According to MRFR analysis, the global spandex market is expected to reach over USD 6.78 Billion by the end of 2027 at a CAGR of 7.1%.
Spandex is an elastomeric fiber that can be stretched up to 200% of its original shape. These fibers are known for their excellent strength, high stretchability, and better durability as compared to conventional synthetic fabrics. Owing to the aforementioned properties, spandex fibers are blended with other fabrics such as cotton, wool, and silk and are used in numerous clothing applications. Several garments such as Zenati suits, swimsuits, rowing suits, and exercise apparels are incorporated with spandex fibers on the account of its ability to regain the original shape after stretching.
Major Market Players
The major players in the Spandex Market:
- Zhejiang Huafon Spandex Co. Ltd.
- Asahi Kasei Corporation
- Xiamen Lilong Spandex Co., Ltd
- TK Chemical Corp.
- Indorama Industries Limited
- Taekwang Industrial Co. Ltd.
- Jiangsu Shaungliang Spandex Co., Ltd
- Hyosung Corporation
- Tayho Advanced Materials Co., Ltd
By Production Process
- Solution dry-spinning Process: The solution dry spinning method is used to produce over 94.5% of the world's spandex fibers, thus accounted for the largest market share in 2018. The segment is expected to maintain its dominance during the forecast period on the account of its cost-effectiveness. Additionally, the dry spun fibers exhibit better elastic recovery than the wet spun fibers.
- Solution Wet-Spinning Process: In this process, the spandex fibers are directly extruded in the liquid bath and are treated with finishing agents. The speed of the entire process depends upon the thickness of the fiber to be obtained and can be anywhere from 300–500 miles per minute.
- Others: The segment includes extrusion and reaction spinning.
- Four-way stretch type accounted for the largest market share in 2018 and is expected to register the highest CAGR during the forecast period. These stretch fabrics have better elasticity and can be extended in both the directions—crosswise and longwise—thus provide extreme mobility and stretchability to its wearer.
- Two-way stretch type of fabrics is comfortable to wear but the percentage of stretch relatively less as compared to four-way stretch type fabrics. Additionally, the two-way stretch type fabrics on elongation fail to return in their original shape.
- Technical Textile: The segment held the largest market in 2018 and is expected to showcase robust growth in the coming years. This is largely attributed to the increased demand for durable, lightweight and highly stretchable fabrics for a variety of garments such as cycling shorts, swimsuits, haptic suits, rowing unsuits, and triathlon suits. In addition, the increasing use of spandex fibers on the account of its exceptional stretch and recovery properties in automobiles is further driving the market growth.
- Home Textiles: The growth of the segment is attributed to the increasing demand for long-lasting, comfortable and skin-friendly fabrics for home furnishing applications. Spandex fibers are used in a variety of home furnishing textiles such as couch covers, sofas, stain-resistant cushions, and drapes.
- Medical Textiles: The growth of the medical textiles segment is due to the increasing demand for spandex fabrics to fabricate compress stockings, stretchable bandages, surgical hoses, and baby and adult diapers.
- Apparels: This segment includes leggings, belts, skinny jeans, hosiery, and casual wear.
- Asia-Pacific accounted for the largest market share in 2018 and is expected to be the fastest-growing regional market on the account of the expanding textile industry. Additionally, the major players such as Hyosung, Asahi Kasei, Toyobo and Taekwang are further contributing the regional market growth.
- North America: The market growth is primarily driven by the increased demand for medical textiles in the healthcare industry.
- Europe: A firm market owing to the demand for consumers textiles such as sportswear, swimsuits and exercise apparels. Additionally, the increased demand of spandex fibers in automobile applications is further driving the regional market growth.
- Latin America: Growing healthcare industry coupled with rising disposable income among the consumers is fueling the demand for spandex in Latin America.
- Middle East & Africa: The growing number of healthcare facilities in the region is contributing to regional market growth.