|Fastest Growing Market:||Asia-Pacific|
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The Global Spandex market is projected to register a CAGR of around 6% during the forecast period (2022-2027).
The market was negatively impacted by COVID-19 in 2020. The COVID-19 pandemic affected the market with the pandemic the supply chain and market were disrupted. During the pandemic, many factories producing spandex were shut down.
- Over the short term, rising demand for spandex for the usage in sportswear and activewear is the driving factor which is stimulating the market demand.
- Environmental degradation caused by spandex fabric is supposed to hinder market growth.
- The emergence of the usage of spandex for industrial applications and production using biodegradable materials is likely to create opportunities for the market in the coming years.
- Asia-Pacific region is expected to dominate the market and is also likely to witness the highest CAGR during the forecast period.
Scope of the Report
Spandex (also known as Elastane Fiber) is a synthetic polymer that contains at least 85% polyurethane and is made up of a long-chain polyglycol combined with a short di-isocyanate. Spandex has excellent stretchability and is a strong, light, and versatile fiber. The Global Spandex Market is segmented by production method, application and geography. By production method, the market is segmented into Solution Dry Spinning, Solution Wet Spinning, and Others. By Application, the market is segmented into Apparels, Medical, and Other Applications. The report also covers the market size and forecasts for the Global Spandex Market in 15 countries across major regions. For each segment, the market sizing and forecasts have been done based on revenue (USD Million).
|Solution Dry Spinning|
|Solution Wet Spinning|
Key Market Trends
Increasing demand from Apparels Application
- Spandex is a lightweight, dustproof, soft material. Spandex has an excellent resistance against body oils, perspiration, and abrasions, which makes it suitable to produce a wide variety of clothing and apparel.
- Spandex has high stretchability and can stretch to 100 times more than its original size. The clothes made up of spandex are agile and comfortable for movements. The material is known to absorb sweat, breathe and dry quickly.
- Spandex is used for making the clothes for the applications in the physical activity as the clothes made up of spandex make feel comfortable while exercising and prevent injuries caused by pulling or stretching the fabric too much.
- As the Mordor intelligence, the global apparel market is expected to reach around USD 2 trillion by 2026 with a CAGR of around 3.5% for the forecast period, which in turn will boost the demand for the spandex globally.
- The Asian sportswear & swimwear market is expected to grow with a CAGR of around 7%, European sportswear & swimwear will grow with CAGR of around 5% and North American sportswear & swimwear will grow with CAGR of around 4%, which in turn will increase the demand for spandex in the respective regions.
- Owing to all these factors, the market for spandex market is likely to grow globally during the forecast period.
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Asia-Pacific Region to Dominate the Market
- Asia-Pacific region is expected to dominate the market. China is the largest economy, in terms of GDP. Moreover, China and India are among the fastest emerging economies in the world.
- Asia Pacific region accounts for the highest population in the world, the major reason for the growth of the studied market in the region is the highest number of the consumer of apparels in the region.
- The Apparel market in the Asia-Pacific region is expected to reach around USD 810 billion with a growth of around 4%.
- As per the International Trade Administration, the sportswear market in China is projected to reach USD 82.8 billion by 2024 with a growth rate of 11% annually.
- The sportswear & swimwear market in India is expected to reach USD 5.14 billion by 2026 with a CAGR of around 4.8 % for the forecast period whereas Japanese sportswear & swimwear market is expected to grow at the CAGR of around 8% and will reach to around USD 8.44 billion by 2026.
- Due to all such factors, the market for spandex in the region is expected to have a steady growth during the forecast period.
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The Global Spandex Market is partially consolidated in nature. Some of the major players in the market include (not in any particular order) Asahi Kasei Corporation, TK CHEMICAL CORPORATION, Indorama Corporation, HYOSUNG TNC., and The LYCRA Company.
- In November 2021, Huafon Chemical Co., Ltd. has released and implemented a product formulated by the company name, Zhejiang Manufacturing Standard: Colored Spandex Filament T / ZZB 2535-2021.
Table of Contents
1.1 Study Assumptions
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1.1 Increase in Usage for Sport Wear and Active Wear
4.1.2 Other Drivers
4.2.1 Environmental Degradation Caused by Spandex Fabric
4.2.2 Other Restraints
4.3 Industry Value-Chain Analysis
4.4 Porter's Five Forces Analysis
4.4.1 Bargaining Power of Suppliers
4.4.2 Bargaining Power of Buyers
4.4.3 Threat of New Entrants
4.4.4 Threat of Substitute Products and Services
4.4.5 Degree of Competition
5. MARKET SEGMENTATION
5.1 Production Method
5.1.1 Solution Dry Spinning
5.1.2 Solution Wet Spinning
5.2.3 Other Applications
188.8.131.52 South Korea
184.108.40.206 Rest of Asia-Pacific
5.3.2 North America
220.127.116.11 United States
18.104.22.168 United Kingdom
22.214.171.124 Rest of Europe
5.3.4 South America
126.96.36.199 Rest of South America
5.3.5 Middle-East and Africa
188.8.131.52 Saudi Arabia
184.108.40.206 South Africa
220.127.116.11 Rest of Middle-East and Africa
6. COMPETITIVE LANDSCAPE
*List Not Exhaustive
6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
6.2 Market Share (%)**/Ranking Analysis
6.3 Strategies Adopted by Leading Players
6.4 Company Profiles
6.4.1 Asahi Kasei Corporation
6.4.2 Huafon Chemical Co., Ltd.
6.4.3 HYOSUNG TNC.
6.4.4 Indorama Corporation
6.4.6 TAEKWANG INDUSTRIAL CO., LTD
6.4.7 The LYCRA Company
6.4.8 TK CHEMICAL CORPORATION.
6.4.9 TORAY INDUSTRIES, INC.
6.4.10 Xiamen Lilong Spandex Co., Ltd.
6.4.11 Yantai Tayho Advanced Materials Co.,Ltd.
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
7.1 Emergence of Usage for Industrial Applications
7.2 Production of Spandex Using the Biodegradable Materials
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Frequently Asked Questions
What is the study period of this market?
The Spandex Market market is studied from 2017 - 2027.
What is the growth rate of Spandex Market?
The Spandex Market is growing at a CAGR of <6% over the next 5 years.
Which region has highest growth rate in Spandex Market?
Asia-Pacific is growing at the highest CAGR over 2021- 2026.
Which region has largest share in Spandex Market?
Asia-Pacific holds highest share in 2021.
Who are the key players in Spandex Market?
Asahi Kasei Corporation, TK CHEMICAL CORPORATION, Indorama Corporation , HYOSUNG TNC. , The LYCRA Company are the major companies operating in Spandex Market.