According to MarkNtel Advisors study 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.

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Key Findings of the Study: Spandex market

Global Spandex Market 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.

Global Spandex Market Challenge

Availability of Low-cost Substitutes Impeding the Market Growth – Traditionally, the spandex fiber is manufactured via a specific chemical & catalyst-based process that involves the usage of certain chemicals like macro glycol, diisocyanate monomer, and others, making the production of spandex relatively higher. Hence, due to the increased production costs of spandex, manufacturers' price is significantly higher than other fibers such as nylon, cotton, polyester, and others in order to preserve profitability in their business.

The high cost of the spandex has led the end-user industries like apparel manufacturers, medical textile producers, etc., to incline towards the alternatives & seek cost-effective solutions. Substitutes like polyester, acrylic, etc., offer similar functionality like durability and are less expensive than spandex. As a result, more end-users are using these substitutes in place of spandex, restraining the Global Spandex Market.

For more detailed information about the Spandex market report, click here – https://www.marknteladvisors.com/research-library/spandex-market.html

Scope of the Report and Spandex Market Segmentation:

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

Spandex is extensively used in textile industries to manufacture numerous clothes like sportswear, activewear, swimwear, casual clothes, etc., making Clothing a leading application.

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

Spandex Market 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
• 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)

Spandex Market Development:

• 2022: Hyosung TNC, announced the development of bio-based spandex using natural materials extracted from corn instead of coal.

Geographical Analysis:

By Region

• North America
• South America
• Europe
• The Middle East & Africa
• Asia-Pacific

Asia-Pacific holds a remarkable share in the Global Spandex Market due to the prevalence of several textile manufacturers in the region.

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