Spandex Market Size, Growth, Share, & Trends

The Global Spandex Market size is valued at around USD 8.3 billion in 2023 and estimated to grow at a CAGR of around 8.24% during the forecast period 2024-30.

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4. Market Insights The Global Spandex Market size is valued at around USD 8.3 billion in 2023 and estimated to grow at a CAGR of around 8.24% during the forecast period, i.e., 2024-30 . The factors responsible for the growth of spandex across the globe have been the soaring usage of spandex fiber in the textile industries for manufacturing sportswear, garments, and casual wear, the increasing application of the spandex in the medical & healthcare industry, and rising usage in the automotive interiors, industrial belts, and other applications. The automotive industry highly uses spandex fiber due to its features like higher elasticity, durability, and resistance.

5. Market Drivers Surging Demand for Spandex Fibers in Medical Textile Industries – Hospitals & medical facilities have high patient traffic. Close patient contact and the presence of immune-compromised patients make these facilities susceptible to higher infection. High-touch surfaces like door knobs, bed rails, medical equipment, etc., are also at high contamination risk. As a result, healthcare workers across the globe tend to use face masks, gloves, etc., for protection from different viruses and bacteria. Medical textiles are manufactured using spandex due to their unique characteristics, including elasticity, comfort, and durability. Therefore, the increasing demand for these textiles to minimize the infection spread within healthcare facilities is driving the Global Spandex Material Market.

6. Market Segments By Application (Clothing [Sportswear, Activewear , Others], Medical [Compression Garments & Bandages, Elastic Tapes & Wraps, Orthopedic Braces, Others], Home Furnishing [Furniture Upholstery, Bed Linens, Curtains, Others], Automotive [Seat Covers, Headliners, Others], Others), By Technology (Dry Spinning, Wet Spinning, Reaction Spinning, Melt Extrusion)

7. Top Companies Huafon Chemicals Co., Ltd, Hyosung TNC, Asahi Kasei Corporation, Taekwang Industrial Co., Ltd., Sunshining Ecotex Clothes Co., Ltd, Indorama Corporation, Jiangsu Shuangliang Spandex Co., Ltd, TK Chemical Corporation, Xiamen Lilong Spandex Co., Ltd, Yantai Tayho Advanced Material Co., Ltd, New Star Textile Co., Ltd, Positex , The LYCRA Company, Jining Ruyi High-tech Fibre Co., Ltd., Hangzhou Qingyun Advanced Materials Co., Ltd., Others

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10. MarkNtel Advisors Target Geographies- Focus Areas MarkNtel has strategically defined its target areas which are based on evaluation by its analysts after analysing the growth potential of various regions. Few of those parameters include: - Political, Economic, Social, Technological and Environmental Analysis - Credit Ratings provided by leading institutions - GDP projections by bodies such as the World Bank, IMF, OECD, etc. - Market Disruptions and the “Next Big Things”

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