Spandex Market

Spandex Market Outlook

As per rigorous research by ChemView Consulting, our analysts believe that the global spandex market will grow at a 5.1%?CAGR during the period 2023–2033 to reach a valuation of?US $14,167.4 million by 2033.

Key Findings on the Spandex Market

1. Which is the largest market for spandex?

The biggest market for spandex is East Asia. As per our analysis, East Asia holds nearly 31.1% share of the spandex market.

2. What is the largest application segment within the spandex market?

As per ChemView Consulting, the largest segment by application is clothing. As per our analysis, this segment accounts for nearly 78.3% of total revenues.

3. At what rate is the spandex market expected to grow?

The spandex market is expected to grow at a CAGR of 5.1% during the period 2023–2033.

4. What are the major trends influencing the spandex market?

• Aging Population: The aging population’s need for comfortable and functional clothes has increased demand for stretchable textiles, particularly spandex blends, in the senior clothing market.
• Growth in E-commerce: The rise of online retail channels has made it easier for customers to obtain a wide range of spandex-based garments, which has contributed to the market’s expansion.

5. Who are the leading players in the spandex market??

The key companies in the spandex market are Taekwang Industrial Co. Ltd., The LYCRA Company, TK Chemical Corp., Indorama India Private Ltd., DuPont de Nemours, Inc., Hyosung Corporation, Invista, Toray Industries, Inc., Zhejiang Huafon Spandex Co. Ltd., and Asahi Kasei Corporation.

Key Drivers for Spandex Demand

• The widespread use of spandex in the apparel industry is the key driver of market expansion. Spandex has excellent stretch and recovery capabilities, making it a popular fabric for making comfortable and form-fitting garments. As consumer trends shift towards fitness, athleisure, and other flexible clothes, demand for spandex is likely to skyrocket.
• In addition, rapid urbanisation and changing lifestyles have boosted demand for comfortable clothing that can be worn for a variety of activities. The growing need for adaptable, flexible, and attractive clothes is increasing the adoption of spandex-based fabrics, which is boosting market growth.

Key Challenges Inhibiting Demand for Spandex

• Price fluctuations in major raw materials such as polyurethane and petrochemical derivatives can have an impact on the cost structure of spandex production, reducing profit margins and overall market competitiveness.
• Moreover, while spandex is frequently used in clothes and apparel, it has fewer applications than other fibers. Expansion into new markets or industries may necessitate substantial investment and product modification.

Key Challenges & Opportunities for Spandex Manufacturers

• Spandex manufacture includes complex chemical processes that necessitate specialised equipment and skilled labour. This complexity can result in production bottlenecks, quality control concerns, and increased production costs.
• However, collaborations with prominent fashion designers and brands can increase the exposure and appeal of spandex-based products. Manufacturers can use these collaborations to produce exclusive collections that draw attention and increase sales.

Country/Region-wise Insights

US Spandex Market Forecast

• Changing customer preferences for functional and cozy apparel, along with ongoing advancements in production techniques for spandex in the US market, are projected to observe significant growth?in the estimated period.
• In addition, the increased awareness of fitness and wellness, as well as the trend towards athleisure fashion, are expected to drive demand for spandex-based products even higher.

Europe Spandex Market Outlook

• Growing demand for active and athleisure apparel, as well as advances in textile technology in the Europe market, are anticipated to drive sales in the market over the assessment period.
• Moreover, the emphasis on sustainable and eco-friendly materials may increase the use of spandex as manufacturers seek new ways to develop environmentally conscious fabrics.

Japan Spandex Market Forecast

• The increasing use of spandex in sporting, athleisure, and undergarments due to its outstanding elasticity and comfort in the Japan market is anticipated to drive the market over the forecasted period.
• In addition, a growing awareness of spandex’s benefits, such as its ability to improve fit and performance, has boosted its integration into numerous apparel segments.

China & India Spandex Market Forecast

• Rapidly growing economies, expanding populations, and rising disposable incomes in the China & India markets are anticipated to fuel the market over the forecast period. China & India spandex markets are likely to account for a leading share of the global spandex market.?
• Moreover, the increased emphasis on health and wellness is driving demand for sportswear and athleisure, which increases the demand for spandex materials.

Spandex Market Outlook & Forecast by Segmentation

By Technology

Based on technology, the solution dry-spinning segment is expected to remain at the forefront of spandex market share over the assessment period. The growth is mainly because dry-spinning enables precise control over the process parameters; the resulting spandex fibers have a constant diameter, good elasticity, and desirable mechanical qualities. This uniformity in quality is critical for addressing the needs of varied end-use applications.

Furthermore, the dry-spinning technique allows for the development of a wide range of spandex fibers with varying deniers, colours, and properties. Manufacturers can customize the fibers to satisfy the needs of specific markets, such as fashion, sporting, lingerie, and medical textiles.

By Application

Based on application, the clothing segment is set to account for 78.3% of the spandex market share over the assessment period. The growth is mainly because spandex helps garments keep their shape and fit over time, avoiding sagging and bagginess. This feature is especially useful for form-fitting clothes like leggings, swimwear, and shapewear.

In addition, the fashion industry frequently incorporates spandex blends into numerous designs to attain trendy, sleek, and body-hugging aesthetics. Its adaptability allows designers to experiment with various textures, patterns, and styles.

Furthermore, because of its stretchability, spandex is a popular choice for maternity clothes because it fits the changing shape of the body throughout pregnancy.

Which Company Owns the Largest Share in the Spandex Market? 

The key companies in the spandex market are Taekwang Industrial Co. Ltd., The LYCRA Company, TK Chemical Corp., Indorama India Private Ltd., DuPont de Nemours, Inc., Hyosung Corporation, Invista, Toray Industries, Inc., Zhejiang Huafon Spandex Co. Ltd., and Asahi Kasei Corporation.

Recent Developments:

• In August 2023, The LYCRA Company, a global pioneer in providing innovative and sustainable fiber and technology solutions for the garment and textile sectors, announced a statement saying that it planned on showcasing its newest products at Intertextile Shanghai.
• In September 2022, The LYCRA Company announced a collaboration with Qore® LLC to allow large-scale production of bio-derived spandex.
• In June 2022, Indorama India Private Ltd., a spandex company situated in Himachal Pradesh, introduced a brand-new, super-comfy, hygiene-grade spandex for infant and adult diapers called SnugFitTM.

As per our analysis, the companies that hold the largest share in the market are

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Hyosung Corporation

Founded in 1966 and with headquarters in Mapo-gu, Seoul, South Korea, it operates in a variety of industries, including industrial machinery, the chemical industry, information technology, trading, and construction.

Toray Industries, Inc.

Founded in 1926 and headquartered in Japan, it is a worldwide firm that specialises in industrial products based on innovations in polymer chemistry, organic synthetic chemistry, and biochemistry.

TK Chemical Corporation

Founded in 1965 and with headquarters in South Korea, it deals with offering textile products.

Invista

Founded in 1998 and with headquarters in Wichita, Kansas, United States, it is a major producer of ingredients for the nylon 6,6 and polypropylene value chains, contributing to the commercialization of numerous necessities of life.

Asahi Kasei Corporation

Established in 1931 and with headquarters in Chiyoda City, Tokyo, Japan, it is a multinational chemical company.

What Makes this Report More Insightful than Others?

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