Spandex Market Report 2024, Size, Outlook, Key player Analysis and Forecast by 2031

 

Spandex Market Overview:

The Spandex Market Share was USD 6,200.00 Million in 2023 It is projected to reach USD 9,906.10 Million by 2031. indicating a CAGR of 6.9% during the forecast period.

Spandex Market key drivers:

Athleisure Ascendance: The ever-popular athleisure trend is a major driver. Consumers crave comfortable yet stylish clothing for their active lifestyles. Spandex, with its exceptional elasticity and shape retention, is a key ingredient in athleisure apparel, providing a comfortable fit that moves with the wearer.

Activewear Evolution: The activewear market is constantly evolving, with an emphasis on performance and functionality. Spandex plays a crucial role here too. It allows for a wider range of motion, enhances breathability, and offers superior moisture-wicking properties, perfect for an intense workout.

Expanding Applications: Spandex is not just limited to sportswear. Its versatility is finding applications in diverse areas like medical textiles (compression garments), swimwear, and even upholstery. This broadens the market reach and opens doors for further growth.

Spandex Market Key Players:

INVIYA, The LYCRA Company, Hyosung TNC, TK CHEMICAL CORPORATION, Taekwang Industrial Co.Ltd., ASAHI KASEI CORPORATION, Mitsubishi Chemical Group Corporation, Gopal Jee Fabrics, Hangzhou K&M Textile Co.,Ltd

Spandex Market Segmentation:

By Fabric Type: Two-way stretch, Four-way stretch

By Production Process: Melt spinning, Dry spinning, Wet spinning

By Application: Apparel (Sportswear, Swimwear, Gloves, Socks, and Others), Medical applications (Surgical wear, Wound dressing materials, and Others), Hygiene products, Industrial tapes, Furniture upholstery, and Others

Spandex Market Regional Analysis:

Dominant Force: The Asia Pacific Region

Thriving Apparel Industry: The Asia Pacific region is a hub for apparel manufacturing, particularly for sportswear and activewear. The rising demand for comfortable, performance-driven clothing fuels the need for spandex, a key component in these garments

Growing Disposable Income: As disposable incomes rise across the region, consumers are increasingly opting for high-quality clothing with features like stretch and breathability, further propelling the spandex market demand

Major Producers: China, a leader in textile production, is also a major spandex producer. This proximity to manufacturing centers creates a cost advantage and efficient supply chain for spandex within the region

Europe and The Middle East & Africa (MEA): Steady Growth

Europe and the MEA region exhibit a steady growth trajectory in the spandex market. The European market benefits from a strong presence of established sportswear and swimwear brands that heavily rely on spandex for their products. Additionally, growing health consciousness and participation in fitness activities are expected to drive demand for spandex-based sportswear in the region

The MEA region, though currently holding a smaller share, presents promising growth potential.  A burgeoning middle class with rising disposable incomes and an increasing focus on fashion and fitness are expected to propel the demand for spandex in the coming years

North America and Latin America: A Different Landscape

North America and Latin America portray a contrasting picture. While North America possesses a well-established market for spandex, its growth is projected to be moderate compared to Asia Pacific. This can be partly attributed in the region, with a potential saturation in demand for spandex-based clothing.

Latin America exhibits a similar trend. The market is expected to witness steady growth, but at a slower pace compared to Asia Pacific.  However, the rising popularity of activewear and the presence of a young population with a growing disposable income are factors that could influence future growth in the region.

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