What is the global market size of Spandex Fiber Market?

Spandex Fiber Market size was valued at USD 700 million in 2021 and is poised to grow from USD 761 million in 2022 to USD 1483 million by 2030, growing at a CAGR of 8.7% in the forecast period (2023-2030).

Global Spandex Fiber Market Size, Share, Growth Analysis, By Product(Solution Dry Spinning, Solution Wet Spinning), By End - Use(Apparel & Clothing, Medical & Healthcare) - Industry Forecast 2024-2031

Report ID: SQMIG15P2012 | Region: Global | Published Date: March, 2024
Pages: 184 | Tables: 63 | Figures: 65

Global Spandex Fiber Market Dynamics

Spandex Fiber Market Drivers

Apparel Industry Growth

The expanding global apparel industry, driven by changing fashion trends and increasing consumer spending on clothing, is a significant driver for spandex fiber demand. Spandex offers comfort and flexibility, aligning with the evolving preferences of consumers.

Medical and Healthcare Applications

Spandex's properties, such as elasticity and softness, make it suitable for various medical applications, including compression bandages, surgical garments, and orthopedic products. The growing healthcare sector drives demand for spandex in these applications.

Spandex Fiber Market Restraints

Flammability and Safety Concerns

The flammable nature of solvents used in spandex production poses safety concerns during manufacturing and post-processing. This limits the adoption of spandex in certain industries and applications.

Price Volatility of Raw Materials

The production of spandex relies on petrochemical-derived raw materials. Price fluctuations in these materials can impact the overall cost of production, affecting the pricing and profitability of spandex products.

Global Spandex Fiber Market Report Snapshots

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Global Spandex Fiber Market size was valued at USD 761 million in 2022 and is poised to grow from USD 827.21 million in 2023 to USD 1612.32 million by 2031, growing at a CAGR of 8.7% in the forecast period (2024-2031).

The spandex fiber market portrays a fragmented structure, attributed to the presence of numerous enterprises operating both on a global and regional scale. This intricate competitive milieu encompasses an evaluation of several prominent international and local entities that not only command significant market shares but also enjoy widespread recognition. Notable among these players are Zeus Biotech Limited, renowned for its innovative contributions, and Klaire Labs, a stalwart in digestive health solutions. Further amplifying the landscape's diversity is the influential presence of global giants such as Amway Corporation, known for its expansive reach and diverse product portfolio, and AbbVie Inc., a recognized leader in healthcare solutions. 'Hyosung Corporation (South Korea)', 'Invista (United States)', 'Zhejiang Huafon Spandex Co., Ltd. (China)', 'Asahi Kasei Corporation (Japan)', 'TK Chemical Corporation (South Korea)', 'Jiangsu Shuangliang Spandex Co., Ltd. (China)', 'Xiamen Lilong Spandex Co., Ltd. (China)', 'Yantai Tayho Advanced Materials Co., Ltd. (China)', 'Toyobo Co., Ltd. (Japan)', 'RadiciGroup (Italy)'

The expanding global apparel industry, driven by changing fashion trends and increasing consumer spending on clothing, is a significant driver for spandex fiber demand. Spandex offers comfort and flexibility, aligning with the evolving preferences of consumers.

Growing Demand for Athleisure and Activewear: The trend of incorporating activewear and athleisure into daily wear has significantly increased the demand for spandex fibers. These fibers provide stretch, comfort, and durability, aligning with the consumer preference for versatile and comfortable clothing.

In 2022, the Asia Pacific region took the lead in market dominance, commanding a substantial share of 35.9%. This was primarily attributable to the swift and expansive growth of the manufacturing industry in burgeoning economies like China, India, Indonesia, and Japan. Additionally, the influx of foreign investments into this region is foreseen to act as a catalyst for market expansion throughout the forecast period.

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Global Spandex Fiber Market Size, Share, Growth Analysis, By Product(Solution Dry Spinning, Solution Wet Spinning), By End - Use(Apparel & Clothing, Medical & Healthcare) - Industry Forecast 2024-2031

Global Spandex Fiber Market Dynamics

Global Spandex Fiber Market Report Snapshots

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