Global Spandex Market by Application (Medical, Clothing, and Others), By Technology (Solution Dry-spinning, Wet-spinning, and Other Technologies) Region and Companies - Industry Segment Outlook, Market Assessment, Competition Scenario, Trends and Forecast 2022-2032

Spandex Market Overview:

In 2021, the global Spandex market was valued at USD 6,900 million. The market is expected to grow at a compound annual rate of 2.2% between 2023 and 2032.

The market is expected to grow due to a rapidly growing population and rising disposable income.

The growing awareness of the importance of living a healthy lifestyle will lead to increased participation in sports activities. This will in turn increase the demand for comfortable sporting wear such as cycling pants. In 2019, the U.S. market was worth USD 1.5 billion.

It is expected to grow at a rate of 2.7% between 2023 and 2032. The market is expected to grow further due to the rising demand for clothing such as activewear, innerwear, and sportswear.

Global Spandex Market Scope:

Application Analysis

In 2019, the clothing segment held 74% of the market. The growing demand for activewear and sportswear will drive the market at the highest CAGR between 2020-2027. Spandex’s superior stretching ability means that it doesn’t restrict the wearer from moving freely, which is why the demand for Spandex sportswear is high. The demand will be driven further by its excellent elasticity, durability, and resistance to ultraviolet light.

Due to the extensive use of spandex to make compress bandages, stretchable bandages, and other medical applications, it is expected that the segment will see significant growth in the coming years.

Spandex’s properties such as softness, smoothness, and elasticity make it a good choice for medical product manufacturing. This will benefit the segment. Spandex is used to make motion capture suits for actors who perform in front of green screen cameras. This will drive market growth and increase product demand.

Technology Insights

In 2019, the solution dry-spinning technology held over 94% of the global market share. It is expected to grow at the fastest CAGR between 2020 and 2027. High spinning speeds of the solution dry spinning process help increase product productivity in a significant way, compared to other processes like wet spinning or melt spinning.

The solvent used in solution dry-spinning is flammable. Post-spinning operations are performed to completely remove the solvent. This will limit the use of the process in different applications. The ease and flexibility of the implementation process will encourage its adoption.

Melt-spinning technology is rapidly gaining popularity as it is more affordable than traditional wet or dry spinning. Because of its short life span, melt-spinning technology needs to be maintained and replaced regularly. It requires frequent cleaning of the spinneret and results in yarn that is not uniform. These drawbacks may limit its acceptance.

Key Market Segments:

By Application

• Medical
• Clothing
• Others

By Technology

• Solution Dry-spinning
• Wet-spinning
• Other Technologies

Market Dynamics:

Spandex fiber is a strong, lightweight, and versatile fiber that is used in clothing manufacturing and medical applications. It is also highly elastic and stretchable, so it can be used with other materials such as wool and cotton.

The material is also lightweight and soft and is resistant to body oils, perspiration, and detergent. This will encourage its use in the manufacture of many types of apparel and clothing. It’s used in casual clothing, undergarments, and home furnishing. These materials are expensive because of their laborious manufacturing and superior properties. This could have a negative effect on demand and limit market growth for the forecast period.

Regional Analysis

Due to the rapid growth of the manufacturing sector in developing countries like China, India, and Indonesia, the Asia Pacific region accounted for 35.9% of the total market share in 2019. Market growth is expected to be aided by rising foreign investment in the region over the forecast period.

China held a significant market share in this region market due to the growing number of manufacturing plants in China. The country’s market growth is also supported by rapid industrialization, low-cost production, and processing, as well as increased foreign investment.

The North American market for spandex will be driven by a rising standard of living and increasing disposable incomes. The regional market will be boosted by rising health consciousness, growing production facilities, and expanding healthcare facilities.

The rapidly growing residential construction industry in Canada and the U.S. will also drive the demand for home-furnishing items such as curtains, cushions, and bathroom linen. This will in turn fuel the demand for spandex for various uses, which in turn will promote the growth of the regional marketplace.

Key Regions and Countries covered іn thе rероrt:

• North America
  • US
  • Canada
  • Mexico
• Europe
  • Germany
  • UK
  • France
  • Italy
  • Russia
  • Spain
  • Rest of Europe
• APAC
  • China
  • Japan
  • South Korea
  • India
  • Rest of Asia-Pacific
• South America
  • Brazil
  • Argentina
  • Rest of South America
• MEA
  • GCC
  • South Africa
  • Israel
  • Rest of MEA

Market Share & Key Players Analysis:

This market is seeing more companies focusing on expanding their production capabilities by setting up manufacturing plants in other countries, such as Brazil or Indonesia. They also implement R&D programs to improve product utilization in the home furnishing, automotive, and medical markets.

To establish a stronger position within the global market, major companies have used a variety of marketing strategies to strengthen their positions, including mergers and acquisitions, partnerships, new product launches, and partnership agreements. The following are some of the most prominent players in global spandex markets:

Маrkеt Кеу Рlауеrѕ:

• Asahi Kasei Corporation
• Far Eastern New Century Corporation
• Du Pont
• Toray Industries
• Yantai Tayho Advanced Material Corporation Ltd
• Hyosung Corporation
• Xiamen Lilong Spandex Co. Ltd.
• Taekwang Industrial Co., Ltd
• INVISTA
• Zhejiang Huafon Spandex Co. Ltd.
• Other Key Players

For the Spandex Market research study, the following years have been considered to estimate the market size: