Global Spandex Research Report: By Fabric Type (Two-Way and Four Way), By Production Method (Solution Dry Spinning, Solution Wet Spinning), By Application (Apparels, Medical, Other Applications), and By Region (North America, Europe, Asia-Pacific, Latin America and Middle-East and Africa) Global Industry Analysis, Size, Share, Growth, Trends, Regional Analysis, Competitor Analysis and Forecast 2023-2031.
Global spandex is predicted to reach approximately USD 19 billion by 2031, at a CAGR of 7.63% from 2023 to 2031. The global spandex market refers to the market for elastic textile fibres made chiefly of polyurethane. Spandex is a synthetic material recognized for its flexibility. Spandex is stronger and more durable than natural rubber. It may stretch up to five times its length. Spandex is utilized in a wide variety of clothes, particularly skin-tight garments. Spandex fibres are unaffected by water, although they are temperature sensitive. This fabric can stretch to 5-8 times its regular size and is often used in form-fitting consumer garments. In most situations, pure spandex is not utilized in clothes; instead, modest amounts of this fabric are woven with other synthetic, semi-synthetic, or organic fibres. The market is driven by increasing use of spandex in sportswear products.
Global spandex report scope and segmentation
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Report Attribute |
Details |
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Estimated Market Value (2022) |
USD 9.2 billion |
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Projected Market Value (2031) |
USD 19 billion |
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Base Year |
2022 |
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Forecast Years |
2023 – 2031 |
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Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment- Based on By Fabric Type, By Product Method, By Application Type& Region. |
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Segments Covered |
By Fabric Type, By Product Method, By Application & By Region. |
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Forecast Units |
Value (USD Billion or Million), and Volume (Units) |
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Quantitative Units |
Revenue in USD million/billion and CAGR from 2023 to 2031. |
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Regions Covered |
North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. |
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Countries Covered |
U.S., Canada, Mexico, U.K., Germany, France, Italy, Spain, China, India, Japan, South Korea, Brazil, Argentina, GCC Countries, and South Africa, among others. |
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Report Coverage |
Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, market attractiveness analysis by segments and region, company market share analysis. |
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Delivery Format |
Delivered as an attached PDF and Excel through email, according to the purchase option. |
Global Spandex Market Dynamics
The market dynamics of spandex are influenced by several factors. The increasing use of spandex in sportswear products drives the market growth. However, the increasing use of substitutes such as natural rubber latex (NRL) and polybutylene terephthalate (PBT) act as restraints. Opportunities arise from the rising demand of eco-friendly and bio-based spandex. The nature of competition is highly intense, with various companies striving to gain a competitive edge through product differentiation, price and quality. As the market evolves and consumer demand continues to rise, the dynamics of the global spandex market are expected to remain dynamic and highly competitive.
Global spandex market drivers
The global spandex market is being driven by the increasing use of spandex in sportswear. Spandex is a synthetic fibre known for its elasticity and stretch. Spandex is added to sportswear to improve the fit, comfort and performance of the garment. Spandex is used in a wide range of sportswear such as: Running shoes and clothing, yoga pants and leggings, swimsuits and sports bras. Thus, with the increasing popularity of fitness and athleisure wear the demand for spandex sportswear is driving the market of the global spandex market during the forecast period.
Restraints
The global spandex market faces a restraint by the Increasing use of substitutes such as natural rubber latex (NRL) and polybutylene terephthalate (PBT). NRL and PBT are both synthetic fibres that offer similar properties to spandex, such as elasticity and stretch and are also less expensive. NRL is used in a wide range of applications such as medical devices, sportswear and apparel while PBT is used in automotive parts, electrical components and packaging. Thus, with the increasing use of NRL and PBT as substitutes for spandex is having a negative impact on the hindering the global spandex market growth during the forecast period.
Opportunities:
The global spandex market presents significant opportunities driven by the rising demand for eco-friendly and bio-based spandex. Eco-friendly and bio-based spandex are made from sustainable materials such as recycled PET bottles or plant based materials. Eco-friendly and bio-based spandex have lower environmental impact as compared to traditional spandex and also cost-effective with improved performance such as moisture wicking and durability. The increasing awareness and consumer demand for sustainable products made from recycled materials, bio-based materials is driving the market growth. The government regulations to reduce the environmental impact of textile industry are also contributing the market growth. Thus, with the growing demand for eco-friendly and bio-based spandex among the manufacturers creates a new opportunity in the global spandex market during the forecast period.
Segment Overview
By fabric type
The global spandex market is segmented based on fabric type into two categories: two-way and four-way. Four way spandex segments is dominating the market due to the increasing demand for active-wear and sportswear. Four-way stretch spandex is a spandex that can stretch in all four directions. It is commonly used in clothes that require a high degree of stretch, such as yoga trousers, dancewear, and compression garments. Two-way spandex is spandex that can stretch in only one direction. Leggings, sports bras, and swimsuits are examples of clothes that require comfort and form-fittingness. This segmentation allows consumers to choose the spandex fabric type best suits their specific needs, preferences, and budgetary constraints.
By production method
The global spandex market is categorized based on product types into solution dry spinning, solution wet spinning. Solution dry spinning segment is dominating the market segment due to its relatively simple and cost-effective production method. Solution dry spinning is the most popular spandex production method, accounting for more than 90% of the global market share. It is a relatively basic process that includes dissolving a pre-polymer in a solvent and then spinning it through a spinneret to form fibres. The fibres are then dried and cured to make spandex yarn. Solution wet spinning is a more difficult production method than solution dry spinning, but it generates spandex fibres with superior quality qualities, such as greater strength and flexibility. Solution wet spinning entails dissolving a pre-polymer in a solvent and then spinning it through a spinneret into a coagulating bath. The fibres are then washed, dried, and cured to make spandex yarn. This segmentation allows consumers to choose the type of production method that aligns with their specific needs and preferences.
By application
The global spandex market is segmented based on application into apparels, medical, other applications. Apparels segment is dominating the market segment due to its increasing demand for active-wear and sportswear. Spandex is commonly seen in apparels such as sportswear, active-wear, and swimwear. It is also found in underwear, lingerie, and other form-fitting clothing. Spandex is found in many medical goods, including bandages, compression garments, and surgical hoses. It's also found in diapers and other incontinence items. Spandex is also utilized in a range of other products, including toys, furniture, and car interiors. It's also used in industrial products like conveyor belts and hoses. This market segmentation enables tailored solutions for various application types, catering to requirements and preferences.
Global spandex market overview by region
Asia Pacific
Asia Pacific currently dominates the global spandex market, and this dominance is expected to continue in the future. The region's large population, growing urbanization, and the growing demand for spandex in the apparel, medical and other applications are driving the demand for spandex. As the demand for spandex continues to rise, Asia Pacific is projected to maintain its leading position in the market in the coming years.
North America
North America is experiencing significant growth in the global spandex market, with a significant Compound Annual Growth Rate (CAGR). The North America region growth is driven by the increasing demand for comfortable and form-fitting garments, as well as the growing popularity of active-wear and sportswear. With the increasing demand for spandex in sportswear, North America is expected to witness a substantial CAGR in the coming years.
Global spandex market competitive landscape
The competitive landscape of the global spandex market is marked by a wide array of players competing for market dominance. Several key players have introduced new and improved spandex products with improved quality and technological innovation. Additionally, various other manufacturers are actively contributing to the market with their unique offerings. The competition is fierce, with companies continually striving to gain an edge through technological innovations, customer-centric features, and expanding their product ranges. As consumer demand for spandex continues to grow, the global spandex market is anticipated to witness even more intense competition among these players. The major players in the 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.
Global spandex market recent developments
April 2023,
Lianyungang LDZ New Aoshen Spandex Co., Ltd. has launched two innovative spandex products: spandex with temperature-sensitive shape memory properties and spandex with odor-neutralizing capabilities.
October 2023,
The Lycra Company has unveiled its latest innovations for the apparel industry, which are set to debut in 2025. Among the new offerings are Lycra Adaptive and Lycra Xfit, both of which are sustainable fibers and technologies. Additionally, the company plans to introduce Qira, a ground-breaking bio-derived spandex, by the close of 2024.
Scope of Global Spandex Market Report
Global Spandex Market Report Segmentation
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ATTRIBUTE |
DETAILS |
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By Fabric Type |
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By Production Method |
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By Application |
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By Geography |
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Customization Scope |
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Pricing |
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Objectives of the Study
The objectives of the study are summarized in 4 stages. They are as mentioned below:
To identify and estimate the market size for global spandex market it is segmented by fabric type, by production method, by application and by region. Also to understand the consumption/demand created by consumers between 2023 and 2031.
To identify and infer the drivers, restraints, opportunities, and challenges for global Spandex
To find out the factors which are affecting the market of global spandex among consumers
To provide a detailed insight into the major companies that is operating in the market. The profiling will include the financial health of the company's past 2-3 years with segmental and regional revenue breakup, product offering, recent developments, SWOT analysis, and key strategies.
Research Methodology
Our research methodology has always been the key differentiating reason which sets us apart in comparison from the competing organizations in the industry. Our organization believes in consistency along with quality and establishing a new level with every new report we generate; our methods are acclaimed and the data/information inside the report is coveted. Our research methodology involves a combination of primary and secondary research methods. Data procurement is one of the most extensive stages in our research process. Our organization helps in assisting the clients to find the opportunities by examining the market across the globe coupled with providing economic statistics for each and every region. The reports generated and published are based on primary & secondary research. In secondary research, we gather data for global Market through white papers, case studies, blogs, reference customers, news, articles, press releases, white papers, and research studies. We also have our paid data applications which includes hoovers, Bloomberg business week, Avention, and others.
Data Collection
Data collection is the process of gathering, measuring, and analyzing accurate and relevant data from a variety of sources to analyze market and forecast trends. Raw market data is obtained on a broad front. Data is continuously extracted and filtered to ensure only validated and authenticated sources are considered. Data is mined from a varied host of sources including secondary and primary sources.
Primary Research
After the secondary research process, we initiate the primary research phase in which we interact with companies operating within the market space. We interact with related industries to understand the factors that can drive or hamper a market. Exhaustive primary interviews are conducted. Various sources from both the supply and demand sides are interviewed to obtain qualitative and quantitative information for a report which includes suppliers, product providers, domain experts, CEOs, vice presidents, marketing & sales directors, Type & innovation directors, and related key executives from various key companies to ensure a holistic and unbiased picture of the market.
Secondary Research
A secondary research process is conducted to identify and collect information useful for the extensive, technical, market-oriented, and comprehensive study of the market. Secondary sources include published market studies, competitive information, white papers, analyst reports, government agencies, industry and trade associations, media sources, chambers of commerce, newsletters, trade publications, magazines, Bloomberg BusinessWeek, Factiva, D&B, annual reports, company house documents, investor presentations, articles, journals, blogs, and SEC filings of companies, newspapers, and so on. We have assigned weights to these parameters and quantified their market impacts using the weighted average analysis to derive the expected market growth rate.
Top-Down Approach & Bottom-Up Approach
In the top – down approach, the Global Batteries for Solar Energy Storage Market was further divided into various segments on the basis of the percentage share of each segment. This approach helped in arriving at the market size of each segment globally. The segments market size was further broken down in the regional market size of each segment and sub-segments. The sub-segments were further broken down to country level market. The market size arrived using this approach was then crosschecked with the market size arrived by using bottom-up approach.
In the bottom-up approach, we arrived at the country market size by identifying the revenues and market shares of the key market players. The country market sizes then were added up to arrive at regional market size of the decorated apparel, which eventually added up to arrive at global market size.
This is one of the most reliable methods as the information is directly obtained from the key players in the market and is based on the primary interviews from the key opinion leaders associated with the firms considered in the research. Furthermore, the data obtained from the company sources and the primary respondents was validated through secondary sources including government publications and Bloomberg.
Market Analysis & size Estimation
Post the data mining stage, we gather our findings and analyze them, filtering out relevant insights. These are evaluated across research teams and industry experts. All this data is collected and evaluated by our analysts. The key players in the industry or markets are identified through extensive primary and secondary research. All percentage share splits, and breakdowns have been determined using secondary sources and verified through primary sources. The market size, in terms of value and volume, is determined through primary and secondary research processes, and forecasting models including the time series model, econometric model, judgmental forecasting model, the Delphi method, among Flywheel Energy Storage. Gathered information for market analysis, competitive landscape, growth trends, product development, and pricing trends is fed into the model and analyzed simultaneously.
Quality Checking & Final Review
The analysis done by the research team is further reviewed to check for the accuracy of the data provided to ensure the clients’ requirements. This approach provides essential checks and balances which facilitate the production of quality data. This Type of revision was done in two phases for the authenticity of the data and negligible errors in the report. After quality checking, the report is reviewed to look after the presentation, Type and to recheck if all the requirements of the clients were addressed.
