by The global 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.
Market Overview:
Spandex, also known as Lycra or elastane, is a type of synthetic fiber known for its exceptional elasticity. It can be stretched up to five times its original length. Some key properties of spandex include high elasticity, moisture wicking, durability, and shape retention. These properties make it suitable for use in numerous applications such as sportswear, intimate wear, medical, and several others. The growing demand for breathable and stretchable fabrics from fitness enthusiasts and changing fashion trends are expected to drive the demand for spandex over the forecast period.
Market key trends:
One of the key trends in the spandex market is the increasing penetration in medical applications. Owing to properties such as elasticity, resistance to wear & tear, and biocompatibility, spandex is increasingly being used in the production of compression garments, facial tissue reconstruction, orthopedic support products and others. Moreover, the growing penetration of athleisure fashion globally is fueling the demand for versatile fabrics such as spandex blended fabrics. Athleisure combines elements of sports performance clothing and casual fashion styles. Numerous brands are launching innovative spandex blended fabrics to capitalize on the athleisure fashion boom.
Porter’s Analysis
Threat of new entrants: The threat of new entrants is moderate as significant capital investment is required to set up manufacturing facilities for Spandex. There are also economies of scale and brand loyalty enjoyed by the established players.
Bargaining power of buyers: The bargaining power of buyers is moderate as Spandex is a commodity product with the buyers able to switch easily between suppliers. However, the buyers focus more on trademark and quality of products.
Bargaining power of suppliers: The bargaining power of suppliers is low as the raw materials used in Spandex production such as polyether polyols and diisocyanates can be easily substituted.
Threat of new substitutes: The threat of new substitutes is low as Spandex offers better elasticity, strength, moisture-wicking and other properties compared to its substitutes like rubber, polyurethane.
Competitive rivalry: Competitive rivalry is high due to the large number of players operating globally.
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 sports & fitness applications.
Regional analysis
Asia Pacific is expected to dominate the spandex market over the forecast period. China contributes significantly to the spandex market in the Asia Pacific region owing to the early adoption of spandex in China for applications such as athletic apparel and sports goods.
Key players
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.
