Global Spandex Fiber Market Analysis & Forecast | 2023-2028

Market Insights

The Global Spandex Fiber Market is expected to grow from USD 6.35 billion in 2022 to USD 9.56 billion by 2028 at a healthy CAGR of 7.06% during the forecast period of 2023-2028.

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What is spandex fiber?

Spandex fiber is made up of a synthetic polymer called polyurethane which has extraordinary stretchability. By reacting polyester with diisocyanate which contains at least 85% polyurethane, the long chain of polymer is produced. First invented at DuPont's laboratory in 1959, in Virginia, spandex is strong and durable. It transformed the garment industry after its arrival.

Spandex fiber has different production processes, such as solution dry spinning and solution wet spinning, that are used in various end-use industries, such as textile, medical & healthcare, and others.

Market Drivers

There are several drivers contributing to the growth of the global spandex fiber market. These include:

• Increasing demand for athleisure and activewear: Spandex fiber offers excellent elasticity, allowing garments to stretch and recover their shape, providing a comfortable fit. With the rise of athleisure and activewear trends, consumers are seeking clothing that provides both style and comfort., driving the demand for spandex-containing apparel.
• Growing sports and fitness industry: Over the last few years, there has been unprecedented growth in the global sports and fitness industry driven by increased health awareness, participation in physical activities, and sports events, etc. Since spandex fiber is extensively used in sportswear and athletic clothing, the growing fitness industry also drives the demand for spandex fiber clothing.
• Increasing use in the medical sector: Spandex fibers are widely used in medical compression garments, bandages, surgical stockings, etc. These garments provide support, and compression, making them essential for post-surgery recovery, managing certain medical conditions, and improving overall comfort for patients.
• Rising disposable income and economies: Rapid urbanization and rising disposable incomes are changing the lifestyles in emerging economies. This is, as a result, contributing to the expansion of the spandex fiber market. As consumers become more aware of fashion trends and are capable of prioritizing or affording different material clothing for different activities, the demand for spandex-containing apparel for their sports/gyming activities is expected to increase.

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Key Players

Some of the major players in the global market are-

• Asahi Kasei Corporation
• DuPont
• Far Eastern New Century Corporation
• Highsun Group
• Hyosung Corporation
• INVISTA
• Teijin ltd
• Toray Industries
• Zhejiang Huafon Spandex Co. Ltd.
• ZheJiang Huahai Machinery Group

Segments Analysis

By Production Process Type

The market is segmented as solution dry spinning and solution wet spinning. 

The Solution Dry Spinning segment held the larger share of the market in 2022 and is expected to remain dominant during the forecast period. Solution dry spinning is the more cost-effective process, the fibers manufactured through this process offer better elastic recovery, which is driving the growth of this segment.

By End-Use Industry Type

The spandex fiber market is segmented as textile, medical & healthcare, and others. 

The textile industry segment dominates the market, as expanding discretionary income in developing nations has prompted the increasing requirements for apparel. Further, demand for applications such as sportswear, activewear, intimate wear, and others is likely to propel growth during the forecast period.

By Region

Asia-Pacific is estimated to be the largest as well as the fastest-growing market for spandex fiber during the forecast period, with China, Japan, and India, being the major countries with lucrative growth opportunities.

The growth of the market is driven by the growth of various end-use industries, such as textile, medical & healthcare, and others, which is generating huge demand for spandex fiber along with the presence of many spandex fiber manufacturers in the Asia-Pacific region.

North America and Europe are also expected to offer substantial growth opportunities during the forecast period.

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Segmentation

This report studies the market covering 12 years of trend and forecast. The report provides detailed insights into the market dynamics to enable informed business decision-making and growth strategy formulation based on the opportunities present in the market.

The global market is segmented into the following categories. 

By Production Process Type

• Solution Dry Spinning (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
• Solution Wet Spinning (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)

By End-Use Industry Type

• Textile (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
• Medical & Healthcare (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
• Others
  • (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
  • (End-Use Industry Type Analysis: Sport Accessories, Industrial, and Household Products)

By Region

• North America (Country Analysis: the USA, Canada, and Mexico) 
• Europe (Country Analysis: Germany, France, the UK, Russia, Spain, and Rest of Europe)
• Asia-Pacific (Country Analysis: China, Japan, India, South Korea, and Rest of Asia-Pacific)
• Rest of the World (Sub-Region Analysis: Latin America, the Middle East, and Others)

Research Methodology

This report offers high-quality insights and is the outcome of a detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders, and validation and triangulation with Stratview Research’s internal database and statistical tools. 

More than 1,000 authenticated secondary sources, such as company annual reports, fact books, press releases, journals, investor presentations, white papers, patents, and articles, have been leveraged to gather the data. 

We conducted more than 15 detailed primary interviews with the market players across the value chain in all four regions and industry experts to obtain both qualitative and quantitative insights.

Report Features

This report provides market intelligence most comprehensively. The report structure has been kept such that it offers maximum business value. It provides critical insights into the market dynamics and will enable strategic decision-making for the existing market players as well as those willing to enter the market.

The following are the key features of the report:

• Overview, industry life cycle analysis, supply chain analysis
• Environment analysis: Growth drivers and constraints, Porter’s five forces analysis, SWOT analysis
• Trend and forecast analysis.
• Segment trend and forecast.
• Competitive landscape and dynamics: Market share, product portfolio, Technology launches, etc.
• Attractive segments and associated growth opportunities.
• Emerging trends.
• Strategic growth opportunities for the existing and new players.
• Key success factors.

Target Audience

The following is a list of the customers that the market aims to convert the most:

• Manufacturers
• Suppliers
• Distributors
• Organizations
• Government bodies

Critical Questions Answered in the Report

• What are the key trends in the market?
• How the market (and its various sub-segments) has grown in the last five years and what would be the growth rate in the next five years?
• What is the impact of COVID-19 on the market?
• What are the key strategies adopted by the major vendors to lead in the market?
• What is the market share of the top vendors?

Customization Option

Stratview Research offers one of the following free customization options to our respectable clients:

Company Profiling

• Detailed profiling of additional market players (up to 3 players)
• SWOT analysis of key players (up to 3 players)

Competitive Benchmarking

• Benchmarking of key players on the following parameters: Product portfolio, geographical reach, regional presence, and strategic alliances

Custom Research: 

Stratview Research offers custom research services across sectors. In case of any custom research requirement related to market assessment, competitive benchmarking, sourcing and procurement, target screening, and others, please send your inquiry to sales@stratviewresearch.com.