PUBLISHER: Fairfield Market Research | PRODUCT CODE: 1420284
PUBLISHER: Fairfield Market Research | PRODUCT CODE: 1420284
The global spandex market is poised for remarkable expansion, with projections indicating that it will surge to a staggering $19 billion by 2031, driven by a steady growth rate of 10%. These findings come from the latest market report by Fairfield Market Research, underscoring the versatile applications and increasing demand for spandex in various sectors.
Spandex, also known as elastane, is a synthetic fabric derived from long-chain polymers, primarily segmented polyurethane. Its exceptional flexibility and durability have established it as a key player in the global textile and apparel industries, making it an integral component in intimate wear, sportswear, denim, and casual clothing. Additionally, spandex is revolutionizing the healthcare sector with applications in compression garments such as surgical hoses, support hoses, and bandages.
East Asia: China leads the East Asian spandex market, driven by rapid industrialization, a growing population, and increasing demand for medical textiles. Japan and South Korea are also experiencing expansion due to the manufacturing industry's growth and consumer preference for spandex-based clothing.
India: India accounts for 15.6% of the global spandex market and is expected to witness substantial double-digit growth from 2024 to 2031. Factors such as foreign investment, abundant raw resources, and low production costs contribute to India's spandex market growth.
United Kingdom: Despite initial doubts during the global pandemic, the UK spandex market experienced a 4.9% year-on-year growth in 2023. Rising disposable income and the popularity of innerwear, sportswear, and activewear drive this trend.
Key players in the spandex market are expanding their presence globally and enhancing their product portfolios to meet the increasing demand from clothing and medical applications. This includes adopting alternative distribution channels such as online platforms. Large manufacturers are acquiring smaller players, while smaller companies are investing in research and development to introduce innovative products.