1 Global Spandex Market Insight Analysis
The global spandex market is valued at 7106.39 M USD in 2024 and the CAGR of the market from 2024 to 2033 is 13.4%.
Spandex, short for polyurethane (PU) fiber, is a chemical fiber with excellent elasticity that can greatly improve the performance of textile fabrics. Under normal circumstances, spandex cannot be made into textiles alone because of its high elasticity but insufficient strength, and it needs to be processed and woven together with other fibers. Only a small amount of spandex is added to the textile to make the fabric show soft, comfortable and beautiful characteristics.
Figure Global Spandex Market Size (M USD) and CAGR (2024-2033)
2 Spandex Market Growth Drivers and Restraints
The growth of the global spandex market is propelled by several key factors. One of the primary drivers is the increasing demand for comfortable and form-fitting apparel, which necessitates the use of spandex to achieve the desired stretch and recovery properties. Additionally, the market is benefiting from the rising popularity of active wear and sportswear, where spandex is a crucial component due to its durability and ability to maintain shape. Another significant driver is the expansion of the textile industry, particularly in developing countries, which has led to a surge in demand for spandex fibers.
However, the market also faces certain constraints. One of the main challenges is the fluctuation in raw material prices, which can significantly impact the production costs and profitability of spandex manufacturers. Furthermore, environmental regulations and sustainability concerns are becoming increasingly important, influencing the production processes and material choices in the industry. The need for more sustainable and eco-friendly production methods is a growing constraint that manufacturers must address to remain competitive.
3 Technological Innovations and Mergers in the Spandex Market
The spandex market is characterized by continuous technological innovations aimed at improving the performance and sustainability of the fibers. Companies are investing in research and development to create new spandex variants that offer enhanced properties such as chlorine resistance, UV protection, and improved dye ability. These innovations not only cater to the evolving needs of the textile industry but also address environmental concerns by developing more sustainable production processes.
In addition to technological advancements, the market has witnessed several corporate mergers and acquisitions, which have led to the consolidation of the industry. These strategic moves are aimed at strengthening market positions, expanding product portfolios, and achieving economies of scale. The restructuring of companies through mergers and acquisitions has been a significant trend in the spandex industry, reflecting the dynamic and competitive nature of the market.
4 Global Spandex Market Size by Type
In 2024, the market is dominated by the solution dry spinning type, which accounts for the largest share of the market value. This type is valued at 5952.61 million USD, reflecting its widespread use in various textile applications due to its superior quality and performance. The solution wet spinning type also contribute significantly to the market value, with revenues of 631.04 million USD.
The solution dry spinning type is preferred for its high-quality finish and superior elasticity, making it ideal for use in premium textiles. The solution wet spinning type, while slightly less dominant, still holds a significant market share due to its cost-effectiveness and suitability for a wide range of applications. The other types of spandex cater to niche markets and specific applications, contributing to the overall diversity and breadth of the spandex market.
Table Global Spandex Market Size and Share by Type in 2024
|
Type |
Market Size (M USD) 2024 |
Market Share 2024 |
|---|---|---|
|
Solution Dry Spinning |
5952.61 |
83.76% |
|
Solution Wet Spinning |
631.04 |
8.88% |
|
Others |
522.75 |
7.36% |
5 Global Spandex Market Size by Application
The apparel & clothing sector is anticipated to be the largest consumer of spandex, with a market value of 4925.72 million USD in 2024. This segment’s dominance is attributed to the increasing demand for comfortable, form-fitting clothing that requires the elasticity provided by spandex. The sportswear and footwear application is also significant, valued at 2681.24 million USD, reflecting the growing popularity of active wear and the need for high-performance materials in sports apparel.
Home furnishings represent another substantial application area for spandex, with a market value of 1023.80 million USD in 2024. The use of spandex in home furnishings is driven by its ability to provide durability and comfort in products such as mattresses, upholstery, and curtains. Other applications, including medical and automotive uses, contribute to the market’s diversity and are valued at 1156.87 million USD in 2024.
Table Global Spandex Market Size and Share by Application in 2024
|
Application |
Market Size (M USD) 2024 |
Market Share 2024 |
|---|---|---|
|
Apparel & Clothing |
4925.72 |
69.31% |
|
Sportswear and Footwear |
2681.24 |
54.43% |
|
Others |
2244.48 |
45.57% |
|
Home Furnishing |
1023.80 |
14.41% |
|
Others |
1156.87 |
16.28% |
6 Global Spandex Market Size by Region
China stands out as the largest revenue generator in the global spandex market, with an estimated revenue of 4663.59 million USD in 2024. This substantial revenue is driven by China’s vast textile industry, which is a key consumer of spandex due to the fiber’s versatility and ability to enhance the performance of various textiles. China’s economic growth, industrial expansion, and strategic focus on becoming a global manufacturing leader have solidified its position as a dominant player in the spandex market.
Europe follows as a significant market, with a projected revenue of 600.05 million USD in 2024. The region’s established textile industry, coupled with a demand for high-quality fashion apparel, contributes to its substantial market share. Europe’s market is characterized by a preference for premium textiles and a commitment to sustainability, which influences the types of spandex products consumed and the market’s overall revenue.
The United States is another key player in the spandex market, with an estimated revenue of 332.75 million USD in 2024. The U.S. market is influenced by a strong consumer base and a preference for active wear and sportswear, which require the elasticity and durability provided by spandex. The country’s focus on innovation and the development of new textile technologies also play a role in shaping its market revenue.
Japan, with a revenue of 141.94 million USD in 2024, represents a mature market with a stable demand for spandex. The country’s advanced textile industry and focus on quality and innovation contribute to its market revenue. Japan’s market is characterized by a high level of consumer awareness and a demand for textiles that offer both comfort and performance.
India is expected to generate a revenue of 225.22 million USD in 2024, reflecting its growing textile industry and increasing demand for spandex. The country’s economic growth and industrial development have positioned it as an emerging market in the spandex industry. India’s market is characterized by a large consumer base and a growing preference for textiles that offer comfort and functionality.
Southeast Asia, with a revenue of 249.26 million USD in 2024, represents a dynamic market with significant growth potential. The region’s developing textile industry and increasing demand for spandex in various applications contribute to its market revenue. Southeast Asia’s market is characterized by its strategic location and the growing importance of the region in global trade.
Latin America and the Middle East and Africa also contribute to the global spandex market’s revenue, with projected revenues of 248.74 million USD and 196.96 million USD, respectively, in 2024. These regions are characterized by their unique market dynamics, with factors such as economic growth, industrialization, and consumer preferences playing a role in shaping their market revenues.
Figure Global Spandex Market Size (M USD) by Region in 2024
7 Global Spandex Market Analysis by Major Players
7.1 Hyosung Corporation
Company Introduction and Business Overview:
Hyosung Corporation, established in 1966 and headquartered in Korea, is a leading industrial conglomerate with a global sales region. The company is renowned for its diverse product portfolio, which includes terylene, viscose fiber, carbon fiber, acetate fiber, and other synthetic fiber products. Hyosung’s operations span textiles, chemicals, industrial materials, power and industrial systems, construction, trading, and information and communication.
Hyosung Corp is a major manufacturer and distributor of fiber products, including synthetic fibers and electronic products such as fibers, tire cords, automotive seatbelt yarns, airbag fabric, spandex, transformers, PET bottles, pumps, carpets, gear reducers, and generators for power plants. The company also manufactures wind turbines and charging systems for renewable energy.
Products:
Hyosung offers a range of spandex products under the brand name CREORA Highclo, which is chlorine-resistant and designed for long-lasting swimwear comfort and fit. The product is known for its durability and ability to maintain the shape and fit of swimwear even at higher temperatures.
Market Performance in 2024:
In 2024, Hyosung Corporation is projected to achieve a spandex revenue of 1727.14 million USD, with a gross margin of 18.38%.
7.2 Zhejiang Huafon Spandex Co. Ltd.
Company Introduction and Business Overview:
Zhejiang Huafon Spandex Co. Ltd., established in 1999 and headquartered in China, is a leading enterprise in the global polyurethane products and materials industry. The company focuses on the research and development, production, and sales of spandex fiber, polyurethane liquid, and refined adipic acid.
The company has diversified its development across financial banking, cogeneration, and foreign trade, in addition to its core business in spandex production. Zhejiang Huafon Spandex Co. Ltd. is committed to providing high-quality spandex products to meet the demands of the global market.
Products:
Zhejiang Huafon Spandex Co. Ltd. offers a variety of spandex products known for their stability, uniformity, high performance, and differentiation. These products are widely used in high-end underwear, swimwear, socks, jeans, casual sportswear, webbed, medical bandages, and diapers.
Market Performance in 2024:
In 2024, Zhejiang Huafon Spandex Co. Ltd. is expected to generate a spandex revenue of 1432.30 million USD, with a gross margin of 13.23%.
7.3 Xinxiang Chemical Fibre Co.,Ltd.
Company Introduction and Business Overview:
Xinxiang Chemical Fibre Co., Ltd., established in 1960 and headquartered in China, is a leading producer of spandex and recycled cellulose filament. The company’s products are primarily sold in the Asia-Pacific and European markets.
Xinxiang Chemical Fiber Co., Ltd. specializes in the production of high-quality spandex and cellulose filament products. The company utilizes advanced production technologies to manufacture spandex with high temperature resistance, chlorine resistance, high stress, high rebound, and uniform quality.
Products:
The company offers a range of spandex products suitable for various textile applications, including warp knitting, suitable for all kinds of thin fabrics, double-sided elastic fabrics, and high-grade swimwear and a variety of clothing fabrics.
Market Performance in 2024:
In 2024, Xinxiang Chemical Fibre Co., Ltd. is projected to achieve a spandex revenue of 829.78 million USD, with a gross margin of 16.34%.
