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Spandex Market

Global Market Study on Spandex: Soaring Popularity of Eco-friendly Products Driving Demand for Spandex

Spandex Market by Fabric Type (Two-Way and Four-Way)

Global Spandex Market Snapshot

According to Persistence Market Research's most recent market report, the global market for spandex will reach US$ 9,100.0 Mn in 2023. The market for spandex is expected to reach US$ 20,198.8 Mn in value by 2033 with a steady growth rate of 8.3%.

Attribute

Details

Spandex Sales (2022A)

US$ 8,487.2 Mn

Spandex Demand (2023E)

US$ 9,100.0 Mn

Spandex Market Projections (2033F)

US$ 20,198.8 Mn

Value CAGR (2023-2033)

8.3%

Collective Value Share: Top 3 Countries (2023E)

31.1%

Spandex is a synthetic fabric made from a long-chain polymer that contains at least 85% segmented polyurethane. This fibre, commonly known as "elastane," is a synthetic long-chain polyurethane-poly urea copolymer made up of flexible macro-glycol segments and hard diisocyanate segments organized in a certain order. Due to its remarkable flexibility and high durability, it has a wide range of uses in the global textile and apparel industries.

Spandex fibers are the most widely used elastomeric fibers in a diverse range of applications across the textile & clothing Industry. Some of the prominent application areas include intimate wear, sportswear, types of denim, and casual clothing. Being lightweight and flexible renders them effective in applications such as activewear or sportswear such as swimsuits exercise wear, etc. Spandex fibers are also finding application in the healthcare sector. It finds application in compression garments - surgical hoses, support hoses, and bandages, among others.

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Historical (2017-22) v/s Forecast (2023-33) Market Outlook for Spandex Market

According to the historical analysis, the market for spandex expanded at a compound annual growth rate (CAGR) of 5.5% from 2017 to 2022. The COVID-19 pandemic halted production activities in different industrial sectors, inversely influencing market expansion. A drop in the demand across different end-use sectors stagnated revenue generation in the market. The market is expected to pick up its pace over the coming months.

The market for spandex is anticipated to grow more quickly than in the past. The market is predicted to expand at a CAGR of 8.3% over the forecast timeframe. Developing economies such as those in the Asia Pacific and Latin America are expected to witness a steady increase in demand for spandex over the forecast period. Growing population coupled with economic growth, especially in developing regions across the globe, and increasing preference for spandex-based clothing across different industries, including healthcare and textiles & clothes, is projected to impart robust growth to the global market.

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Market Dynamics

Increasing demand for Medical Textiles creates ample space for Spandex.

Spandex fibers are an integral part of textiles and fabric used in the manufacture of clothing and apparel used in the medical sector. These fibers, owing to their exceptional properties, have gained prominence in applications such as compression stockings, bandages, surgical hoses, etc. Moreover, one of the major application areas of spandex is in the manufacture of diapers and incontinence products. The diaper market is anticipated to witness robust growth over the forecast period, owing to increasing demand from countries such as China and India. For instance, the penetration of diapers in India is currently a mere 2–3%. Also, there has been a steady increase in demand for compression stockings and bandages in the recent past. This increasing demand is another factor that is anticipated to drive the spandex market over the forecast period.

Increase in the Use of substitutes Constraints the market growth for Spandex.

Polybutylene terephthalate (PBT) and Natural rubber latex (NRL) are some of the alternatives to spandex fibers used in stretch textiles and clothing applications. NRL is the second-most widely used elastomeric fiber for stretch textile applications after spandex fiber. The advantage of NRL over spandex is that it helps achieve a reasonable fit and stretch property in the fabric at a relatively low cost. Another alternative to spandex is polybutylene terephthalate (PBT). A sizeable amount of PBT is used in stretch textiles. Similar to NRL, PBT also offers a cost-effective alternative to spandex in stretch textile applications.

A flourishing Spike in the demand for Bio-Based Products is the new key trend adopted by key players

Raw materials involved in the commercial production of spandex fibers, namely poly tetra-methylene ether glycol (PTMEG) and diphenylmethane diisocyanate (MDI), are derived from petroleum feedstock. Volatility in prices of these raw materials and growing emphasis on sustainability in the overall textile value chain are influencing spandex manufacturers to channel efforts towards developing sustainable, green, bio-based product offerings.

For instance,

In May 2021, INVISTA completed its project to bring the company’s most advanced adiponitrile (ADN) technology to its site in Victoria, Texas. The site will manage a controlled start-up and ramp-up of ADN production.

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Country-wise Insights

What Is the Growth Outlook of the Spandex Market in the East Asia Region?

A significant portion of the East Asian spandex market is dominated by China due to the country's expanding manufacturing sector. Rapid industrialization, growing population, increasing consumer disposable income, rising demand for medical textiles, low-cost manufacturing, and processing, as well as a surge in foreign investment, are all contributing to the country's market expansion. Rising expansion of the manufacturing industry in Japan and South Korea and increasing consumer preference towards spandex-based clothing also bolstering the spandex market in the region.

What is the market scenario of Spandex in the Indian market?

India accounts for nearly 15.6% of the global spandex market and is expected to witness double-digit growth during 2023-2033. India has become a textile manufacturing powerhouse due to increased foreign investment, availability of raw resources, and low production costs. Rapid urbanization and improving people's lifestyles are driving up local demand in this developing economy, as, over time, the healthcare industry has also seen significant advancements, in turn, raising the consumption of spandex in the country. As a result, demand from both, clothe thing and healthcare industries is steadily growing, resulting in significant market expansion in India.

What is the market scenario of Spandex in the UK market?

In 2022, the U.K. market witnessed 4.9% year on year, bucking initial skepticism about how the market would perform during a global pandemic. Rising demand for apparel such as innerwear, sportswear, and activewear in the U.K. is expected to fuel market growth further. Due to rising disposable income levels and the growing popularity of different sports and leisure activities, the market for spandex is gaining traction in the coming future.

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Category-wise Insights

What is the demand outlook of the Four-way segment in the Spandex market?

One of the most popular fabric kinds is the four-way spandex. This fabric can be stretched in both, crosswise and lengthwise directions. It has a high degree of elasticity, making it ideal for use in sportswear. The textile industry's demand for this fabric type is expected to increase, boosting the sub-segments.

What is the demand outlook of the Covered Yarn segment in the Spandex market?

Based on Process, the market is segmented into Covered Yarn, Knitting, and Weaving. The market for spandex is expected to be dominated by Covered Yarn. The sector is expected to continue to dominate during the projected period with a value share of 50.20% in the global market. The segment is further expected to witness a significant growth rate, owing to its increasing adoption in the textile sector.

How does the Clothing segment fairing in the Spandex market?

The Clothing industry is estimated to utilize 75.2% of the Spandex produced globally. Clothing is the dominant application-based segment in this market and is expected to gain traction due to the increasing population coupled with increasing disposable income especially in developing regions.

Further, the world has witnessed high growth in the urban population in recent years. This has resulted in the clothing industry growth attributing to the growth of sportswear and hence the Spandex market. Lifestyle upgradation has created significant demand for products such as diaper products. Overall urbanization is anticipated to have a positive impact on the spandex market during the forecast period.

Furthermore, the substantial use of spandex in the manufacture of compress bandages, stretchy bandages, and other medical applications is expected to drive considerable growth in the medical application segment. High elasticity, smoothness, and softness of the product promote its utilization in the manufacture of medical items, benefitting the segment's growth. Growth of the overall healthcare industry is in turn expected to drive the growth of the medical segment of the global spandex market during the forecast period.

Competitive Landscape

With the increasing demand for clothing and medical applications, prominent manufacturers are gearing up to tap the market by expanding their presence across regions and improving their product portfolio. Key players in the market are focusing on adopting alternative distribution channels, such as online, to further strengthen their market presence in regional as well as global markets. The majority of key players are focusing on the acquisition of small players, whereas small-scale companies need to make significant investments in R&D to introduce new products and enhance their presence across the globe.

For instance,

In May 2021, Hyosung TNC signed an MOU with the Busan Metropolitan Government and Netspa, an eco-friendly social venture enterprise, to build a system for a virtuous cycle of resources by collecting and recycling waste fishing nets into eco-friendly fiber. The signing ceremony was attended by Busan Mayor Park Hyeong-joon, Hyosung TNC CEO Kim Yong-seup and Netspa CEO Chung Taek-soo.

In May 2021, Indo Rama Synthetics (India) Limited (IRSL), a subsidiary of global petrochemical producer Indorama Ventures Public Company Limited (IVL), will spend up to INR 6 billion (USD 82M) upgrading equipment and adding capacity at its manufacturing site in Nagpur, India.

Scope of Report

Attribute

Details

Forecast Period

2023-2033

Historical Data Available for

2017-2022

Market Analysis

  • USD Million for Value
  • Tons for Volume

Key Countries Covered

  • U.S.
  • Canada
  • Brazil
  • Mexico
  • Germany
  • Italy
  • France
  • U.K.
  • Spain
  • BENELUX
  • Russia
  • China
  • Japan
  • South Korea
  • India
  • ASEAN
  • ANZ
  • GCC Countries
  • Turkey
  • Northern Africa
  • South Africa

Key Segments Covered

  • Fabric Type
  • Process
  • Application
  • Region

Key Companies Profiled

  • Hyosung Corporation
  • Asahi Kasei Corporation
  • INVISTA
  • Zhejiang Huafon Spandex Co. Ltd
  • TK Chemical Corp
  • Taekwang Industrial Co. Ltd.
  • Yantai Tayho Advanced Materials Co., Ltd
  • Xiamen Lilong Spandex Co., Ltd
  • Jiangsu Shuangliang Spandex Co., Ltd.
  • Toray Industries
  • Xiamen Lilong Spandex Co., Ltd.
  • DuPont de Nemours, Inc.
  • Indorama Industries
  • Far Eastern New Century Corporation
  • Mitsubishi Chemical Engineering Corporation
  • Inviya
  • LYCRA
  • Tabb Textile Company Inc.

Report Coverage

  • Market Forecast
  • Company Share Analysis
  • Competition Intelligence
  • DROT Analysis
  • Market Dynamics and Challenges
  • Strategic Growth Initiatives

Customization & Pricing

Available Upon Request

Spandex Market Segmentation

By Fabric Type, the Spandex market is segmented as:

  • Two-Way
  • Four-Way

By Process, the Spandex market is segmented as:

  • Knitting
  • Weaving
  • Yarn Covering

By Application, the Spandex market is segmented as:

  • Clothing
    • Sportswear
    • Home Furnishing
    • Underwear
    • Other Clothing (Casuals, denim, etc.)
  • Medical
    • Diapers
    • Compression Stockings & Surgical Hoses
    • Other Medical Applications (bandages, etc.)

By Region:

  • North America
  • Latin America
  • Europe
  • East Asia
  • South Asia & Pacific
  • Middle East & Africa

- Companies Covered in This Report -

  • Hyosung Corporation
  • Asahi Kasei Corporation
  • INVISTA
  • Zhejiang Huafon Spandex Co. Ltd
  • TK Chemical Corp
  • Taekwang Industrial Co. Ltd.
  • Yantai Tayho Advanced Materials Co., Ltd
  • Xiamen Lilong Spandex Co., Ltd
  • Jiangsu Shuangliang Spandex Co., Ltd.
  • Toray Industries
  • Xiamen Lilong Spandex Co., Ltd.
  • DuPont de Nemours, Inc.
  • Indorama Industries
  • Far Eastern New Century Corporation
  • Mitsubishi Chemical Engineering Corporation
  • Inviya
  • LYCRA
  • Tabb Textile Company Inc

- Frequently Asked Questions -

The global market of Spandex is estimated to reach a valuation of US$ 9,100.0  Mn in 2023.

The Spandex demand is anticipated to witness a growth rate of 8.3% over the forecast period of 2023 and 2033 in terms of value.

According to PMR analysis, Hyosung Corporation, Asahi Kasei Corporation, INVISTA, Zhejiang Huafon Spandex Co. Ltd, TK Chemical Corp, Taekwang Industrial Co. Ltd., Yantai Tayho Advanced Materials Co., Ltd, Xiamen Lilong Spandex Co., Ltd, Jiangsu Shuangliang Spandex Co., Ltd., and Toray Industries are identified as the key manufacturers in the Spandex market.

Key players in the global Spandex market are expected to account for about 60-65% of the overall market share.

The top countries driving the global Spandex demand are the India, China,  and Japan.

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