New York, April 25, 2023 (GLOBE NEWSWIRE) -- The most recent industry analysis from Persistence Market Research projects that the Spandex Market will reach US$ 9.10 billion by 2023. With a consistent growth rate of 8.3%, the spandex market is anticipated to reach US$ 20.19 billion in value by 2033.
The market is driven by factors such as changing consumer preferences towards stretchable and comfortable clothing, increasing awareness about fitness and sports activities, and growing demand from various end-use industries.
Spandex, also known as elastane or Lycra, is a synthetic fiber that exhibits exceptional elasticity and stretchability. It is widely used in various applications, including apparel, sportswear, swimwear, lingerie, medical textiles, and automotive textiles, among others. The global spandex market has been witnessing significant growth due to the increasing demand for stretchable and comfortable clothing, rising fitness and sports activities, and advancements in textile technologies.
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Market Drivers
- Increasing Demand for Stretchable and Comfortable Clothing: The changing consumer preferences towards comfortable and stretchable clothing are driving the demand for spandex in various applications.
- Rising Fitness and Sports Activities: The increasing awareness about fitness and sports activities worldwide has resulted in a growing demand for sportswear and activewear, which extensively use spandex for its stretchability and flexibility.
- Advancements in Textile Technologies: Technological advancements in the textile industry have led to the development of innovative spandex fibers with improved properties such as higher elasticity, better recovery, and enhanced comfort.
- Growing End-Use Industries: Spandex finds widespread applications in diverse industries such as apparel, sportswear, swimwear, medical textiles, and automotive textiles.
Market Restraints
- Fluctuating raw material prices: Spandex is derived from petrochemicals, and its production is highly dependent on the prices of crude oil and other raw materials.
- Environmental concerns: Spandex production involves the use of various chemicals and solvents, which can have environmental impacts during the manufacturing process, such as emissions of volatile organic compounds (VOCs) and water pollution.
- Intense competition: The spandex market is highly competitive, with numerous manufacturers competing for market share. This can lead to price wars, reducing profit margins and creating pricing pressures for spandex manufacturers.
- Limited raw material availability: The production of spandex requires specialized raw materials, such as polyurethane, which may face availability challenges due to fluctuations in supply or limited availability of feedstock.
- Technical challenges: Spandex production involves complex chemical processes and requires specialized equipment and technical expertise.
- High energy consumption: Spandex production is energy-intensive, requiring significant amounts of energy for polymerization, spinning, and other processing stages.
- Substitution by alternative materials: Spandex faces competition from alternative materials such as elastane, polyester, and other synthetic fibers, as well as natural fibers such as cotton, which may offer similar properties or lower cost.
- Product performance limitations: Spandex has certain performance limitations, such as sensitivity to heat, chemicals, and UV exposure, which may impact its performance in certain applications or environments.
- Regulatory compliance: Spandex manufacturers need to comply with various regulatory requirements related to product quality, safety, and environmental standards.
- Economic and geopolitical factors: Economic and geopolitical factors such as changes in global trade policies, currency fluctuations, political instability, and trade tensions can impact the spandex market.
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Competitive Landscape
The global spandex market is highly competitive, with several key players operating in the market. Some of the prominent players in the spandex market include Hyosung Corporation, Asahi Kasei Corporation, INVISTA, Zhejiang Huafon Spandex Co. Ltd, TK Chemical Corp, Taekwang Industrial Co. Ltd., Yantai Tayho Advanced Materials Co., Ltd, Xiamen Lilong Spandex Co., Ltd, Jiangsu Shuangliang Spandex Co., Ltd., Toray Industries, Xiamen Lilong Spandex Co., Ltd., DuPont de Nemours, Inc., Indorama Industries, Far Eastern New Century Corporation, Mitsubishi Chemical Engineering Corporation, Inviya, LYCRA, Tabb Textile Company Inc, among others. These players are actively engaged in research and development activities, product innovations, and strategic partnerships to strengthen their market position and gain a competitive edge.
Recent Developments
- In order to create a system for a beneficial resource cycle by collecting and recycling used fishing nets into eco-friendly fibre, Hyosung TNC and the Busan Metropolitan Government signed an MOU in May 2021. Eco-friendly social venture company Netspa. At the signing event were Busan Mayor Park Hyeong-joon, Hyosung TNC CEO Kim Yong-seup, and Netspa CEO Chung Taek-soo.
- In May 2021, Indo Rama Synthetics (India) Limited (IRSL), a division of global petrochemical producer Indorama Ventures Public Company Limited (IVL), will invest up to INR 6 billion (USD 82 million) in modernising equipment and increasing capacity at its manufacturing facility in Nagpur, India.
Market Segmentation
By Type:
- Conventional Spandex: This type of spandex is made from polyurethane and is widely used in various applications due to its high elasticity, durability, and stretchability. It is used in apparel, sportswear, swimwear, and other textile applications.
- Solution Dry Spandex: This type of spandex is made using a dry spinning process and is known for its high elasticity and excellent recovery properties. It is used in applications such as intimate wear, medical textiles, and automotive textiles.
By Application:
- Apparel: Spandex is widely used in apparel applications such as leggings, jeans, activewear, and lingerie due to its stretchability, comfort, and fit.
- Sportswear: Spandex is used in sportswear applications such as athletic wear, compression garments, and cycling shorts, among others, to provide enhanced flexibility and performance.
- Swimwear: Spandex is extensively used in swimwear applications, including swim trunks, bikinis, and one-piece swimsuits, due to its ability to provide a snug fit and excellent stretchability.
- Medical Textiles: Spandex is used in medical textiles such as compression garments, bandages, and surgical gowns, due to its elasticity and comfort.
- Automotive Textiles: Spandex is used in automotive textiles for applications such as seat covers, headliners, and airbags, due to its durability, elasticity, and resistance to wear and tear.
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Regional Insights:
The North American spandex market is driven by the demand for comfortable and stretchable clothing, increasing fitness and sports activities, and advancements in textile technologies. The European spandex market is driven by the demand for premium clothing, increasing awareness about fitness and sports activities, and growing automotive and medical textile industries.
The Asia Pacific spandex market is expected to witness significant growth due to the rising disposable incomes, changing consumer lifestyles, and increasing demand from end-use industries such as apparel, sportswear, and automotive textiles.
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