Spandex Market: Examining Challenges and Strategies for Success
The 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:
Market Overview:
Spandex is a synthetic fiber known for its exceptional elasticity. It is produced by dry spinning a patented patented synthetic fiber derived from Elastane. Spandex is best known for its resistance to shrinking and wear related deformity making it suitable for clothing and medical uses. It is highly resilient and stretches many times its original length while retaining its shape after releasing the stress. Due to this property it is widely used in sports, dance and gym apparel.
Market Dynamics:
Market Dynamics:
The global spandex market is witnessing significant growth owing to rising demand from sports apparel industry. Sports apparel such as leggings, tights, gym wear requires material that stretches but does not lose shape after releasing stress. Spandex fits all these criteria making it the most suitable material for sports apparel. Additionally, increasing participation in sports and fitness activities such as running, yoga, aerobics have also fueled demand for athletic clothing using spandex fabric. Moreover, surging demand for shapewear garments from adult and children segment is also driving market growth. Shapewear clothing made of spandex provides shaping and supporting features while being comfortable to wear. However, fluctuating raw material prices may hinder market growth over the forecast period.
SWOT Analysis
Strength: Spandex has good elasticity and is highly comfortable to wear, making it suitable for workout clothing and activewear. It is a lightweight material that retains its shape well. There is high demand for spandex from the sports and fitness industry as it supports the body during movements.
SWOT Analysis
Strength: Spandex has good elasticity and is highly comfortable to wear, making it suitable for workout clothing and activewear. It is a lightweight material that retains its shape well. There is high demand for spandex from the sports and fitness industry as it supports the body during movements.
Weakness: Spandex is more expensive to produce than other fabrics like cotton or polyester. It is not very durable and tends to lose its elasticity over time with wear and tear. Producing spandex requires specialist production facilities and skills.
Opportunity: The increasing health awareness is driving greater participation in sports, fitness activities and athleisure clothing. This growing demand represents an opportunity to increase sales of spandex which is well-suited for athletic apparel. Developing economies offer new markets for affordable sports and everyday clothing made of spandex.
Threats: Volatility in raw material prices especially for crude oil which is a key input for producing spandex poses risks. Strong competition from other elastic fibers may impact margins.
Key Takeaways
The global spandex market is expected to witness high growth, exhibiting CAGR of 9.2% over the forecast period, due to increasing health consciousness. Sports and athleisure clothing segment is driving significant demand for spandex fabrics worldwide owing to properties like stretch, light weight and breathability.
Regional analysis
The Asia Pacific region dominates the global spandex market with a share of over 35% in 2023. China is the leading producer and exporter of spandex globally. Other Asian countries like India, Indonesia and Vietnam also offer immense growth opportunities owing to a burgeoning middle class demanding affordable athleisure and activewear. North America is another major regional market favored by increasing obesity concerns triggering fitness activities.
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. these companies focus on new product launches, alliance and expansion strategies to gain higher market share.
Key Takeaways
The global spandex market is expected to witness high growth, exhibiting CAGR of 9.2% over the forecast period, due to increasing health consciousness. Sports and athleisure clothing segment is driving significant demand for spandex fabrics worldwide owing to properties like stretch, light weight and breathability.
Regional analysis
The Asia Pacific region dominates the global spandex market with a share of over 35% in 2023. China is the leading producer and exporter of spandex globally. Other Asian countries like India, Indonesia and Vietnam also offer immense growth opportunities owing to a burgeoning middle class demanding affordable athleisure and activewear. North America is another major regional market favored by increasing obesity concerns triggering fitness activities.
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. these companies focus on new product launches, alliance and expansion strategies to gain higher market share.
