The world of spandex is witnessing several shifts due to demand increases in stretchable fabrics that give comfort across different sectors of the economy. Elastane, also known as spandex, is recognized globally because of its high elasticity and ability to keep shape even after stretching. One key reason why this market is growing is because of a strong demand from the textile and apparel industry for more spandex. Furthermore, the spandex market has new opportunities based on eco-friendly and bio-based spandex, which is expected to drive quick growth in it. Additionally, there are additional opportunities in the healthcare sector where spandex has often been used in areas like diapers, tapes, and surgical hoses. On top of this, others aim to improve the properties, such as elasticity, and investments in developing products made from renewable sources. Therefore, there are huge growth prospects for Spandex Market.
The boom in sportswear and athleisure fashion has also led to changes in the dynamics of the spandex market. Spandex fiber consumption has increased due to the demand for comfortable, stretchable, moisture-wicking fabrics in sportswear as well as casual dressing. The dynamic nature of this market can also be attributed to the increase in healthcare and medical textiles development. Examples include bandages and compression garments, among other medical applications, which must fit tightly around the body and require an elastic material such as Lycra. These factors have had implications on furniture and automotive industries that use spandex in making flexible upholstery materials targeting vehicles and household equipment, respectively, by enabling the producer to provide snugly fitting covers through stretchability.
For example, the spandex market has certain issues, such as fluctuations in the cost of raw materials and concerns about the environment over manufacturing. While spandex manufacturing heavily depends on petrochemical-based materials, the industry wants to identify sustainable alternatives and eco-friendly production techniques that can help mitigate environmental impacts. Researching and developing new products contribute to emerging dynamics in the spandex market. The current exercise is working towards enhancing various performance characteristics of spandex ranging from elasticity to color maintenance and from wear resistance to tearing. On the other hand, developments in spinning technologies, blending methods, and application areas have broadened its scope for wider use across industries and catered to specific performance requirements.
Spandex Market Size was valued at USD 5.36 billion in 2022. The Spandex industry is projected to grow from USD 5.69 Billion in 2023 to USD 10.87 billion by 2030, exhibiting a compound annual growth rate (CAGR) of 8.43% during the forecast period (2023 - 2030). Spandex, also referred to as Elastane, is a synthetic elastomeric fiber made of long-chain polyurethane or polyurethane-polyurea molecules. To make them durable and solid, the fiber that can be inferred from their exceptional flexibility is continually combined with various natural and synthetic textures like cotton, fleece, silk, and fabric. In industries where a high degree of flexibility and extensibility is necessary, spandex is frequently used. For instance, spandex filaments are typically used in a variety of apparel items like swimsuits, biking pants, and shirts. Be on the watch for Elaspan, Creora, Lycra, INVIYA, ROICA, and Acepora, some of the popular spandex brand names.
The Spandex Market is being significantly stimulated by the quick development of sports and spandex clothing. The interest in sports and athletic apparel is expected to increase along with expanding consumer discretionary cash flow, which will support the growth of the spandex market. The acceptance of stretch dresses made of spandex, particularly in creative domains, is another major factor driving the growth of the Spandex market.
Also, the market is being significantly stimulated by the quick development of sports and athletic apparel. The interest in sports and athletic apparel is expected to increase along with expanding consumer discretionary cash flow, which will support the growth of the spandex market. The acceptance of stretch dresses made of spandex, particularly in creative domains, is another major factor driving the growth of the Spandex market.
In 2022, the solution dry spinning process contributed to a significant share of the market.
In comparison to other processes, such as wet spinning and melt spinning, the high spinning speed of the solution dry-spinning method significantly increases the productivity of the product.
Due to the flammability of the solvent employed in the solution dry-spinning process, post-spinning activities are performed to completely remove the solvent. It is believed that this will restrict the process's adoption across different applications. However, it is anticipated that the process's simplicity and adaptability will encourage adoption.
In May 2021, In order to create a system for a virtuous cycle of resources, Hyosung TNC inked an MOU with the Busan Metropolitan Government and Netspa, an eco-friendly social venture firm, to collect and recycle used fishing nets into eco-friendly fibre. Busan Mayor Park Hyeong-joon, Hyosung TNC CEO Kim Yong-seup, and Netspa CEO Chung Taek-soo all attended the signing ceremony.
In May 2021, Indo Rama Synthetics (India) Limited (IRSL), a division of international petrochemical manufacturer Indorama Ventures Public Company Limited (IVL), plans to invest up to INR 6 billion (USD 82 million) in modernising machinery and expanding capacity at its manufacturing facility in Nagpur, India.
Figure 2: SPANDEX MARKET, BY PRODUCTION PROCESS, 2022 & 2030 (USD BILLION)
In 2022, the Asia Pacific region held the largest market. This area has become a hub for spandex material assembly due to its ability to expand into uncharted territory, accessibility to raw materials, and low cost associated with the development cycle. Due to rapid urbanization and other changes in people's lifestyles, there is growing interest in this subject. Additionally, it is doing the greatest efforts to increase the market share of spandex during the anticipated period. Long-term improvements have also been significant in the medical care sector. As a result, the demand from the textile and healthcare industries is constantly rising, which is driving the development of the local Spandex market quickly.
Figure 2: SPANDEX MARKET, BY REGION, 2022 & 2030 (USD BILLION)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Prominent manufacturers are preparing to enter the market by extending their presence across regions and enhancing their product range in response to the rising demand for garments and medical applications. To further increase their market presence in regional and international marketplaces, key industry participants are concentrating on embracing alternative distribution channels, such as online. The majority of major players are concentrating on acquiring smaller competitors, while tiny businesses need to invest heavily in R&D to expand ly and develop new goods.
In January 2022: In the materials sector, Hyosung TNC, Hyosung Advanced Materials, and Hyosung Chemical are all doing well. In 2021, the three Hyosung Group affiliates delivered record-breaking results, and profits will likely remain robust in 2022. The company's spandex division was responsible for the outstanding financial results. Hyosung TNC leads the international spandex market, according to 30 years of study. In 2020, it had a 32 percent market share. The spandex division currently accounts for more than half of the company's entire sales.
In December 2021: Indorama India Private Limited, manufacturing and marketing INVIYA brand spandex since 2012, recently had a ground-breaking ceremony for its third facility at its Baddi, Himachal Pradesh, location. By the end of 2022, the new factory will increase Indorama's spandex capacity to 75 MT/day. Indorama is the only firm on the Indian subcontinent that produces elastomeric yarns for these uses. INVIYA spandex is available in denier ranges from 10 to 1680 and a variety of lusters to meet the necessities of an extensive range of consumers.
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