by The global Spandex Market is estimated to be valued at US$ 10.13 Bn or Mn in 2023 and is expected to exhibit a CAGR of 9.2% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Spandex is a synthetic long-chain polyurethane-polyurea copolymer fiber known for its exceptional elasticity and durability. Owing to its superior stretch and recovery properties, spandex fiber improves the fit, flexibility and comfort of a variety of clothes like sportswear, underwear,activewear and shapewear among others.
Market key trends:
One of the major trends fueling the growth of spandex market is the increasing demand for sports and activewear. Spandex fibers offer properties like stretchability, breathability and moisture-wicking which make it an ideal choice for sports apparel and athletic wear. With rising health awareness, participation in sports activities and fitness trends such as yoga and dance workout programs, the demand for high performance activewear is increasing significantly. Furthermore, rising working population along with growing disposable income is driving the demand of spandex in underwear and intimate apparel segment.
Here is the output for the given market name Spandex Market:
Market Key Trends:
Spandex is widely used in sports apparel, activewear, and lingerie industries due to its elasticity, high strength, low water retention, and non-wrinkle properties. There has been a significant rise in demand for sports apparel and activewear across the world owing to increasing health consciousness and growing participation in various sports and outdoor activities. Also, the consistent urbanization is propelling time-constrained consumers towards exercises, gymming, yoga, hiking and other fitness activities, thereby driving the spandex market.
SWOT Analysis:
Strength: Spandex exhibits high elasticity, low water retention, non-wrinkle and high strength properties which make it a preferred choice for various applications.
Weakness: Spandex production involves use of hazardous chemicals which can negatively impact the environment. In addition, volatile crude oil prices affect the prices of spandex.
Opportunity: Increasing consumer spending on sports and active wear in developing countries provides major growth opportunities. Also, use of spandex in new applications like medical, home furnishing etc. can further boost the market.
Threats: Availability of substitute products like polyester, nylon and cotton can threaten the spandex market share. Stringent environmental regulations regarding the production process also pose challenge.
Key Takeaways:
The global spandex market is expected to witness high growth, exhibiting CAGR of 9.2% over the forecast period of 2023 to 2030, due to increasing health awareness and focus on fitness among the population across the world. The market size for 2023 is estimated to be US$ 10.13 Bn.
By region, Asia Pacific dominated the global spandex market in 2022 and the trend is expected to continue during the forecast period. Rapid economic development, growing population, rising disposable incomes and increasing health awareness are driving the demand for spandex in the region.
Key players operating in the Spandex market are INVISTA, Asahi Kasei Corporation, Hyosung Corporation, Zhejiang Huafon Spandex Co. Ltd., Yantai Tayho Advanced Materials Co. Ltd., Indorama Industries Ltd, TK Chemical Corp., Taekwang Industrial Co., Ltd, Jiangsu Shaungliang Spandex Co., Ltd., and Xiamen Lilong Spandex Co. Ltd.
