PUBLISHER: Stratistics Market Research Consulting | PRODUCT CODE: 1454047
PUBLISHER: Stratistics Market Research Consulting | PRODUCT CODE: 1454047
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(R). 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
Free Customization Offerings:
All the customers of this report will be entitled to receive one of the following free customization options:
- Company Profiling
- Comprehensive profiling of additional market players (up to 3)
- SWOT Analysis of key players (up to 3)
- Regional Segmentation
- Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
- Competitive Benchmarking
- Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances
Table of Contents
1 Executive Summary
2 Preface
- 2.1 Abstract
- 2.2 Stake Holders
- 2.3 Research Scope
- 2.4 Research Methodology
- 2.4.1 Data Mining
- 2.4.2 Data Analysis
- 2.4.3 Data Validation
- 2.4.4 Research Approach
- 2.5 Research Sources
- 2.5.1 Primary Research Sources
- 2.5.2 Secondary Research Sources
- 2.5.3 Assumptions
3 Market Trend Analysis
- 3.1 Introduction
- 3.2 Drivers
- 3.3 Restraints
- 3.4 Opportunities
- 3.5 Threats
- 3.6 Technology Analysis
- 3.7 Application Analysis
- 3.8 Emerging Markets
- 3.9 Impact of Covid-19
4 Porters Five Force Analysis
- 4.1 Bargaining power of suppliers
- 4.2 Bargaining power of buyers
- 4.3 Threat of substitutes
- 4.4 Threat of new entrants
- 4.5 Competitive rivalry
5 Global Spandex Market, By Type
- 5.1 Introduction
- 5.2 Two-Way
- 5.3 Four-Way
6 Global Spandex Market, By Process
- 6.1 Introduction
- 6.2 Yarn Covering
- 6.3 Knitting
- 6.4 Weaving
7 Global Spandex Market, By Technology
- 7.1 Introduction
- 7.2 Wet Spinning
- 7.3 Solution Dry Spinning
- 7.4 Other Technologies
8 Global Spandex Market, By Application
- 8.1 Introduction
- 8.2 Medical
- 8.3 Clothing
- 8.4 Other Applications
9 Global Spandex Market, By Geography
- 9.1 Introduction
- 9.2 North America
- 9.2.1 US
- 9.2.2 Canada
- 9.2.3 Mexico
- 9.3 Europe
- 9.3.1 Germany
- 9.3.2 UK
- 9.3.3 Italy
- 9.3.4 France
- 9.3.5 Spain
- 9.3.6 Rest of Europe
- 9.4 Asia Pacific
- 9.4.1 Japan
- 9.4.2 China
- 9.4.3 India
- 9.4.4 Australia
- 9.4.5 New Zealand
- 9.4.6 South Korea
- 9.4.7 Rest of Asia Pacific
- 9.5 South America
- 9.5.1 Argentina
- 9.5.2 Brazil
- 9.5.3 Chile
- 9.5.4 Rest of South America
- 9.6 Middle East & Africa
- 9.6.1 Saudi Arabia
- 9.6.2 UAE
- 9.6.3 Qatar
- 9.6.4 South Africa
- 9.6.5 Rest of Middle East & Africa
10 Key Developments
- 10.1 Agreements, Partnerships, Collaborations and Joint Ventures
- 10.2 Acquisitions & Mergers
- 10.3 New Product Launch
- 10.4 Expansions
- 10.5 Other Key Strategies
11 Company Profiling
- 11.1 Indorama Industries Ltd.
- 11.2 Asahi Kasei Corporation
- 11.3 Highsun Group
- 11.4 Huafon Chemical Co., Ltd.
- 11.5 Hyosung Corporation
- 11.6 Spandex Corporation Ltd.
- 11.7 Taekwang Industrial Co. Ltd.
- 11.8 TK Chemical Corporation
- 11.9 Toray Industries Inc.
- 11.10 Xiamen Lilong Spandex Co.Ltd.
- 11.11 Yantai Spandex Co. Ltd.
- 11.12 Zhejiang Huafon Spandex Co. Ltd.
- 11.13 DuPont de Nemours, Inc.
- 11.14 Shandong Ruyi Group
- 11.15 Teijin Ltd
List of Tables
- Table 1 Global Spandex Market Outlook, By Region (2021-2030) ($MN)
- Table 2 Global Spandex Market Outlook, By Type (2021-2030) ($MN)
- Table 3 Global Spandex Market Outlook, By Two-Way (2021-2030) ($MN)
- Table 4 Global Spandex Market Outlook, By Four-Way (2021-2030) ($MN)
- Table 5 Global Spandex Market Outlook, By Process (2021-2030) ($MN)
- Table 6 Global Spandex Market Outlook, By Yarn Covering (2021-2030) ($MN)
- Table 7 Global Spandex Market Outlook, By Knitting (2021-2030) ($MN)
- Table 8 Global Spandex Market Outlook, By Weaving (2021-2030) ($MN)
- Table 9 Global Spandex Market Outlook, By Technology (2021-2030) ($MN)
- Table 10 Global Spandex Market Outlook, By Wet Spinning (2021-2030) ($MN)
- Table 11 Global Spandex Market Outlook, By Solution Dry Spinning (2021-2030) ($MN)
- Table 12 Global Spandex Market Outlook, By Other Technologies (2021-2030) ($MN)
- Table 13 Global Spandex Market Outlook, By Application (2021-2030) ($MN)
- Table 14 Global Spandex Market Outlook, By Medical (2021-2030) ($MN)
- Table 15 Global Spandex Market Outlook, By Clothing (2021-2030) ($MN)
- Table 16 Global Spandex Market Outlook, By Other Applications (2021-2030) ($MN)
- Table 17 North America Spandex Market Outlook, By Country (2021-2030) ($MN)
- Table 18 North America Spandex Market Outlook, By Type (2021-2030) ($MN)
- Table 19 North America Spandex Market Outlook, By Two-Way (2021-2030) ($MN)
- Table 20 North America Spandex Market Outlook, By Four-Way (2021-2030) ($MN)
- Table 21 North America Spandex Market Outlook, By Process (2021-2030) ($MN)
- Table 22 North America Spandex Market Outlook, By Yarn Covering (2021-2030) ($MN)
- Table 23 North America Spandex Market Outlook, By Knitting (2021-2030) ($MN)
- Table 24 North America Spandex Market Outlook, By Weaving (2021-2030) ($MN)
- Table 25 North America Spandex Market Outlook, By Technology (2021-2030) ($MN)
- Table 26 North America Spandex Market Outlook, By Wet Spinning (2021-2030) ($MN)
- Table 27 North America Spandex Market Outlook, By Solution Dry Spinning (2021-2030) ($MN)
- Table 28 North America Spandex Market Outlook, By Other Technologies (2021-2030) ($MN)
- Table 29 North America Spandex Market Outlook, By Application (2021-2030) ($MN)
- Table 30 North America Spandex Market Outlook, By Medical (2021-2030) ($MN)
- Table 31 North America Spandex Market Outlook, By Clothing (2021-2030) ($MN)
- Table 32 North America Spandex Market Outlook, By Other Applications (2021-2030) ($MN)
- Table 33 Europe Spandex Market Outlook, By Country (2021-2030) ($MN)
- Table 34 Europe Spandex Market Outlook, By Type (2021-2030) ($MN)
- Table 35 Europe Spandex Market Outlook, By Two-Way (2021-2030) ($MN)
- Table 36 Europe Spandex Market Outlook, By Four-Way (2021-2030) ($MN)
- Table 37 Europe Spandex Market Outlook, By Process (2021-2030) ($MN)
- Table 38 Europe Spandex Market Outlook, By Yarn Covering (2021-2030) ($MN)
- Table 39 Europe Spandex Market Outlook, By Knitting (2021-2030) ($MN)
- Table 40 Europe Spandex Market Outlook, By Weaving (2021-2030) ($MN)
- Table 41 Europe Spandex Market Outlook, By Technology (2021-2030) ($MN)
- Table 42 Europe Spandex Market Outlook, By Wet Spinning (2021-2030) ($MN)
- Table 43 Europe Spandex Market Outlook, By Solution Dry Spinning (2021-2030) ($MN)
- Table 44 Europe Spandex Market Outlook, By Other Technologies (2021-2030) ($MN)
- Table 45 Europe Spandex Market Outlook, By Application (2021-2030) ($MN)
- Table 46 Europe Spandex Market Outlook, By Medical (2021-2030) ($MN)
- Table 47 Europe Spandex Market Outlook, By Clothing (2021-2030) ($MN)
- Table 48 Europe Spandex Market Outlook, By Other Applications (2021-2030) ($MN)
- Table 49 Asia Pacific Spandex Market Outlook, By Country (2021-2030) ($MN)
- Table 50 Asia Pacific Spandex Market Outlook, By Type (2021-2030) ($MN)
- Table 51 Asia Pacific Spandex Market Outlook, By Two-Way (2021-2030) ($MN)
- Table 52 Asia Pacific Spandex Market Outlook, By Four-Way (2021-2030) ($MN)
- Table 53 Asia Pacific Spandex Market Outlook, By Process (2021-2030) ($MN)
- Table 54 Asia Pacific Spandex Market Outlook, By Yarn Covering (2021-2030) ($MN)
- Table 55 Asia Pacific Spandex Market Outlook, By Knitting (2021-2030) ($MN)
- Table 56 Asia Pacific Spandex Market Outlook, By Weaving (2021-2030) ($MN)
- Table 57 Asia Pacific Spandex Market Outlook, By Technology (2021-2030) ($MN)
- Table 58 Asia Pacific Spandex Market Outlook, By Wet Spinning (2021-2030) ($MN)
- Table 59 Asia Pacific Spandex Market Outlook, By Solution Dry Spinning (2021-2030) ($MN)
- Table 60 Asia Pacific Spandex Market Outlook, By Other Technologies (2021-2030) ($MN)
- Table 61 Asia Pacific Spandex Market Outlook, By Application (2021-2030) ($MN)
- Table 62 Asia Pacific Spandex Market Outlook, By Medical (2021-2030) ($MN)
- Table 63 Asia Pacific Spandex Market Outlook, By Clothing (2021-2030) ($MN)
- Table 64 Asia Pacific Spandex Market Outlook, By Other Applications (2021-2030) ($MN)
- Table 65 South America Spandex Market Outlook, By Country (2021-2030) ($MN)
- Table 66 South America Spandex Market Outlook, By Type (2021-2030) ($MN)
- Table 67 South America Spandex Market Outlook, By Two-Way (2021-2030) ($MN)
- Table 68 South America Spandex Market Outlook, By Four-Way (2021-2030) ($MN)
- Table 69 South America Spandex Market Outlook, By Process (2021-2030) ($MN)
- Table 70 South America Spandex Market Outlook, By Yarn Covering (2021-2030) ($MN)
- Table 71 South America Spandex Market Outlook, By Knitting (2021-2030) ($MN)
- Table 72 South America Spandex Market Outlook, By Weaving (2021-2030) ($MN)
- Table 73 South America Spandex Market Outlook, By Technology (2021-2030) ($MN)
- Table 74 South America Spandex Market Outlook, By Wet Spinning (2021-2030) ($MN)
- Table 75 South America Spandex Market Outlook, By Solution Dry Spinning (2021-2030) ($MN)
- Table 76 South America Spandex Market Outlook, By Other Technologies (2021-2030) ($MN)
- Table 77 South America Spandex Market Outlook, By Application (2021-2030) ($MN)
- Table 78 South America Spandex Market Outlook, By Medical (2021-2030) ($MN)
- Table 79 South America Spandex Market Outlook, By Clothing (2021-2030) ($MN)
- Table 80 South America Spandex Market Outlook, By Other Applications (2021-2030) ($MN)
- Table 81 Middle East & Africa Spandex Market Outlook, By Country (2021-2030) ($MN)
- Table 82 Middle East & Africa Spandex Market Outlook, By Type (2021-2030) ($MN)
- Table 83 Middle East & Africa Spandex Market Outlook, By Two-Way (2021-2030) ($MN)
- Table 84 Middle East & Africa Spandex Market Outlook, By Four-Way (2021-2030) ($MN)
- Table 85 Middle East & Africa Spandex Market Outlook, By Process (2021-2030) ($MN)
- Table 86 Middle East & Africa Spandex Market Outlook, By Yarn Covering (2021-2030) ($MN)
- Table 87 Middle East & Africa Spandex Market Outlook, By Knitting (2021-2030) ($MN)
- Table 88 Middle East & Africa Spandex Market Outlook, By Weaving (2021-2030) ($MN)
- Table 89 Middle East & Africa Spandex Market Outlook, By Technology (2021-2030) ($MN)
- Table 90 Middle East & Africa Spandex Market Outlook, By Wet Spinning (2021-2030) ($MN)
- Table 91 Middle East & Africa Spandex Market Outlook, By Solution Dry Spinning (2021-2030) ($MN)
- Table 92 Middle East & Africa Spandex Market Outlook, By Other Technologies (2021-2030) ($MN)
- Table 93 Middle East & Africa Spandex Market Outlook, By Application (2021-2030) ($MN)
- Table 94 Middle East & Africa Spandex Market Outlook, By Medical (2021-2030) ($MN)
- Table 95 Middle East & Africa Spandex Market Outlook, By Clothing (2021-2030) ($MN)
- Table 96 Middle East & Africa Spandex Market Outlook, By Other Applications (2021-2030) ($MN)
