Spandex Market
PUBLISHED: 2024 ID: SMRC25599
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Spandex Market

Spandex Market Forecasts to 2030 - Global Analysis By Type (Two-Way and Four-Way), Process, Technology, Application and By Geography

4.7 (34 reviews)
4.7 (34 reviews)
Published: 2024 ID: SMRC25599

This report covers the impact of COVID-19 on this global market
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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®. 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
o US
o Canada
o Mexico
• Europe
o Germany
o UK
o Italy
o France
o Spain
o Rest of Europe
• Asia Pacific
o Japan        
o China        
o India        
o Australia  
o New Zealand
o South Korea
o Rest of Asia Pacific    
• South America
o Argentina
o Brazil
o Chile
o Rest of South America
• Middle East & Africa 
o Saudi Arabia
o UAE
o Qatar
o South Africa
o 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
o Comprehensive profiling of additional market players (up to 3)
o SWOT Analysis of key players (up to 3)
• Regional Segmentation
o Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
o 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      
1 Global Spandex Market Outlook, By Region (2021-2030) ($MN)
2 Global Spandex Market Outlook, By Type (2021-2030) ($MN) 
3 Global Spandex Market Outlook, By Two-Way (2021-2030) ($MN)
4 Global Spandex Market Outlook, By Four-Way (2021-2030) ($MN)
5 Global Spandex Market Outlook, By Process (2021-2030) ($MN)
6 Global Spandex Market Outlook, By Yarn Covering (2021-2030) ($MN)
7 Global Spandex Market Outlook, By Knitting (2021-2030) ($MN)
8 Global Spandex Market Outlook, By Weaving (2021-2030) ($MN)
9 Global Spandex Market Outlook, By Technology (2021-2030) ($MN)
10 Global Spandex Market Outlook, By Wet Spinning (2021-2030) ($MN)
11 Global Spandex Market Outlook, By Solution Dry Spinning (2021-2030) ($MN)
12 Global Spandex Market Outlook, By Other Technologies (2021-2030) ($MN)
13 Global Spandex Market Outlook, By Application (2021-2030) ($MN)
14 Global Spandex Market Outlook, By Medical (2021-2030) ($MN)
15 Global Spandex Market Outlook, By Clothing (2021-2030) ($MN)
16 Global Spandex Market Outlook, By Other Applications (2021-2030) ($MN)
17 North America Spandex Market Outlook, By Country (2021-2030) ($MN)
18 North America Spandex Market Outlook, By Type (2021-2030) ($MN)
19 North America Spandex Market Outlook, By Two-Way (2021-2030) ($MN)
20 North America Spandex Market Outlook, By Four-Way (2021-2030) ($MN)
21 North America Spandex Market Outlook, By Process (2021-2030) ($MN)
22 North America Spandex Market Outlook, By Yarn Covering (2021-2030) ($MN)
23 North America Spandex Market Outlook, By Knitting (2021-2030) ($MN)
24 North America Spandex Market Outlook, By Weaving (2021-2030) ($MN)
25 North America Spandex Market Outlook, By Technology (2021-2030) ($MN)
26 North America Spandex Market Outlook, By Wet Spinning (2021-2030) ($MN)
27 North America Spandex Market Outlook, By Solution Dry Spinning (2021-2030) ($MN)
28 North America Spandex Market Outlook, By Other Technologies (2021-2030) ($MN)
29 North America Spandex Market Outlook, By Application (2021-2030) ($MN)
30 North America Spandex Market Outlook, By Medical (2021-2030) ($MN)
31 North America Spandex Market Outlook, By Clothing (2021-2030) ($MN)
32 North America Spandex Market Outlook, By Other Applications (2021-2030) ($MN)
33 Europe Spandex Market Outlook, By Country (2021-2030) ($MN)
34 Europe Spandex Market Outlook, By Type (2021-2030) ($MN) 
35 Europe Spandex Market Outlook, By Two-Way (2021-2030) ($MN)
36 Europe Spandex Market Outlook, By Four-Way (2021-2030) ($MN)
37 Europe Spandex Market Outlook, By Process (2021-2030) ($MN)
38 Europe Spandex Market Outlook, By Yarn Covering (2021-2030) ($MN)
39 Europe Spandex Market Outlook, By Knitting (2021-2030) ($MN)
40 Europe Spandex Market Outlook, By Weaving (2021-2030) ($MN)
41 Europe Spandex Market Outlook, By Technology (2021-2030) ($MN)
42 Europe Spandex Market Outlook, By Wet Spinning (2021-2030) ($MN)
43 Europe Spandex Market Outlook, By Solution Dry Spinning (2021-2030) ($MN)
44 Europe Spandex Market Outlook, By Other Technologies (2021-2030) ($MN)
45 Europe Spandex Market Outlook, By Application (2021-2030) ($MN)
46 Europe Spandex Market Outlook, By Medical (2021-2030) ($MN)
47 Europe Spandex Market Outlook, By Clothing (2021-2030) ($MN)
48 Europe Spandex Market Outlook, By Other Applications (2021-2030) ($MN)
49 Asia Pacific Spandex Market Outlook, By Country (2021-2030) ($MN)
50 Asia Pacific Spandex Market Outlook, By Type (2021-2030) ($MN)
51 Asia Pacific Spandex Market Outlook, By Two-Way (2021-2030) ($MN)
52 Asia Pacific Spandex Market Outlook, By Four-Way (2021-2030) ($MN)
53 Asia Pacific Spandex Market Outlook, By Process (2021-2030) ($MN)
54 Asia Pacific Spandex Market Outlook, By Yarn Covering (2021-2030) ($MN)
55 Asia Pacific Spandex Market Outlook, By Knitting (2021-2030) ($MN)
56 Asia Pacific Spandex Market Outlook, By Weaving (2021-2030) ($MN)
57 Asia Pacific Spandex Market Outlook, By Technology (2021-2030) ($MN)
58 Asia Pacific Spandex Market Outlook, By Wet Spinning (2021-2030) ($MN)
59 Asia Pacific Spandex Market Outlook, By Solution Dry Spinning (2021-2030) ($MN)
60 Asia Pacific Spandex Market Outlook, By Other Technologies (2021-2030) ($MN)
61 Asia Pacific Spandex Market Outlook, By Application (2021-2030) ($MN)
62 Asia Pacific Spandex Market Outlook, By Medical (2021-2030) ($MN)
63 Asia Pacific Spandex Market Outlook, By Clothing (2021-2030) ($MN)
64 Asia Pacific Spandex Market Outlook, By Other Applications (2021-2030) ($MN)
65 South America Spandex Market Outlook, By Country (2021-2030) ($MN)
66 South America Spandex Market Outlook, By Type (2021-2030) ($MN)
67 South America Spandex Market Outlook, By Two-Way (2021-2030) ($MN)
68 South America Spandex Market Outlook, By Four-Way (2021-2030) ($MN)
69 South America Spandex Market Outlook, By Process (2021-2030) ($MN)
70 South America Spandex Market Outlook, By Yarn Covering (2021-2030) ($MN)
71 South America Spandex Market Outlook, By Knitting (2021-2030) ($MN)
72 South America Spandex Market Outlook, By Weaving (2021-2030) ($MN)
73 South America Spandex Market Outlook, By Technology (2021-2030) ($MN)
74 South America Spandex Market Outlook, By Wet Spinning (2021-2030) ($MN)
75 South America Spandex Market Outlook, By Solution Dry Spinning (2021-2030) ($MN)
76 South America Spandex Market Outlook, By Other Technologies (2021-2030) ($MN)
77 South America Spandex Market Outlook, By Application (2021-2030) ($MN)
78 South America Spandex Market Outlook, By Medical (2021-2030) ($MN)
79 South America Spandex Market Outlook, By Clothing (2021-2030) ($MN)
80 South America Spandex Market Outlook, By Other Applications (2021-2030) ($MN)
81 Middle East & Africa Spandex Market Outlook, By Country (2021-2030) ($MN)
82 Middle East & Africa Spandex Market Outlook, By Type (2021-2030) ($MN)
83 Middle East & Africa Spandex Market Outlook, By Two-Way (2021-2030) ($MN)
84 Middle East & Africa Spandex Market Outlook, By Four-Way (2021-2030) ($MN)
85 Middle East & Africa Spandex Market Outlook, By Process (2021-2030) ($MN)
86 Middle East & Africa Spandex Market Outlook, By Yarn Covering (2021-2030) ($MN)
87 Middle East & Africa Spandex Market Outlook, By Knitting (2021-2030) ($MN)
88 Middle East & Africa Spandex Market Outlook, By Weaving (2021-2030) ($MN)
89 Middle East & Africa Spandex Market Outlook, By Technology (2021-2030) ($MN)
90 Middle East & Africa Spandex Market Outlook, By Wet Spinning (2021-2030) ($MN)
91 Middle East & Africa Spandex Market Outlook, By Solution Dry Spinning (2021-2030) ($MN)
92 Middle East & Africa Spandex Market Outlook, By Other Technologies (2021-2030) ($MN)
93 Middle East & Africa Spandex Market Outlook, By Application (2021-2030) ($MN)
94 Middle East & Africa Spandex Market Outlook, By Medical (2021-2030) ($MN)
95 Middle East & Africa Spandex Market Outlook, By Clothing (2021-2030) ($MN)
96 Middle East & Africa Spandex Market Outlook, By Other Applications (2021-2030) ($MN)

List of Figures

RESEARCH METHODOLOGY


Research Methodology

We at Stratistics opt for an extensive research approach which involves data mining, data validation, and data analysis. The various research sources include in-house repository, secondary research, competitor’s sources, social media research, client internal data, and primary research.

Our team of analysts prefers the most reliable and authenticated data sources in order to perform the comprehensive literature search. With access to most of the authenticated data bases our team highly considers the best mix of information through various sources to obtain extensive and accurate analysis.

Each report takes an average time of a month and a team of 4 industry analysts. The time may vary depending on the scope and data availability of the desired market report. The various parameters used in the market assessment are standardized in order to enhance the data accuracy.

Data Mining

The data is collected from several authenticated, reliable, paid and unpaid sources and is filtered depending on the scope & objective of the research. Our reports repository acts as an added advantage in this procedure. Data gathering from the raw material suppliers, distributors and the manufacturers is performed on a regular basis, this helps in the comprehensive understanding of the products value chain. Apart from the above mentioned sources the data is also collected from the industry consultants to ensure the objective of the study is in the right direction.

Market trends such as technological advancements, regulatory affairs, market dynamics (Drivers, Restraints, Opportunities and Challenges) are obtained from scientific journals, market related national & international associations and organizations.

Data Analysis

From the data that is collected depending on the scope & objective of the research the data is subjected for the analysis. The critical steps that we follow for the data analysis include:

  • Product Lifecycle Analysis
  • Competitor analysis
  • Risk analysis
  • Porters Analysis
  • PESTEL Analysis
  • SWOT Analysis

The data engineering is performed by the core industry experts considering both the Marketing Mix Modeling and the Demand Forecasting. The marketing mix modeling makes use of multiple-regression techniques to predict the optimal mix of marketing variables. Regression factor is based on a number of variables and how they relate to an outcome such as sales or profits.


Data Validation

The data validation is performed by the exhaustive primary research from the expert interviews. This includes telephonic interviews, focus groups, face to face interviews, and questionnaires to validate our research from all aspects. The industry experts we approach come from the leading firms, involved in the supply chain ranging from the suppliers, distributors to the manufacturers and consumers so as to ensure an unbiased analysis.

We are in touch with more than 15,000 industry experts with the right mix of consultants, CEO's, presidents, vice presidents, managers, experts from both supply side and demand side, executives and so on.

The data validation involves the primary research from the industry experts belonging to:

  • Leading Companies
  • Suppliers & Distributors
  • Manufacturers
  • Consumers
  • Industry/Strategic Consultants

Apart from the data validation the primary research also helps in performing the fill gap research, i.e. providing solutions for the unmet needs of the research which helps in enhancing the reports quality.


For more details about research methodology, kindly write to us at info@strategymrc.com

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