Spandex Market Valued at USD 8.3 BILLION IN 2023, Growing at a CAGR of 8.24% – Exclusive Report by MarkNtel Advisors

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The latest report by MarkNtel Advisors, titled “Spandex Market Report 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), other and Region 2024-2030”, offers a comprehensive analysis of the industry, which comprises insights on the Spandex Market research report.

What is the market outlook for Spandex?

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

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Major Companies Operating in the Spandex Industry:

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

Spandex Market Report Segmentation:

By Application




–Others (Swimwear, etc.)


–Compression Garments & Bandages

–Elastic Tapes & Wraps

–Orthopedic Braces

–Others (Prosthetic Devices, etc.)

-Home Furnishing

–Furniture Upholstery

–Bed Linens


–Others (Rugs, Decorative Fabrics, etc.)


–Seat Covers



-Others (Personal Care, Sports Equipment, etc.)

Spandex is extensively used in textile industries to manufacture numerous clothes like sportswear, activewear, swimwear, casual clothes, etc., making Clothing a leading application. Spandex provides higher stretchability & durability, which makes clothes more agile & comfortable for customers, thus apparel manufacturers prefer to use spandex.

The fiber also offers higher elasticity & wind resistance. As a result, athletes around the world prefer to wear spandex material clothes. Further, the spandex fiber is also increasingly used for casual wear such as socks & hosiery, increasing the share of clothing in the Spandex Market.

By Technology

-Dry Spinning

-Wet Spinning

-Reaction Spinning

-Melt Extrusion

Learn More About the Market Report –                                             

Regional Insights:

  • North America: US, Canada, Mexico
  • Europe: Germany, The UK, France, Spain, Italy, Rest of Europe
  • Asia-Pacific: China, India, Japan, South Korea, Australia, Southeast Asia, Rest of Asia-Pacific
  • South America: Brazil, Argentina, Rest of South America
  • Middle East & Africa: UAE, Saudi Arabia, South Africa, Egypt, Rest of MEA

Global Spandex Market Challenge – Availability of Low-cost Substitutes Impeding the Market Growth

Traditionally, the spandex fiber is manufactured via a specific chemical & catalyst-based process that involves the usage of certain chemicals like macro glycol, diisocyanate monomer, and others, making the production of spandex relatively higher. Hence, due to the increased production costs of spandex, manufacturers’ price is significantly higher than other fibers such as nylon, cotton, polyester, and others in order to preserve profitability in their business.

The high cost of the spandex has led the end-user industries like apparel manufacturers, medical textile producers, etc., to incline towards the alternatives & seek cost-effective solutions. Substitutes like polyester, acrylic, etc., offer similar functionality like durability and are less expensive than spandex. As a result, more end-users are using these substitutes in place of spandex, restraining the Global Spandex Market.

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About UsMarkNtel Advisors is a leading market research company, consulting, & data analytics firm that provides an extensive range of strategic reports on diverse industry verticals. We deliver data to a substantial & varied client base, including multinational corporations, financial institutions, governments, & individuals, among others.

Our specialization in niche industries & emerging geographies allows our clients to formulate their strategies in a much more informed way and entail parameters like Go-to-Market (GTM), product development, feasibility analysis, project scoping, market segmentation, competitive benchmarking, market sizing & forecasting, & trend analysis, among others, for 15 diverse industrial verticals.

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Written by steve