Spandex Fiber Market Size, Share, Analysis, Trends, Growth, 2032

Spandex Fiber Industry Prospective:

The global spandex fiber market size was evaluated at $8.5 billion in 2023 and is slated to hit $17.5 billion by the end of 2032 with a CAGR of nearly 10% between 2024 and 2032.

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Spandex Fiber Market: Overview

A spandex fiber is a kind of synthetic fiber that is produced from the long chain of polyurethane and is also referred to as elastane. Moreover, it possesses exceptional flexibility and is durable in comparison to rubber. Apart from this, it possesses outstanding abrasion resistance and longevity. Reportedly, the product finds a slew of applications in swimwear, sportswear, and various other fabrics.

Key Insights

• As per the analysis shared by our research analyst, the global spandex fiber market is projected to expand annually at the annual growth rate of around 10% over the forecast timespan (2024-2032)
• In terms of revenue, the global spandex fiber market size was evaluated at nearly $8.5 billion in 2023 and is expected to reach $17.5 billion by 2032.
• The global spandex fiber market is anticipated to grow rapidly over the forecast timeline owing to the escalating need for athleisure wear along with a surge in awareness about health & fitness.
• In terms of production process type, the solution dry spinning segment is slated to register the highest CAGR over the forecast period.
• Based on end-use, the textile segment is predicted to contribute majorly towards the global industry growth in the upcoming years.
• Region-wise, the European spandex fiber industry is projected to register the fastest CAGR during the projected timespan.

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Spandex Fiber Market: Growth Factors

Humungous product penetration in sportswear will prop up the global market expansion by 2032

Escalating need for athleisure wear along with a surge in awareness about health & fitness will spur the global spandex fiber market expansion. Flourishing sportswear sector and technological breakthroughs in sportswear are likely to boost global market trends. Additionally, the large-scale use of spandex fiber in home fabrics and medical & support garments is anticipated to embellish the expansion of the global market. Furthermore, the humungous demand for comfort along with changing fashion trends will steer the growth of the global market. Humungous demand for strong and highly performing textiles is likely to pave the way for the expansion of the global market. Rapid urbanization and altering lifestyles will prop up the global market surge in the ensuing years.

Spandex Fiber Market: Restraints

Massive trend of using environment-friendly fabrics can pose a huge threat to global industry expansion by 2032

Less chances of recycling the spandex fiber products can hinder the expansion of the global spandex fiber industry. Growing production costs and oscillating prices along with non-biodegradability can impede the expansion of the industry globally. Moreover, the rising need for eco-friendly products and the massive use of chemical processes used in manufacturing spandex fiber that can cause harm to the environment is likely to diminish the product demand.

Spandex Fiber Market: Opportunities

Growing focus of the manufacturers in producing smart textiles is likely to create new growth facets for the global market

Breakthroughs in fiber technologies along with the launching of new product variants will open lucrative opportunities for growth for the global spandex fiber market. Rapid improvement in the production processes along with the integration of spandex in advanced fabrics will result in humungous growth of the market across the globe. Launching of smart fabrics is anticipated to prop up the expansion of the market across the globe. Adoption of proficient manufacturing methods and the focus of firms on developing sustainable products will prompt global market expansion.

Spandex Fiber Market: Challenges

Availability of product alternatives can prove to be a huge challenge for the global industry by 2032

Easy access to product alternatives including polybutylene terephthalate and natural rubber latex can severely impact the expansion of the global spandex fiber industry. An increase in product costs can further hamper the global industry surge in the ensuing years.

Spandex Fiber Market: Segmentation

The global spandex fiber market is divided into production process type, end-use, and region.                                          

In terms of production process type, the spandex fiber market across the globe is bifurcated into solution dry spinning and solution wet spinning segments. Additionally, the solution dry spinning segment, which gained nearly 49% of the global market revenue in 2023, is expected to register the highest growth rate in the forecast timeline. The expansion of the segment in the next couple of years can be due to the cost-efficiency of the solution dry spinning process along with its ability of offering rapid elastic recovery.

Based on the end-use, the global spandex fiber industry is divided into textile and medical & healthcare segments. Furthermore, the textile segment, which garnered approximately 72% of the global industry earnings in 2023, is anticipated to make key contributions towards the global industry expansion in the forecasting timeframe. The expansion of the segment in the analysis timeline can be attributed to a rising in product usage in activewear and sportswear.

Spandex Fiber Market: Report Scope

Spandex Fiber Market: Regional Insights

Asia-Pacific is expected to maintain leading position in the global market during the forecast timespan

Asia-Pacific, which accounted for 51% of the global spandex fiber market earnings in 2023, is projected to establish a key position in the global market in the coming eight years. In addition to this, the regional market surge in the forecast timespan can be attributed to a rise in product penetration in the medical, textile, and healthcare sectors in countries such as China and India. A consistent increase in urbanization along with the per capita income of consumers will define the growth of the spandex fiber business landscape in the region. Presence of key manufacturers in countries of Asia will further contribute to the regional market expansion.

The European spandex fiber industry is predicted to register the highest CAGR annually in the coming eight years. The development of the industry in Europe can be due to the thriving fashion sector in the continent resulting in huge product demand. Moreover, a growing customer base in countries such as the UK, France, Italy, and the Netherlands will augment the size of the industry in the continent.

Key Developments

• In the first half of 2020, Hyosung created a 3D Max spandex for providing denim fabrics dual performance including an ultra-stretch and excellent recovery.
• In the second half of 2020, BASF SE and Hangzhou Banglian Spandex jointly launched spandex items soft spandex goods including socks for surgical masks.

Spandex Fiber Market: Competitive Space

The global spandex fiber market profiles key players such as:

• Taekwang Industrial Co. Limited
• Xiamen Lilong Spandex Co. Limited
• Xinxiang Bailu Chemical Fibre Group Company Limited
• Asahi Kasei Corporation
• Hyosung Corporation
• Highsun Group
• Invista
• Toray Industries Inc.
• Baoding Swan Spandex Company Limited
• Indorama Industries Limited
• Jiangsu Shuangliang Spandex Co. Limited
• TK Chemical Corporation
• Spandex Corporation Limited
• Zhejiang Huafon Spandex Co. Limited
• Yantai Spandex Co. Limited
• Yantai Tayho Advanced materials Co. Ltd.

The global spandex fiber market is segmented as follows:

By Production Process Type

• Solution Dry Spinning
• Solution Wet Spinning

By End-Use

• Textile
• Medical & Healthcare

By Region

• North America
  • The U.S.
  • Canada
• Europe
  • France 
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of Middle East & Africa