Spandex Market 2020 and Forecast 2021-2027

                                          
Report Overview: Global Spandex Market


The global spandex market size was estimated at USD 6.28 billion in 2020. It is projected to expand further at a compound annual growth rate (CAGR) of 1.1% from 2021 to 2027. Rapidly increasing population coupled with rising consumer disposable income is projected to propel the demand sports and active wear, thereby driving the market growth. Growing awareness about following a healthy lifestyle is anticipated to result in increased participation in sports activities, which, in turn, will promote the demand for comfortable sportswear, such as cycling pants. The market in the U.S. was valued at USD 1.5 billion in 2020 and is estimated to expand at a CAGR of 1.6% from 2021 to 2027. Rising demand for clothing, such as inner wear, sportswear, and active wear, on account of the higher disposable income levels and growing popularity of various sports and leisure activities, is anticipated to drive the market further.

The spandex fiber offers excellent strength, weight, and versatility as compared to other fibers, which drives its demand in the manufacturing of clothing and medical applications. In addition, it exhibits superior elasticity and is stretchable hence, it is used in combination with materials including cotton, wool, and others.

Moreover, the material is lightweight, soft, and has excellent resistance against body oils, perspiration, detergent, and abrasions, which is anticipated to promote its usage in the manufacturing of a wide variety of clothing and apparel. It is commonly used in casual clothing, trekking pants, under garments, home furnishing, and others.
However, the laborious manufacturing process and noteworthy properties of these materials have resulted in the high market price as compared to nylon and polyester and organic fabrics, such as wool and cotton. This may have a negative impact on the demand, thereby restricting market growth over the forecast period 2021-2027.

Technology Insights: Global Spandex Market

The solution dry-spinning technology accounted for over 94% of the global share in 2019 and is projected to expand further at the fastest CAGR from 2020 to 2027. The high spinning speed of the solution dry-spinning process helps increase the productivity of the product to a great extent as compared to other processes, such as wet spinning and melt spinning.

The solvent used in the solution dry-spinning process is flammable and post spinning operations are implemented for the complete removal of solvent. This is anticipated to limit the adoption of the process across various applications. However, the ease and flexibility in implementing the process are estimated to promote its implementation.

The melt-spinning technology is gaining traction as the cost of production using this technology is relatively lower than the wet and dry spinning processes. However, melt-spinning technology requires timely maintenance and replacements due to the short lifespan of the spinneret. In addition, it requires repeated cleanings of manifold and causes non-uniformity in the yarn. These drawbacks are likely to limit its adoption.

Application Insights: Global Spandex Market

The clothing segment accounted for the largest market share of more than 74% in 2019. It is estimated to expand further at the fastest CAGR from 2020 to 2027 due to the increasing demand for active wear, sportswear, intimate wear, yoga pants, cycling shorts, and jerseys, swim wear, etc.
Spandex has superior stretching property that avoids restrictions on the wearer’s movements, which boosts its demand in sportswear. In addition, excellent elasticity, durability, and resistance to UV light are projected to generate the demand further.

The medical application segment is estimated to register significant growth over the forecast years due to extensive usage of spandex in manufacturing compress bandages, stretchable bandages, etc. Product properties, such as high elasticity, smoothness, and softness, propel its application in the manufacturing of medical products, thereby benefiting the segment growth. Spandex is also used in the film industry to manufacture motion capture suits that actors wear in front of green screens. This is projected to fuel the product demand, thereby driving the market growth.

Regional Insights: Global Spandex Market

The Asia Pacific accounted for the maximum market share of 35.9% in 2019 owing to rapid expansion of the manufacturing industry in the developing economies, such as China, India, Indonesia, and Japan. In addition, rising foreign investments in the region are anticipated to promote market growth over the forecast period.
China accounted for a major market share in the regional market on account of the rising number of manufacturing facilities in the country. Rapid industrialization, low-cost production and processing along with increased foreign investments are also supporting the market growth in the country.

Improved standard of living coupled with increasing disposable incomes are likely to promote the demand for spandex in North America. In addition, rising health consciousness and growing production facilities in U.S. coupled with the expansion of healthcare facilities are likely to augment the product demand in several end-use sectors, thereby driving the regional market.

In addition, rapidly expanding residential construction sector in Canada and U.S. will propel the demand for home-furnishing products, such as bathroom linen, curtains, cushions, and carpets. This, in turn, is projected to fuel the demand for spandex in various applications, thereby promoting growth of the regional market.

Key Companies & Market Share Insights: Global Spandex Market

Companies in this market are focusing more on the expansion of their production capacities by establishing manufacturing facilities across economies, such as Brazil and Indonesia. In addition, they are implementing R&D programs for product utilization across the medical, automotive, and home furnishing applications. Major companies have also undertaken several marketing strategies, such as mergers & acquisitions, partnerships, and new product launches, to establish a stronger position in the global industry. Some of the prominent players in the global spandex market include:

Key companies Profiled: Global Spandex Market Report

 	
Hyosung
 	
DuPont de Nemours, Inc.
 	
TK Chemical Corp.
 	
Taekwang Industrial Co. Ltd.

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the segments from 2016 to 2027. Trusted Business Insights has segmented the global spandex market report on the basis of application, technology, and region:

Application Outlook (Volume, Kilotons; Revenue, USD Million, 2016 - 2027)

 	
Clothing
 	
Medical
 	
Others

Technology Outlook (Volume, Kilotons; Revenue, USD Million, 2016 - 2027)

 	
Solution Dry-spinning
 	
Wet-spinning
 	
Others