The Global Spandex Market size is valued at around USD 8.3 billion in 2023 and estimated to grow at a CAGR of around 8.24% during the forecast period, i.e., 2024-30. According to MarkNtel Advisors Study.
Global Spandex Market Driver:
Surging Demand for Spandex Fibers in Medical Textile Industries – Hospitals & medical facilities have high patient traffic. Close patient contact and the presence of immune-compromised patients make these facilities susceptible to higher infection. High-touch surfaces like door knobs, bed rails, medical equipment, etc., are also at high contamination risk. As a result, healthcare workers across the globe tend to use face masks, gloves, etc., for protection from different viruses and bacteria. Medical textiles are manufactured using spandex due to their unique characteristics, including elasticity, comfort, and durability. Therefore, the increasing demand for these textiles to minimize the infection spread within healthcare facilities is driving the Global Spandex Material Market.
In addition, spandex fiber is also being increasingly used for manufacturing bandages, rubber tubing, surgical hose hoses, braces, etc., to provide compression to the surgical areas and improve the functionality of medical products. Hence, the extensive spandex usage in medical product manufacturing is accelerating industry growth.
Increasing Textile Production to Meet the Demand for Apparel for the GenZ Population – Consumer preferences for clothing styles have undergone a notable change in recent years. Individuals, specifically GenZ, prefer to keep themselves on par with the latest trends online and follow the fashion statements made by celebrities & influencers. As a result, they often purchase the clothes & apparel that are currently in demand & trending.
Hence, the increasing & consistently changing consumer preferences are leading global apparel manufacturers to release seasonal collections like Winter-specific, autumn collections, etc., throughout the year. This is augmenting the demand for numerous apparel & enhancing production, consequently uplifting the requirement for spandex material.
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Key Market Reports Highlights
- Market Dimensions & Projections
- Pricing Evaluation
- Recent Strategic Moves by Companies
- Primary Stakeholders
- Import/Export Trend Analysis
- Competitive Landscape Assessment
- Emerging Opportunities
- Market Trends and Indicators
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Global Spandex Market Segmentation:
The market report categorizes the market based on different segments and geographical analysis.
Study Timeline:
-Base Year: 2023
-Historical Period: 2019 to 2022
-Forecast Period: 2024 to 2030
- By Application
- Clothing- Market Size & Forecast 2019-2030F, Thousand Tons
- Sportswear- Market Size & Forecast 2019-2030F, Thousand Tons
- Activewear – Market Size & Forecast 2019-2030F, Thousand Tons
- Others (Swimwear, etc.)- Market Size & Forecast 2019-2030F, Thousand Tons
- Medical- Market Size & Forecast 2019-2030F, Thousand Tons
- Compression Garments & Bandages – Market Size & Forecast 2019-2030F, Thousand Tons
- Elastic Tapes & Wraps – Market Size & Forecast 2019-2030F, Thousand Tons
- Orthopedic Braces – Market Size & Forecast 2019-2030F, Thousand Tons
- Others (Prosthetic Devices, etc.) – Market Size & Forecast 2019-2030F, Thousand Tons
- Home Furnishing- Market Size & Forecast 2019-2030F, Thousand Tons
- Furniture Upholstery- Market Size & Forecast 2019-2030F, Thousand Tons
- Bed Linens- Market Size & Forecast 2019-2030F, Thousand Tons
- Curtains- Market Size & Forecast 2019-2030F, Thousand Tons
- Others (Rugs, Decorative Fabrics, etc.) – Market Size & Forecast 2019-2030F, Thousand Tons
- Automotive- Market Size & Forecast 2019-2030F, Thousand Tons
- Seat Covers- Market Size & Forecast 2019-2030F, Thousand Tons
- Headliners- Market Size & Forecast 2019-2030F, Thousand Tons
- Others- Market Size & Forecast 2019-2030F, Thousand Tons
- Others (Personal Care, Sports Equipment, etc.) – Market Size & Forecast 2019-2030F, Thousand Tons
- Clothing- Market Size & Forecast 2019-2030F, Thousand Tons
- By Technology
- Dry Spinning- Market Size & Forecast 2019-2030F, Thousand Tons
- Wet Spinning- Market Size & Forecast 2019-2030F, Thousand Tons
- Reaction Spinning- Market Size & Forecast 2019-2030F, Thousand Tons
- Melt Extrusion- Market Size & Forecast 2019-2030F, Thousand Tons
- By Region
- North America
- South America
- Europe
- The Middle East & Africa
- Asia-Pacific
Competitive Landscape
With strategic initiatives, such as mergers, collaborations, and acquisitions, the leading market companies, including – Huafon Chemicals Co., Ltd, Hyosung TNC, Asahi Kasei Corporation, Taekwang Industrial Co., Ltd., Sunshining Ecotex Clothes Co., Ltd, Indorama Corporation, Jiangsu Shuangliang Spandex Co., Ltd, TK Chemical Corporation, Xiamen Lilong Spandex Co., Ltd, Yantai Tayho Advanced Material Co., Ltd, New Star Textile Co., Ltd, Positex, The LYCRA Company, Jining Ruyi High-tech Fibre Co., Ltd., Hangzhou Qingyun Advanced Materials Co., Ltd., Others are looking forward to strengthening their market positions.
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