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Rising Development of Sports and Sports Clothing
The Spandex Market is being significantly stimulated by the quick development of sports and spandex clothing. The interest in sports and athletic apparel is expected to increase along with expanding consumer discretionary cash flow, which will support the growth of the spandex market. The acceptance of stretch dresses made of spandex, particularly in creative domains, is another major factor driving the growth of the Spandex market.
Also, the market is being significantly stimulated by the quick development of sports and athletic apparel. The interest in sports and athletic apparel is expected to increase along with expanding consumer discretionary cash flow, which will support the growth of the spandex market. The acceptance of stretch dresses made of spandex, particularly in creative domains, is another major factor driving the growth of the Spandex market.
Spandex Market Segment Insights
Spandex Production Process Insights
In 2022, the solution dry spinning process contributed to a significant share of the market.
In comparison to other processes, such as wet spinning and melt spinning, the high spinning speed of the solution dry-spinning method significantly increases the productivity of the product.
Due to the flammability of the solvent employed in the solution dry-spinning process, post-spinning activities are performed to completely remove the solvent. It is believed that this will restrict the process's adoption across different applications. However, it is anticipated that the process's simplicity and adaptability will encourage adoption.
In May 2021, In order to create a system for a virtuous cycle of resources, Hyosung TNC inked an MOU with the Busan Metropolitan Government and Netspa, an eco-friendly social venture firm, to collect and recycle used fishing nets into eco-friendly fibre. Busan Mayor Park Hyeong-joon, Hyosung TNC CEO Kim Yong-seup, and Netspa CEO Chung Taek-soo all attended the signing ceremony.
In May 2021, Indo Rama Synthetics (India) Limited (IRSL), a division of international petrochemical manufacturer Indorama Ventures Public Company Limited (IVL), plans to invest up to INR 6 billion (USD 82 million) in modernising machinery and expanding capacity at its manufacturing facility in Nagpur, India.
Figure 2: SPANDEX MARKET, BY PRODUCTION PROCESS, 2022 & 2030 (USD BILLION)
Spandex Regional Insights
In 2022, the Asia Pacific region held the largest market. This area has become a hub for spandex material assembly due to its ability to expand into uncharted territory, accessibility to raw materials, and low cost associated with the development cycle. Due to rapid urbanization and other changes in people's lifestyles, there is growing interest in this subject. Additionally, it is doing the greatest efforts to increase the market share of spandex during the anticipated period. Long-term improvements have also been significant in the medical care sector. As a result, the demand from the textile and healthcare industries is constantly rising, which is driving the development of the local Spandex market quickly.
Figure 2: SPANDEX MARKET, BY REGION, 2022 & 2030 (USD BILLION)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Spandex Key Market Players & Competitive Insights
Prominent manufacturers are preparing to enter the market by extending their presence across regions and enhancing their product range in response to the rising demand for garments and medical applications. To further increase their market presence in regional and international marketplaces, key industry participants are concentrating on embracing alternative distribution channels, such as online. The majority of major players are concentrating on acquiring smaller competitors, while tiny businesses need to invest heavily in R&D to expand ly and develop new goods.
Key Companies in the Spandex market includes
- Zhejiang Huafon Spandex Co. Ltd.
- Asahi Kasei Corporation
- Xiamen Lilong Spandex Co., Ltd
- DuPont
- INVISTA
- TK Chemical Corp.
- Indorama Industries Limited
- Yantai
- Taekwang Industrial Co. Ltd.
- Jiangsu Shaungliang Spandex Co., Ltd
- Hyosung Corporation
- Tayho Advanced Materials Co., Ltd
Spandex Industry Developments
In January 2022: In the materials sector, Hyosung TNC, Hyosung Advanced Materials, and Hyosung Chemical are all doing well. In 2021, the three Hyosung Group affiliates delivered record-breaking results, and profits will likely remain robust in 2022. The company's spandex division was responsible for the outstanding financial results. Hyosung TNC leads the international spandex market, according to 30 years of study. In 2020, it had a 32 percent market share. The spandex division currently accounts for more than half of the company's entire sales.
In December 2021: Indorama India Private Limited, manufacturing and marketing INVIYA brand spandex since 2012, recently had a ground-breaking ceremony for its third facility at its Baddi, Himachal Pradesh, location. By the end of 2022, the new factory will increase Indorama's spandex capacity to 75 MT/day. Indorama is the only firm on the Indian subcontinent that produces elastomeric yarns for these uses. INVIYA spandex is available in denier ranges from 10 to 1680 and a variety of lusters to meet the necessities of an extensive range of consumers.
Spandex Market Segmentation
Spandex Production Process Outlook
- Solution Dry-Spinning Process
- Solution Wet-Spinning Process
- Others
Spandex Type Outlook
- Four-way stretch type
- Two-way stretch Type
Spandex Application Industry Outlook
- Technical textiles
- Home Textiles
- Medical Textiles
- Apparels
Spandex Regional Outlook
- North Americas
- US
- Canada
- Europe
- Germany
- France
- UK
- Italy
- Spain
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- Australia
- South Korea
- Australia
- Rest of Asia-Pacific
- Middle East & Africa
- Turkey
- Israel
- South Africa
- GCC
- Rest of MEA
- Latin America
- Brazil
- Argentina
- Mexico
- Rest of LATAM
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