Market Size of Spandex Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | 6.00 % |
| Fastest Growing Market | Asia-Pacific |
| Largest Market | Asia-Pacific |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Spandex Market Analysis
The Global Spandex market is projected to register a CAGR of around 6% during the forecast period (2022-2027).
The market was negatively impacted by COVID-19 in 2020. The COVID-19 pandemic affected the market with the pandemic the supply chain and market were disrupted. During the pandemic, many factories producing spandex were shut down.
- Over the short term, rising demand for spandex for the usage in sportswear and activewear is the driving factor which is stimulating the market demand.
- Environmental degradation caused by spandex fabric is supposed to hinder market growth.
- The emergence of the usage of spandex for industrial applications and production using biodegradable materials is likely to create opportunities for the market in the coming years.
- Asia-Pacific region is expected to dominate the market and is also likely to witness the highest CAGR during the forecast period.
Spandex Industry Segmentation
Spandex (also known as Elastane Fiber) is a synthetic polymer that contains at least 85% polyurethane and is made up of a long-chain polyglycol combined with a short di-isocyanate. Spandex has excellent stretchability and is a strong, light, and versatile fiber. The Global Spandex Market is segmented by production method, application and geography. By production method, the market is segmented into Solution Dry Spinning, Solution Wet Spinning, and Others. By Application, the market is segmented into Apparels, Medical, and Other Applications. The report also covers the market size and forecasts for the Global Spandex Market in 15 countries across major regions. For each segment, the market sizing and forecasts have been done based on revenue (USD Million).
| Production Method | |
| Solution Dry Spinning | |
| Solution Wet Spinning | |
| Others |
| Application | |
| Apparels | |
| Medical | |
| Other Applications |
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Spandex Market Size Summary
The global spandex market is anticipated to experience significant growth over the forecast period, driven primarily by the increasing demand for spandex in sportswear and activewear applications. This demand is fueled by the material's unique properties, such as high stretchability, comfort, and resistance to body oils and perspiration, making it ideal for clothing that requires agility and durability. Despite the challenges posed by environmental concerns related to spandex production, the market is poised for expansion due to emerging opportunities in industrial applications and the use of biodegradable materials. The Asia-Pacific region is expected to lead the market, benefiting from its large consumer base and rapid economic growth, particularly in countries like China and India.
The spandex market's growth is further supported by the expanding global apparel market, with significant contributions from the sportswear and swimwear sectors in Asia, Europe, and North America. The region's dominance is attributed to its high population and increasing consumer demand for apparel. Major players in the partially consolidated market include Asahi Kasei Corporation, TK CHEMICAL CORPORATION, Indorama Corporation, HYOSUNG TNC., and The LYCRA Company, who continue to innovate and expand their product offerings. Recent developments, such as Huafon Chemical Co., Ltd.'s introduction of a new spandex filament product, highlight the ongoing advancements within the industry. Overall, the spandex market is expected to witness steady growth, driven by both regional demand and technological innovations.
Spandex Market Size - Table of Contents
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1. MARKET DYNAMICS
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1.1 Drivers
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1.1.1 Increase in Usage for Sport Wear and Active Wear
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1.1.2 Other Drivers
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1.2 Restraints
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1.2.1 Environmental Degradation Caused by Spandex Fabric
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1.2.2 Other Restraints
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1.3 Industry Value-Chain Analysis
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1.4 Porter's Five Forces Analysis
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1.4.1 Bargaining Power of Suppliers
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1.4.2 Bargaining Power of Buyers
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1.4.3 Threat of New Entrants
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1.4.4 Threat of Substitute Products and Services
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1.4.5 Degree of Competition
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2. MARKET SEGMENTATION
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2.1 Production Method
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2.1.1 Solution Dry Spinning
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2.1.2 Solution Wet Spinning
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2.1.3 Others
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2.2 Application
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2.2.1 Apparels
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2.2.2 Medical
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2.2.3 Other Applications
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2.3 Geography
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2.3.1 Asia-Pacific
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2.3.1.1 China
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2.3.1.2 India
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2.3.1.3 Japan
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2.3.1.4 South Korea
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2.3.1.5 Rest of Asia-Pacific
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2.3.2 North America
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2.3.2.1 United States
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2.3.2.2 Canada
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2.3.2.3 Mexico
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2.3.3 Europe
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2.3.3.1 Germany
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2.3.3.2 United Kingdom
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2.3.3.3 Italy
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2.3.3.4 France
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2.3.3.5 Rest of Europe
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2.3.4 South America
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2.3.4.1 Brazil
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2.3.4.2 Argentina
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2.3.4.3 Rest of South America
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2.3.5 Middle-East and Africa
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2.3.5.1 Saudi Arabia
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2.3.5.2 South Africa
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2.3.5.3 Rest of Middle-East and Africa
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Spandex Market Size FAQs
What is the current Spandex Market size?
The Spandex Market is projected to register a CAGR of less than 6% during the forecast period (2024-2029)
Who are the key players in Spandex Market?
Asahi Kasei Corporation, TK CHEMICAL CORPORATION, Indorama Corporation , HYOSUNG TNC. and The LYCRA Company are the major companies operating in the Spandex Market.
