Spandex Market valued at approximately USD 8.3 billion in 2023 With CAGR of 8.24% by 2030

A Quick Overview of Spandex Market

The key object of this report on the Spandex Market is to offer worthy data and a geographical perspective for predictions of market growth in the future. The recommendations added in this detailed report are insightful, and actionable offering a deep understanding of the industry. Moreover, it includes a comprehensive importance of aspects that have impacted the industry.

MarkNtel Advisors has recently studied an extensive market intelligence evaluation on the Spandex Market. Also, the newly released report exhibits an engaging format that comprises compelling graphs, tables, charts, and figures as well. These seamlessly combined visual aids are designed to support the clarity and accuracy of the details presented, offering analysts a deep knowledge of the topic at hand.

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Spandex Market Scenario:

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. This fiber is often blended with other textile materials such as leather, vinyl, Suede, and others to provide a snug fit for seat covers to enhance the overall appearance & comfort of the interior of automotive vehicles.

Spandex Market - Industry Dynamics, Size, And Opportunity Forecast To 2030:

Market Driver - 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.

In addition, spandex fiber is also being increasingly used for manufacturing bandages, rubber tubing, surgical hose hoses, braces, etc., to provide compression to the surgical areas and improve the functionality of medical products. Hence, the extensive spandex usage in medical product manufacturing is accelerating industry growth.

Increasing Textile Production to Meet the Demand for Apparel for the GenZ Population – Consumer preferences for clothing styles have undergone a notable change in recent years. Individuals, specifically GenZ, prefer to keep themselves on par with the latest trends online and follow the fashion statements made by celebrities & influencers. As a result, they often purchase the clothes & apparel that are currently in demand & trending.

Hence, the increasing & consistently changing consumer preferences are leading global apparel manufacturers to release seasonal collections like Winter-specific, autumn collections, etc., throughout the year. This is augmenting the demand for numerous apparel & enhancing production, consequently uplifting the requirement for spandex material.

Spandex Market Segmentation Analysis:

Spandex Industry, analyzes, identifies, and highlights the main trends and drivers which are affecting each segment of the market. The market has been further divided into the following categories:

By Application

Clothing- Market Size & Forecast 2019-2030F, Thousand Tons
- Sportswear- Market Size & Forecast 2019-2030F, Thousand Tons
- Activewear - Market Size & Forecast 2019-2030F, Thousand Tons
- Others (Swimwear, etc.)- Market Size & Forecast 2019-2030F, Thousand Tons
Medical- Market Size & Forecast 2019-2030F, Thousand Tons
- Compression Garments & Bandages - Market Size & Forecast 2019-2030F, Thousand Tons
- Elastic Tapes & Wraps - Market Size & Forecast 2019-2030F, Thousand Tons
- Orthopedic Braces - Market Size & Forecast 2019-2030F, Thousand Tons
- Others (Prosthetic Devices, etc.) - Market Size & Forecast 2019-2030F, Thousand Tons
Home Furnishing- Market Size & Forecast 2019-2030F, Thousand Tons
- Furniture Upholstery- Market Size & Forecast 2019-2030F, Thousand Tons
- Bed Linens- Market Size & Forecast 2019-2030F, Thousand Tons
- Curtains- Market Size & Forecast 2019-2030F, Thousand Tons
- Others (Rugs, Decorative Fabrics, etc.) - Market Size & Forecast 2019-2030F, Thousand Tons
Automotive- Market Size & Forecast 2019-2030F, Thousand Tons
- Seat Covers- Market Size & Forecast 2019-2030F, Thousand Tons
- Headliners- Market Size & Forecast 2019-2030F, Thousand Tons
- Others- Market Size & Forecast 2019-2030F, Thousand Tons
Others (Personal Care, Sports Equipment, etc.) - Market Size & Forecast 2019-2030F, Thousand Tons

By Technology

Dry Spinning- Market Size & Forecast 2019-2030F, Thousand Tons
Wet Spinning- Market Size & Forecast 2019-2030F, Thousand Tons
Reaction Spinning- Market Size & Forecast 2019-2030F, Thousand Tons
Melt Extrusion- Market Size & Forecast 2019-2030F, Thousand Tons

By Region

North America
South America
Europe
The Middle East & Africa
Asia-Pacific.

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Who are the Key Market Players in the Spandex Market?

In the fast-changing Spandex Market, understanding what our competitors are doing is crucial. By carefully analyzing things, we figured out some of the dominating players in the industry. So, the top companies of the Spandex market ruling the industry are:

List of Key Companies Profiled:

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 (Colossustex).

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