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 Insights

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).

Spandex fibers, known for their elasticity and stretchability, are widely used in the apparel industry for manufacturing activewear, sportswear, swimwear, intimate wear, and even denim. As consumers increasingly seek comfortable and flexible clothing options, the demand for spandex fibers in these applications has been on the rise.

The global trend towards healthier lifestyles, increased participation in sports and fitness activities, and the athleisure fashion trend have contributed to a higher demand for activewear and sports clothing. These types of clothing often incorporate spandex fibers to provide the necessary stretch and flexibility, driving the demand for spandex in the market.

Technological advancements in the textile industry have led to the development of innovative spandex blends and applications. Manufacturers are continuously researching and introducing new spandex-based fabrics that offer enhanced performance characteristics such as moisture-wicking, breathability, and antibacterial properties. These advancements have expanded the potential applications of spandex in various industries, contributing to market growth.

US Spandex Fiber Market is poised to grow at a sustainable CAGR for the next forecast year.

Global Spandex Fiber Market Report Snapshots

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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 Insights

Global Spandex Fiber Market Report Snapshots

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