The Spandex Market is estimated to be valued at US$ 10.13 Bn in 2023 and is expected to exhibit a CAGR of 9.2% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
The Spandex Market is estimated to witness high growth owing to rising demand for stretchable fabrics. Spandex fiber (polyurethane-polyurea copolymer) is a synthetic fiber known for its exceptional elasticity and strength. It is produced by dry spinning a polymer through a spinneret. Spandex fiber has good elastic recovery and provides shape retention to fabrics.
Market Overview:
Spandex is a synthetic fiber with exceptional elasticity and is majorly used for manufacturing activewear, intimate apparel, medical garments, and other athletic wear. It provides four-way stretch, comfort, shaping support, breathability to fabrics. Spandex fiber allows for freedom of movement and causes minimal skin irritation owing to its breathable properties.
Market key trends:
One of the key trends driving the spandex market growth is the rising demand for athletic and active wear. The growing participation of people in various sports and fitness activities has increased the demand for performance sportswear. Spandex fiber provides properties like stretch, comfort, breathability, and shaping support which are highly desirable in athletic wear. Thus, the increasing focus on health and wellness is positively impacting the sales of activewear incorporating spandex fabrics.
Porter's Analysis
Threat of new entrants: The spandex market poses moderate threat of new entrants due to the presence of established players and requirement of large capital investments.
Bargaining power of buyers: Buyers have moderate bargaining power due to the availability of substitutes like polyester and nylon.
Bargaining power of suppliers: Suppliers have low to moderate bargaining power due to the availability of raw material substitutes like polyurethanes, polyesters, and polyamides.
Threat of new substitutes: The threat of substitutes is moderate due to the availability of polymers like nylon, polyester, polyurethane, and natural rubber that offer similar properties.
Competitive rivalry: The competitive rivalry in the spandex market is high.
SWOT Analysis
Strengths: Spandex has high elasticity, strength, flexibility, lightweight and durable nature. It provides excellent recovery, stretch, and shape retention.
Weaknesses: Spandex has a weaker resistance to abrasion in comparison to nylon and polyester. Spandex fibers are more expensive than other synthetic fibers.
Opportunities: Increasing demand from the apparel and sports industries. Growing demand for shapewear and activewear clothing.
Threats: Volatility in raw material prices. Fluctuations in crude oil prices affect the production cost.
Key Takeaways
The global spandex market is expected to witness high growth, exhibiting CAGR of 9.2% over the forecast period, due to increasing demand from the apparel and sports industries. The apparel segment dominates the spandex market and is expected to grow at a significant rate during the forecast period.
Regional analysis Asia Pacific dominates the global spandex market and is expected to witness the fastest growth over the forecast period. This is attributed to the presence of key emerging economies like China, India, Indonesia, and Vietnam coupled with the increasing apparel production. The increasing demand for spandex from the growing textile and apparel industries is further propelling the market growth in the Asia Pacific region.
Key players operating in the spandex market are INVISTA, Asahi Kasei Corporation, Hyosung Corporation, Zhejiang Huafon Spandex Co. Ltd., Yantai Tayho Advanced Materials Co. Ltd., Indorama Industries Ltd, TK Chemical Corp., Taekwang Industrial Co., Ltd, Jiangsu Shaungliang Spandex Co., Ltd., and Xiamen Lilong Spandex Co. Ltd. These players are focusing on new product development and expansion strategies to gain a competitive advantage in the market.
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