Rising Use Of Spandex In Sportswear Is Driving Spandex Market Growth

 

Spandex Market

Spandex Market by Production Method (Solution Dry Spinning, Solution Wet Spinning, and Others), Application (Apparels, Medical, Other Applications), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa)- Size, Share, Outlook, and Opportunity Analysis, 2022 – 2030

The global Spandex Market is estimated to be valued at US$ 8484. 9 million in 2021 and is expected to exhibit a CAGR of 9.24 % over the forecast period as highlighted in a new report published by Coherent Market Insights.

Market Overview:

Spandex is an artificial fabric that is well-known for its elasticity. In contrast to current belief, the word spandex is not a product name, and this word is utilized to usually refer to polyether-polyurea copolymer materials that have been prepared with varied kinds production procedure. The other words for spandex, Lycra, and elastane. Spandex can expand 5-8 times its normal size, and it is mostly utilized in form-fitting consumer apparel. 

Competitive Landscape:

Key players involved in the growth of the global Spandex Market are Indorama Corporation, Asahi Kasei Corporation, HYOSUNG TNC., TK CHEMICAL CORPORATION, and The LYCRA Company.

Market Key Drivers:

Rising popularity various sportswear and inner wear is expected to augment the growth of global spandex market. For instance, as per the reports the sports market was valued at US$ 1.5 billion in 2019.

Rising demand in apparel and clothing industry is projected to propel the growth of global spandex market. For instance, Textile exports rose by over 31% from April to December 2021.

Covid-19 Impact Analysis:

The Covid-19 outbreak has adversely affected the growth of global Spandex Market due to the rising pandemic cases which led to the imposition of strict lockdown and shutdown. Rising cases have led to the interruption in supply chain and halt in supply of products, closure and delay in manufacturing units and lack of labor has impeded the market growth.

Key Takeaways:

The global spandex market is expected to exhibit a CAGR of 9.24 % during the forecast period owing to the rising collaborations of expansion of product. For instance, in November 2021, Zhejiang Manufacturing Standard launched Colored Spandex Filament T/ZZB 2535-2021.

Among regions, North America, Asia Pacific and Europe anticipated to witness robust growth in the global Spandex Market due to rising demand for spandex in sportswear, increasing demand of textile industry, rising acquisitions and partnerships. For instance, in March 2020 Japan Based Company Asahi Kahei Corporation entered an acquisition with Veloxi Pharmaceuticals, as this acquisition will enhance the use of spandex in healthcare.

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