Spandex Market Share, Outlook, and Opportunity Analysis, 2022 - 2030

Spandex Market


The global textile industry has witnessed significant growth in recent years, and one of the key drivers behind this expansion is the growing demand for spandex. Spandex, also known as elastane or Lycra, is a synthetic fiber renowned for its exceptional stretchability, durability, and comfort. It has found widespread applications in various sectors, including apparel, sportswear, swimwear, intimate wear, and medical textiles.

Global Spandex Market was valued at US$ 8484.9 Million in 2021, exhibiting a CAGR of 9.24 % during the forecast period (2022 to 2030).

The Spandex Market has experienced robust growth over the past decade, and the trend is expected to continue in the foreseeable future. According to industry reports, the global spandex market was valued at approximately $5 billion in 2021. Factors such as increasing disposable incomes, changing lifestyles, and evolving fashion trends have fueled the demand for stretchable and comfortable clothing, thereby driving the growth of the spandex market.

The demand for Spandex Market is primarily driven by its extensive applications in the textile industry. In the apparel sector, spandex is widely used in the production of stretchable garments, including leggings, jeans, sportswear, and undergarments. The fitness and athleisure trend has further augmented the demand for spandex-based sportswear, as consumers increasingly prioritize comfort and flexibility in their clothing choices.

Moreover, the medical textiles segment has emerged as a significant growth driver for the Spandex Market. Spandex fibers are used in the production of compression garments, bandages, and prosthetics due to their excellent elastic properties. With the rising prevalence of chronic diseases and increasing healthcare expenditures worldwide, the demand for medical textiles incorporating spandex is expected to witness substantial growth.

According to projections, the Polishing Cloth Market will increase at a CAGR of 4.10% from 2022 to 2030, from a market size of US$ 529.70 million in 2022 to US$ 730.53 million in 2030. The market is expanding as a result of the rising demand for polishing cloths across a variety of end-use sectors, including automotive, aerospace, and electronics. The popularity of DIY projects among individuals is another factor driving up demand for polishing cloths.

Major Vendors Involved are INVISTA, Asahi Kasei Corporation, Hyosung Corporation, Jiangsu Shaungliang Spandex Co., Ltd., Taekwang Industrial Co., Ltd., Yantai Tayho Advanced Materials Co., Ltd., Indorama Industries Ltd., TK Chemical Corp., and Xiamen Lilong Spandex Co.

You Can Also Watch the Video @ https://www.youtube.com/watch?v=ZJsiKFwAZEM

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