Market Trends of Spandex Industry
This section covers the major market trends shaping the Spandex Market according to our research experts:
Increasing demand from Apparels Application
- Spandex is a lightweight, dustproof, soft material. Spandex has an excellent resistance against body oils, perspiration, and abrasions, which makes it suitable to produce a wide variety of clothing and apparel.
- Spandex has high stretchability and can stretch to 100 times more than its original size. The clothes made up of spandex are agile and comfortable for movements. The material is known to absorb sweat, breathe and dry quickly.
- Spandex is used for making the clothes for the applications in the physical activity as the clothes made up of spandex make feel comfortable while exercising and prevent injuries caused by pulling or stretching the fabric too much.
- As the Mordor intelligence, the global apparel market is expected to reach around USD 2 trillion by 2026 with a CAGR of around 3.5% for the forecast period, which in turn will boost the demand for the spandex globally.
- The Asian sportswear & swimwear market is expected to grow with a CAGR of around 7%, European sportswear & swimwear will grow with CAGR of around 5% and North American sportswear & swimwear will grow with CAGR of around 4%, which in turn will increase the demand for spandex in the respective regions.
- Owing to all these factors, the market for spandex market is likely to grow globally during the forecast period.
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Asia-Pacific Region to Dominate the Market
- Asia-Pacific region is expected to dominate the market. China is the largest economy, in terms of GDP. Moreover, China and India are among the fastest emerging economies in the world.
- Asia Pacific region accounts for the highest population in the world, the major reason for the growth of the studied market in the region is the highest number of the consumer of apparels in the region.
- The Apparel market in the Asia-Pacific region is expected to reach around USD 810 billion with a growth of around 4%.
- As per the International Trade Administration, the sportswear market in China is projected to reach USD 82.8 billion by 2024 with a growth rate of 11% annually.
- The sportswear & swimwear market in India is expected to reach USD 5.14 billion by 2026 with a CAGR of around 4.8 % for the forecast period whereas Japanese sportswear & swimwear market is expected to grow at the CAGR of around 8% and will reach to around USD 8.44 billion by 2026.
- Due to all such factors, the market for spandex in the region is expected to have a steady growth during the forecast period.
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