Spandex Market - Size, Share, Industry Trends, and Forecasts (2024 - 2031)

By Fabric Type :

The fabric type is categorized into two-way stretch, four-way stretch. In 2023, the four-way stretch segment accounted for the highest spandex market share and, is expected to hold the highest CAGR over the forecast period. Four-way stretch is a type of elastane fabric that stretches in both verticle and horizontal directions, providing superior flexibility, and comfort. This generally implies that a broad range of motion is possible without any restriction because the fabric is able to stretch and recover in all directions. As per the analysis, it is greatly utilized in sportswear activewear, and other performance-oriented clothing, where mobility is essential, as these four-way stretch materials fit snugly and comfortably, and increase the durability of the clothing. Various items of clothing have been launched that contain four-way stretch materials. For instance, in December 2019, GRADO by GBTL introduced an innovative fabric range, called Strezza, that uses premium four-way stretch fabric that offers style, comfort, and luxury. Thus, the aforementioned factors are driving the segment growth and spandex market trends.

Additionally, this segment is expected to grow in the future because of the increasing focus on sustainability, enhanced performance, improved personalization options, and utilization of these fabrics in everyday apparel. Thus, the aforementioned factors are driving the trend and growth of the segment.

By Production Process :

The production process is categorized into melt spinning, dry spinning, and wet spinning. In 2023, the dry spinning segment accounted for the highest market share of 29.77% in the spandex market. The dry spinning method for the production of spandex generally involves dissolving the polymer in solvents to form a viscous solution. This mixture is forced through spinnerets and is introduced into a chamber that contains inert gas or warm air that causes the solvent to evaporate quickly. The polymer further solidified into a continuous filament as the solvent evaporated. These filaments are further gathered and formed into yarn. Most of the fabrics are manufactured by this method.

For instance, according to the data published by the National Library of Medicine, in July 2021, reported that dry spinning is the most used method for the fabrication of spandex material. Around 95% of the world's spandex is manufactured using the dry spinning method. Thus, the aforementioned factors are propelling the growth of the segment.

Moreover, the melt-spinning segment is expected to grow at the fastest CAGR over the forecast period. The melt-spinning method is normally used for the production of spandex fibers. As per the analysis, in this process, polymer chips are melted and then forced through the spinnerets, which are small holes situated in a metal plate. As the metal-polymer is passed through these spinnerets, they solidify into thin fibers. These fibers are stretched to align the polymers and improve the elasticity and strength. Tus, the aforementioned factors are driving the segment trends.

By Application :

The application segment is categorized into apparel, medical applications, hygiene products, industrial tapes, furniture upholstery, and others. The apparel segment is further bifurcated into sportswear, swimwear, gloves, socks, and others. In 2023, the apparel segment accounted for the highest market revenue in the overall spandex market, and this segment is expected to hold the fastest CAGR over the forecast period. The material is also known as elastane is a fiber that offers exceptional stretch, and elasticity. These materials are frequently blended with other fibers such as nylon, cotton, and polyester, for the production of apparel. This apparel made from these fibers and offers a snug fit, because of their excellent elasticity allowing easy movement. These apparel generally include activewear including leggings, athletic shorts, and swimsuits among others. Various novel apparel are launched in the activewear sector that offer comfort and elasticity. For instance, in December 2023, Calia introduced a new range of apparel with LYCRA ADAPTIV technology, which provides lightweight support and subtle compression while maintaining the reliable strength of LYCRA brand spandex. Thus the aforementioned factors are propelling the segment.

By Region :

The regional segment includes North America, Europe, Asia Pacific, the Middle East and Africa, and Latin America.

In 2023, Asia Pacific accounted for the highest market share at 35.41% valued at USD 2,195.42 Million in 2023, it is expected to reach USD 3,569.17 Million in 2031 and it is also anticipated to hold the fastest CAGR of 7.4% over the forecast period. In Asia Pacific, China accounted for a major market share of 22.45% in the year 2023. This region consists of major textile manufacturing hubs in regions such as China, South Korea, Taiwan, and India, which offer large production capacities to meet the textile demand both domestically, and internationally. The ability is reinforced by the thriving textile and apparel industry in this region., where the material is widely utilized in various clothing items including sportswear, activewear, and medical textiles among others.

Additionally, as per the analysis, because of growing urbanization and the rise in the number of individuals spending on apparel has increased the demand for this textile industry, and the trend for these fibers. For instance, India is the 5th largest producer of technical textiles in the world, with an expected market size of USD 22 Million. The goal is to increase this to USD 300 Million by 2047. Additionally, Based on the data published by OEC, in 2023, in 2022, China exported USD 303 Million in textiles, making it the 1st largest exporter of textiles in the world. In the same year, textiles was the 2nd most exported product in China. Thus, the aforementioned factors is propelling the spandex market demand and trend in the upcoming years.