How Big is the Spandex Market?
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. 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. The automotive industry highly uses spandex fiber due to its features like higher elasticity, durability, and resistance. This fiber is often blended with other textile materials such as leather, vinyl, Suede, and others to provide a snug fit for seat covers to enhance the overall appearance comfort of the interior of automotive vehicles.
Market Statistics
- Market Size in 2023: USD 8.3 billion
- Market Growth Rate (CAGR): 8.24% from 2024-2030
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Spandex Market Insight:
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.
Spandex Market Segmentation:
The report has segmented the market into the following categories:
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
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
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Competitive Landscape:
- 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
- Product Portfolio
- Strategic Alliances or Partnerships
- Recent Developments
- Financial Details
- Others
- 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 (Colossustex).
The report offers an in-depth examination of the competitive landscape. It includes a thorough competitive analysis encompassing market structure, key player positioning, leading strategies for success, a competitive dashboard, and a company evaluation quadrant.
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Key Highlights of the Report:
- Market Performance (2024-2030)
- Strategic Recommendations
- Current, Historical and Future Market Trends
- Market Drivers and Leading Competitor
- SWOT Analysis
- Structure of the Market
- Comprehensive Mapping and Recent Advancement
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