Unveiling the Future: Spandex Market to USD 8.3 BILLION IN 2023, Forecast by 2030, Featuring a CAGR of 8.24% – MarkNtel Advisors
Daftar Isi
Spandex Market Research Report: Forecast (2024-2030)
The 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. The factors responsible for the growth of spandex across the globe have been the soaring usage of spandex fiber in the textile industries for manufacturing sportswear, garments, and casual wear, the increasing application of the spandex in the medical & healthcare industry, and rising usage in the automotive interiors, industrial belts, and other applications.
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Market Dynamics
Global Spandex Market Challenge – Availability of Low-cost Substitutes Impeding the Market Growth
Traditionally, the spandex fiber is manufactured via a specific chemical & catalyst-based process that involves the usage of certain chemicals like macro glycol, diisocyanate monomer, and others, making the production of spandex relatively higher. Hence, due to the increased production costs of spandex, manufacturers’ price is significantly higher than other fibers such as nylon, cotton, polyester, and others in order to preserve profitability in their business.
The high cost of the spandex has led the end-user industries like apparel manufacturers, medical textile producers, etc., to incline towards the alternatives & seek cost-effective solutions. Substitutes like polyester, acrylic, etc., offer similar functionality like durability and are less expensive than spandex. As a result, more end-users are using these substitutes in place of spandex, restraining the Global Spandex Market.
Leading Companies in Spandex Market:
- 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.
- Others (Colossustex)
Segmentation of the Industry
The Spandex Market is highly fragmented and bifurcates into the following segmentations:
By Application
-Clothing
–Sportswear
–Activewear
–Others (Swimwear, etc.)
-Medical
–Compression Garments & Bandages
–Elastic Tapes & Wraps
–Orthopedic Braces
–Others (Prosthetic Devices, etc.)
-Home Furnishing
–Furniture Upholstery
–Bed Linens
–Curtains
–Others (Rugs, Decorative Fabrics, etc.)
-Automotive
–Seat Covers
–Headliners
–Others
-Others (Personal Care, Sports Equipment, etc.)
By Technology
-Dry Spinning
-Wet Spinning
-Reaction Spinning
-Melt Extrusion
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Regional Landscape
On the geographical front, the Spandex Market expands across the following:
By Region
-North America
-South America
-Europe
-The Middle East & Africa
-Asia-Pacific
- Asia-Pacific holds a remarkable share in the Global Spandex Market due to the prevalence of several textile manufacturers in the region. Countries like China, India, etc., have lower labor rates & government policies that support the setup of industries in the country. As a result, there are numerous textile manufacturers in these countries, which enhances the demand for the spandex.
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