Global Spandex Market – Industry Trends and Forecast to 2029

Market Analysis and Insights: Global Spandex Market

The global spandex market is expected to gain market growth in the forecast period of 2022 to 2029. Data Bridge Market Research analyses that the market is growing at a CAGR of 5.9% in the forecast period of 2022 to 2029 and is expected to reach USD 8,642,865.12 thousand by 2029. The upsurge in demand for sports and activewear is an important driver for the global spandex market.

Spandex fiber, also known as Lycra or elastane, is a long-chain polyurethane-polyurea copolymer composed of flexible macro-glycol segments and rigid di-isocyanate segments arranged in a specific order. The fiber is characterized by its exceptional elastic and recovery properties. These characteristics entail its wide-scale use across diverse applications in textile, clothing, and healthcare industries. Some prominent areas of application for spandex fibers include sportswear, casual clothing, undergarments, and home furnishings. Healthcare applications of spandex fiber include compression stockings, hoses, diapers, and bandages.

A rapidly growing population combined with rising consumer disposable income is expected to propel the demand for sports and activewear, leading to the growth of the global spandex market.

The major restrain that may negatively impact the global spandex market is the increasing threat of substitutes such as natural rubber latex (NRL), polybutylene terephthalate (PBT), and relatively slower economic growth in certain regions.

Increasing development of innovation in spandex fibers is expected to provide opportunity in the global spandex market. However, high price volatility in raw petroleum-based materials is projected to challenge the global spandex market growth.

This global spandex market report provides details of market share, new developments, and product pipeline analysis, the impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, product approvals, strategic decisions, product launches, geographic expansions, and technological innovations in the market. To understand the analysis and the market scenario, contact us for an Analyst Brief; our team will help you create a revenue impact solution to achieve your desired goal.

Global Spandex Market Scope and Market Size

The global spandex market is segmented into two segments based on technology and application. The growth among segments helps you analyze niche pockets of growth and strategies to approach the market and determine your core application areas and the difference in your target markets.

• Based on technology, the global spandex market is segmented into solution dry-spinning, wet-spinning, and others. In 2022, the solution dry-spinning is expected to dominate the global spandex market due to the high spinning speed and greater ease and flexibility in implementing the dry spinning process.
• Based on application, the global spandex market is segmented into clothing, medical, and others. In 2022, the clothing segment is expected to dominate the global spandex market due to increasing demand in different applications such as sportswear, activewear, intimate wear, and others.

Global Spandex Market Country Level Analysis

The market is analyzed, and market size information is provided by technology and application.

The countries covered in the global spandex market report are segmented into North America, South America, Asia-Pacific, Europe, and the Middle East and Africa. North America is segmented into U.S., Canada, and Mexico. Europe is segmented into Germany, the U.K., Italy, France, Spain, Russia, Switzerland, Turkey, Belgium, Netherlands, Luxemburg, and the Rest of Europe. Asia-Pacific is segmented into Japan, China, South Korea, India, Singapore, Thailand, Indonesia, Malaysia, Philippines, Australia, New Zealand, and the Rest of Asia-Pacific. South America is segmented into Brazil, Argentina, and the Rest of South America. The Middle East and Africa is segmented into South Africa, Egypt, Saudi Arabia, United Arab Emirates, Israel, and the Rest of the Middle East and Africa.

• In 2022, In Asia-Pacific, China is expected to dominate the global spandex market due to most of the manufacturer's corporate business in Asian countries or the high disposable income of consumers. In North America, the U.S. is expected to dominate due to shifting preference towards the importance of spandex among clothing manufacturers. Germany is expected to dominate due to the rising popularity of spandex as a substitute for natural and synthetic rubber in industrial applications.

The country section of the report also provides individual market impacting factors and changes in market regulation that impact the current and future trends of the market. Data points such as new sales, replacement sales, country demographics, regulatory acts, and import-export tariffs are some of the major pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands the impact of sales channels are considered while providing forecast analysis of the country data.

Positive Outlook towards Activewear Segment

The global spandex market also provides you with detailed market analysis for every country's growth in the installed base of different kinds of products for the market, the impact of technology using lifeline curves and changes in spandex fiber regulatory scenarios, and their impact on environment. The data is available for the historical period 2011 to 2020.

Competitive Landscape and Global Spandex Market Share Analysis

The global spandex market competitive landscape provides details by the competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, company strengths and weaknesses, product launch, clinical trials pipelines, brand analysis, product approvals, patents, product width and breadth, application dominance, technology lifeline curve. The above data points provided are only related to the company’s focus related to the global spandex market.

Some major players covered in the report are Huafon Chemical Co., Ltd., HYOSUNG TNC., Asahi Kasei Corporation, TAEKWANG INDUSTRIAL CO., LTD, Xinxiang Sunshining Ecotex Clothes Co.,Ltd, Indorama Corporation, Mitsubishi Chemical Engineering Corporation., TORAY INDUSTRIES, INC., Yantai Tayho Advanced Materials Co., Ltd, Xiamen Lilong Spandex Co., Ltd., Jiangsu Shuangliang Spandex Co., Ltd, and TK CHEMICAL CORPORATION., among others. DBMR analysts understand competitive strengths and provide competitive analysis for each competitor separately.

For instance,

• In November 2021, Zhejiang Manufacturing Standard formulated by Huafon Chemical released Colored Spandex Filament T / ZZB 2535-2021. The standard puts forward stricter requirements for producing and inspecting colored spandex filaments from the four aspects of excellent quality and independent innovation.

This will help the company improve the industry manufacturing standard and expand the brand effect of "Made in Zhejiang," and stimulate the company's innovation driving potential, increasing the application of new technologies, new methods, and new ideas and expanding the sustainable competitive advantage

• In August, Hyosung TNC signed a MOU on Gwangyang Bay Resources Circulation Project. The MOU signed companies established a circulation system that bolsters sustainable consumption and production by recycling waste resources. Hyosung TNC will produce recycled fiber Regen with the waste PET bottles

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