Spandex Market Size, Share and Industry Analysis Report, Regional Analysis, Price Trend, Application Development, Competitive Landscape & Forecast, 2021 – 2027
Report ID: GMI312
The global spandex market share will expand with an impressive demand from the textile and medical industries. Automakers and sportswear companies will potentially spearhead the material use worldwide. The spandex fiber is elastic, light in weight, stretchable, soft and provides resistance against abrasions, perspirations and oils. The fiber is also used in combination with cotton and wool and is widely used in trekking pants, casual clothing, home furnishing and undergarments.
Spandex can stretch more than 100 percent and regain its original shape and does not lose its original state even after multiple uses. Four production processes—solution dry spinning, solution wet spinning, reaction spinning and melt extrusion—are used to make the product. Solution dry spinning is among the most popular methods.
Spandex market share from the dry spinning technology segment will grow at a steady pace, as the process has become an efficient method to manufacture spandex yarn and filament. It provides increased flexibility in the manufacturing process with higher spinning speeds. It is ideal for filament yarns and is recommended for heat-sensitive polymers, fueling the spandex market outlook.
One of the most prevalent materials used in sports and gym wear, spandex has high stretchability, making the clothes comfortable and agile for strenuous movements. A significant surge in sports and leisure activities has signified the growth trajectory of sportswear applications across gym wear, sports jerseys and other activity gear. Sportswear manufacturers are focusing on durability, comfort, moisture regulation and sleek minimalist design. Sportswear brands will augment the manufacturing of suitable materials and fibers, driving global spandex industry growth.
Europe spandex market share is anticipated to witness considerable traction with consistent demand for components like car seat materials and door panel fabrics. The region is well-known for leading passenger and commercial vehicle brands, while being a hub for luxury car production. Also, many European countries as well as the U.K. have some of the most commonly visited tourist spots, people spending high on vacations and a large demand for swimwear. All these factors are bound to fuel the regional spandex market outlook.
Prominent spandex market players such as DuPont, BASF, Dow Chemical, Mitsubishi Chemical, Invista, Yantai Bailu Chemical Fiber Co, Zhejiang Huafo and Swan Fiber Co are among the leading companies in the landscape. They are likely to focus on divestment, collaboration and innovations to gain a stronghold across the global markets.
For instance, Invista sold its apparel and advanced textiles business portfolio to Shandong Ruyi Investment Holding. The transaction included brands Lycra, Coolmax and thermolite, to name a few. BASF received China International Industry Fair (CIIF) New Materials Award in October 2020 emphasizing on innovation. BASF, along with Hangzhou Banglian Spandex, introduced soft-spandex-based products such as ear bands and socks for surgical masks.
Impact of COVID-19 on spandex industry size
Consumer spending has taken a hit across a slew of sectors as the global economy tumbled in the COVID-19 pandemic year during 2020. The outbreak has taken a toll on home textiles and apparel, prompting several fabric and apparel producers to pivot towards making PPEs. Several apparel brands have either delayed or canceled orders. Unprecedented demand for PPE is providing the spandex market share with some traction. That said, several mask ear loops use spandex as the raw material, fueling the global spandex industry share.
Sustainable shopping choices will encourage companies to create eco-friendly solutions. Spandex fabric manufacturers will focus on technological innovations and support the trend for athletic casual wear. The rise in the fitness-conscious population will lead sportswear brands to make clothes for athletic performance that can allow greater freedom of movement, reinforcing the need for materials like spandex.
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