Spandex Fiber Market By Production Method (Solution Dry Spinning, Solution Wet Spinning, Others), By Application (Apparel and Clothing, Home Furnishing, Others): Global Opportunity Analysis and Industry Forecast, 2020-2030
The global spandex fiber market was valued at $8.36 billion in 2020, and is projected to reach $16.87 billion by 2030, growing at a CAGR of 7.31% from 2021 to 2030.
Spandex fiber is a synthetic fiber, manufactured from the long chain of polyurethane, also called as lycra or elastane. This fiber is known for its exceptional elasticity and is more durable than rubber. It is lightweight, dyeable, and has excellent abrasion resistance. As compared to other elastic materials, when the spandex fiber is tailored, it doesn’t get frayed. Its prominent characteristics make it popular in the manufacturing of various textile industries, including tailoring of swimming wear, cycling wear, and casual wear.
Growth of global spandex fiber market is mostly driven, owing to rise in demand for spandex fiber for competitive swimming and cycling activities, rise in tourism, and consumers shifting trends for water-based tourism. Change in fashion trend is expected to play a key role in the growing adoption of spandex fiber for clothing apparel. Furthermore, development of bio-based products is attributed to the change in market dynamics of textile sector. Increase in investment in R&D of the spandex fiber is anticipated to offer lucrative growth opportunities for market in the forecast period. Growth in adoption of spandex fiber in manufacturing of pressure diapers and bandages is spurring the market growth. Furthermore, increase in applications in healthcare sector are expected to augment the growth of the market. Various government initiatives and campaigns encourage the students for participating in the water-related activities, which are expected to stimulate the growth of the market. Fluctuating prices of spandex fiber and availability of substitutes hamper the growth of the market in the forecast period. Moreover, stringent government regulations are expected to hinder the growth of the market.
The outbreak of pandemic accelerated growth of healthcare industry. Spandex fibers have wide range of application in the healthcare industry as it is used to manufacture masks, gloves, and medical apparel. Increase in demand for aforementioned healthcare products during the COVID-19 positively impacted the growth of the market.
The global spandex fiber market is segmented on the basis of type of production method, application, and region.
Depending on type of production method, it is segmented into solution dry spinning, solution wet spinning, and others. According to application, it is categorized into apparel & clothing, home furnishing, and others. The apparel & clothing accounted for the highest market share, owing to increase in utilization of spandex fiber products in various clothes and major sport equipment. Region wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA. Asia-Pacific is the leading region in terms of demand for spandex fiber, and is expected to maintain its dominance during the forecast period. High adoption of spandex fiber products in the region continue to boost the growth of the spandex fiber market size, due to huge population base and presence of many developing countries in this region.
The key players operating in the global spandex fiber market are Hyosung Corporation, Invista, Asahi Kasei Corporation, Toray Industries, Inc., Indorama Industries Ltd., TK Chemical Corporation, Zhejiang Huafon Spandex Co. Ltd., Xiamen Lilong Spandex Co., Ltd., Yantai Spandex Co., Ltd., and Taekwang Industrial Co. Ltd.
Other players in the value chain include Xinxiang Bailu Chemical Fibre Group Co. Ltd., Baoding Swan Spandex Co., Ltd., Spandex Corporation Ltd., Jiangsu Shuangliang Spandex Co., Ltd., Highsun Group, and Yantai Tayho Advanced materials Co. Ltd. are competing for the share of the market through product launch, joint venture, partnership, and expanding the production capabilities to meet the future demand for the spandex fiber market in the forecast period.
Key benefits for stakeholders
This report provides a detailed quantitative analysis of the current spandex fiber market trends and estimations from 2020 to 2030, which assists to identify the prevailing opportunities.
An in-depth analysis of spandex fiber market across the globe is anticipated to provide a detailed understanding of the current trends to enable stakeholders formulate specific plans.
A comprehensive analysis of the factors that drive and restrain the growth of the market is provided.
Region-wise and country-wise market conditions are comprehensively analyzed in this report.
The projections in this report are made by analyzing the current trends and future market potential from 2020 to 2030 in terms of value.
An extensive analysis of various regions provides insights that are expected to allow companies to strategically plan their business moves.
Key market players within the market are profiled in this report and their strategies are analyzed thoroughly, which help to understand the competitive outlook of the global spandex fiber market.
Key Market Segments
By Production Method
Solution Dry Spinning
Solution Wet Spinning
Apparel and Clothing
Rest of Europe
Rest Of Asia Pacific
Rest of LAMEA
Key Market Players
Asahi Kasei Corporation
Toray Industries, Inc.
Indorama Industries Ltd.
TK Chemical Corporation
Zhejiang Huafon Spandex Co. Ltd.
Xiamen Lilong Spandex Co., Ltd.
Yantai Spandex Co., Ltd.
Taekwang Industrial Co. Ltd.
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