The Global Spandex Market is experiencing steady growth, driven by the rising demand for stretchable fabrics in various industries such as apparel, healthcare, and automotive. Spandex, also known as elastane or Lycra, is a synthetic fiber known for its exceptional elasticity and strength. It is widely used in the production of sportswear, swimwear, undergarments, and compression garments due to its ability to stretch up to five times its original length and recover its shape. The increasing popularity of athleisure wear and the growing awareness of health and fitness are driving the demand for comfortable and stretchable clothing, which, in turn, is fueling the growth of the spandex market. In addition, advancements in textile technology, such as the development of spandex blends with other fibers, are expanding the application areas of spandex, further boosting market growth.
Data Bridge Market Research analyses that the market is growing at a CAGR of 5.9% in the forecast period of 2022 to 2029 and is expected to reach USD 8,642,865.12 thousand by 2029.
Below are the Top Five Spandex Companies with a Significant Market Share:
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Rank
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Company
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Overview
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Product Portfolio
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Sales Geographical Coverage
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Developments
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1.
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Huafon Chemical Co., Ltd.
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Huafon Chemical Co., Ltd. is a key player in the global spandex market, known for its significant contribution to the industry's growth and innovation. The company specializes in the production of high-quality spandex fibers, offering a wide range of products tailored to meet the diverse needs of various industries. Huafon Chemical's spandex fibers are renowned for their exceptional elasticity, durability, and comfort, making them ideal for use in apparel, sportswear, undergarments, and medical textiles. The company's commitment to research and development has led to the introduction of innovative spandex blends that cater to specific market demands, such as moisture-wicking fabrics for sportswear and stretchable materials for maternity wear.
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Asia-Pacific
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In November 2021, Zhejiang Manufacturing Standard formulated by Huafon Chemical released Colored Spandex Filament T / ZZB 2535-2021. The standard puts forward stricter requirements for producing and inspecting colored spandex filaments from the four aspects of excellent quality and independent innovation.
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2.
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HYOSUNG
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HYOSUNG is a prominent player in the global spandex market, renowned for its cutting-edge technologies and high-quality products. The company offers a wide range of spandex fibers that are widely used in various industries, including apparel, textiles, and healthcare. HYOSUNG's spandex fibers are known for their exceptional elasticity, durability, and comfort, making them ideal for use in sportswear, activewear, intimate apparel, and medical textiles. The company's commitment to innovation and sustainability has led to the development of advanced spandex blends that cater to the evolving needs of consumers and the industry.
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North America, Middle East and Africa, Europe, South America, Asia-Pacific
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In August 2021, Hyosung TNC signed a MOU on Gwangyang Bay Resources Circulation Project. The MOU signed companies established a circulation system that bolsters sustainable consumption and production by recycling waste resources. Hyosung TNC will produce recycled fiber Regen with the waste PET bottles.
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3.
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Asahi Kasei corporation
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Asahi Kasei Corporation is a leading player in the global spandex market, known for its innovative products and commitment to sustainability. The company offers a wide range of spandex fibers under the brand name Roica, which are highly regarded for their superior quality and performance. Asahi Kasei's Roica spandex fibers are widely used in various industries, including apparel, sportswear, lingerie, and medical textiles, due to their excellent stretch and recovery properties. The company's focus on research and development has led to the development of advanced spandex blends that meet the diverse needs of customers and the market.
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Performance Product
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North America, Middle East and Africa, Europe, South America, Asia-Pacific
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In December 2021, ZOLL Medical Corporation (ZOLL), an Asahi Kasei company, acquired Itamar Medical Ltd. (Itamar Medical), an Israeli medical device manufacturer. ZOLL subsidiaries to Asahi Kasei focus on the continuity of Itamar Medical's business while using ZOLL's global infrastructure and strong brand to accelerate and expand growth opportunities.
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4.
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TAEKWANG Industrial Co., ltd.
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TAEKWANG Industrial Co., Ltd. is a prominent player in the global spandex market, recognized for its high-quality products and innovative solutions. The company specializes in the production of spandex fibers that are renowned for their exceptional elasticity, durability, and comfort. TAEKWANG's spandex fibers are widely used in various industries, including apparel, sportswear, and medical textiles, due to their superior stretch and recovery properties. The company's commitment to research and development has led to the introduction of advanced spandex blends that cater to the evolving needs of the market.
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Asia-Pacific
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5.
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XINXIANG SUNSHINING TEXTILES CO., LTD.
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XINXIANG SUNSHINING TEXTILES CO., LTD. is a significant player in the global spandex market, known for its extensive range of high-quality spandex fibers. The company specializes in the production of spandex fibers that are widely used in various applications, including apparel, sportswear, and medical textiles. XINXIANG SUNSHINING TEXTILES CO., LTD.'s spandex fibers are valued for their exceptional elasticity, durability, and comfort, making them ideal for use in stretch fabrics and garments. The company's commitment to innovation and quality has enabled it to develop spandex fibers that meet the stringent requirements of the global market.
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North America, Middle East and Africa, Europe, South America, Asia-Pacific
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In March 2016, Xinxiang Sunshining Ecotex Clothes Co.,Ltd presented in the 27th session of the Shanghai international fashion yarn exhibition. This exhibition helped the company to showcase its product portfolio.
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Conclusion
The global spandex market is characterized by intense competition and innovation, with key players such as Asahi Kasei Corporation, HYOSUNG, and TAEKWANG Industrial Co., Ltd. leading the way with their high-quality products and commitment to sustainability. These companies offer a wide range of spandex fibers that are widely used in various industries, including apparel, sportswear, and medical textiles, due to their superior stretch and recovery properties. Additionally, companies like XINXIANG SUNSHINING TEXTILES CO., LTD. and Huafon Chemical Co., Ltd. are making significant contributions to the market with their innovative products and focus on customer satisfaction. Overall, the global spandex market is expected to continue its growth trajectory, driven by increasing demand for stretchable fabrics and advancements in textile technology.
