Rising Demand for Sports and Activewear to Drive the Growth of the Spandex Market

Spandex can spread by more than 100 percent and return back to its original shape. Spandex or elastane is a synthetic fiber which was first invented by DuPont chemist Joseph Shivers in 1959. The polymer is changed over into a fiber utilizing a dry turning strategy. First produced in the mid 1950s, spandex was at first evolved as a replacement for rubber.  

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The global spandex market is expected to reach USD 8,642,865.12 thousand by 2029 from USD 5,779,630.59 thousand in 2021, growing with a substantial CAGR of 5.9% in the forecast period of 2022 to 2029. The rapidly growing population base globally in combination with shifting preference towards importance of spandex among clothing manufacturers are expected to bolster the growth of the market.

Positive outlook towards the active wear segment is expected to drive the market's growth rate

Growing participation of women and young children in sports activities is driving the market growth rate. Rising availability of cycling pants, gloves, leggings, cycling jerseys and swimwear via both online and offline modes of distribution is yet again determining the growth of the market. Also, rising number of sports and fitness facilities in the developing economies is yet again bolstering the market growth rate.

Report Scope and Market Segmentation

Segment Analysis:

The spandex market is segmented on the basis of technology and application.

• On the basis of technology, the global spandex market is segmented into solution dry-spinning, wet-spinning, and others. In 2022, the solution dry-spinning segment is expected to dominate the global spandex market with an 88.08% market share. This is because it is suitable for heat sensitive polymers. It is expected to reach USD 7,657,886.55 thousand by 2029, growing with the highest CAGR of 6.0% in the forecast period of 2022 to 2029.

Solution dry-spinning segment is expected to dominate the global spandex market in 2022

Solution dry spinning tags along a arrange o benefits such as its higher spinning rates can be handily accomplished, the post spinning activity is straightforward, moderate centralization of polymer is required and it is moderately adaptable process and spinning conditions can be adjusted. In 2022, the solution dry-spinning is expected to dominate the global spandex market due to the high spinning speed and greater ease and flexibility in implementing the dry spinning process.

• On the basis of application, the global spandex market is segmented into clothing, medical, and others. In 2022, the clothing segment is expected to dominate the global spandex market with a 62.50% market share and is expected to reach USD 5,475,678.74 thousand by 2029, growing with the highest CAGR of 6.1% in the forecast period of 2022 to 2029. The dominance of the clothing segment is die to the ring population base all around the globe.

Clothing segment is expected to dominate the global spandex market in 2022

The clothing segment is expected the induce a good growth and is projected to dominate the application segment of the spandex market. Rising population base all around the globe is expected to push the demand for all kinds of clothing materials. Moreover, rising personal disposable income will further prove to be a boon for the market. In 2022, the clothing segment is expected to dominate the global spandex market due to increasing demand in different applications such as sportswear, activewear, intimate wear, and others.

Major Players

Data Bridge Market Research recognizes the following companies as the major spandex market players in advanced wound care market are Huafon Chemical Co., Ltd. (China), HYOSUNG TNC. (South Korea), Asahi Kasei Corporation (Japan), TAEKWANG INDUSTRIAL CO., LTD (South Korea), Xinxiang Sunshining Ecotex Clothes Co.,Ltd (China), Indorama Corporation (Singapore), Mitsubishi Chemical Engineering Corporation (Japan)., TORAY INDUSTRIES, INC. (Japan), Yantai Tayho Advanced Materials Co., Ltd (China), Xiamen Lilong Spandex Co., Ltd. (China), Jiangsu Shuangliang Spandex Co., Ltd (China), and TK CHEMICAL CORPORATION (South Korea).

Market Development:

• In January 2021, Xinxiang Chemical Fiber launched its new production unit by an investment of 1 billion yuan for an annual output of 100,000 tons of high-quality ultra-fine spandex fibers. Xinxiang Chemical Fiber Co., Ltd. declared that to take full advantage of the organization's spandex fiber creation assets, streamline the organization's item structure and balance out the creation size of spandex fiber, the organization intends to carry out the subsequent stage undertaking of the yearly result of 100000 tons of excellent super fine denier spandex fiber project, and the venture building site is situated in the public Xinxiang economy.
• In January 2021, Huafeng Chemical launched a new plan to invest 4.36 billion yuan to build a 300,000 tons/year differentiated spandex project to cater to the growing demand for spandex. In January this year, Xinxiang Chemical Fiber declared that it will increment by something like 1 billion yuan for a yearly result of 100,000 tons of top notch super fine spandex fibres. Stage designing activities and strengthening working capital. Huafeng Chemical, one more spandex head organization, additionally declared in January this year that it intends to contribute 4.36 billion yuan to assemble a 300,000 tons/year separated spandex project. Little and medium-sized spandex organizations that are not bringing in cash have additionally started to continue creation.
• In Jan 2022, in the materials area, Hyosung TNC, Hyosung Advanced Materials, and Hyosung Chemical partnered together. In 2021, the three Hyosung Group partners conveyed record-breaking results, and benefits will probably stay powerful in 2022. The organization's spandex division was liable for the remarkable monetary outcomes. Hyosung TNC drives the global spandex market, as indicated by 30 years of study. In 2020, it had a 32 percent market share. The spandex division right now represents the greater part of the organization's whole deals.

Regional Analysis

Geographically, the countries covered in the spandex market report are North America, South America, Asia-Pacific, Europe, and the Middle East and Africa. North America is segmented into U.S., Canada, and Mexico. Europe is segmented into Germany, the U.K., Italy, France, Spain, Russia, Switzerland, Turkey, Belgium, Netherlands, Luxemburg, and the Rest of Europe. Asia-Pacific is segmented into Japan, China, South Korea, India, Singapore, Thailand, Indonesia, Malaysia, Philippines, Australia, New Zealand, and the Rest of Asia-Pacific. South America is segmented into Brazil, Argentina, and the Rest of South America. The Middle East and Africa is segmented into South Africa, Egypt, Saudi Arabia, United Arab Emirates, Israel, and the Rest of the Middle East and Africa.

As per Data Bridge Market Research analysis:

Asia-Pacific is the dominant region in spandex market during the forecast period 2022 - 2029

In 2021, Asia-Pacific dominated the spandex owing to the quick extension of the manufacturing business in the creating economies, such as China, India, Indonesia, and Japan. Furthermore, rising unfamiliar interests in the locale are expected to advance market development over the estimated time frame. In 2022, In Asia-Pacific, China is expected to dominate the global spandex market due to most of the manufacturer's corporate business in Asian countries or the high disposable income of consumers.

China represented a significant market share in the provincial market because of the country's rising number of assembling offices. Rapid industrialization, minimal expense creation, and handling alongside expanded unfamiliar speculations likewise support the country's market development. 

North America is estimated to be the fastest growing region in spandex market the forecast period 2022 - 2029

North America is expected to grow during the forecast period. Improved standard of living combined with expanding expendable wages are probably going to advance the interest for spandex in North America. Also, rising wellbeing awareness and developing creation offices in the U.S. combined with the extension of medical care offices are probably going to increase the item interest in a few end-use areas, accordingly driving the local market. In North America, the U.S. is expected to dominate due to shifting preference towards the importance of spandex among clothing manufacturers. 

Further, the quickly growing private development area in Canada and U.S. will push the interest for home-outfitting items, like washroom cloth, drapes, pads, and covers. This, thusly, is projected to fuel the interest for spandex in different applications, accordingly advancing the development of the provincial market.

COVID-19 Impact Analysis

Coronavirus has seriously influenced the worldwide economy with wrecking consequences for worldwide exchange, which has all the while impacted families, business, monetary foundation, modern foundations, and infrastructure organizations. The spread of COVID-19 respectably affected this market. Expansion popular for medical services items during pandemic prompted ascend sought after for spandex fiber in the creation of careful gloves, covers, and other clinical materials. Rigid guideline of the public authority toward the closure of transportation area prompted expansion in the trouble in acquisition of unrefined substances. Moreover, pandemic prompted decrease in productivity at the assembling destinations, because of low workforce.

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