The global spandex fiber market size was US$ 9.01 billion in 2021. The global spandex fiber market size is forecast to reach US$ 17.1 billion by 2030, growing at a compound annual growth rate (CAGR) of 7.32% during the forecast period from 2022 to 2030.

Spandex fiber is a synthetic fiber made from polyurethane, also known as lycra or elastane. The fiber has exceptional elasticity and is more durable than rubber. It is extremely light, dyeable, and has excellent abrasion resistance. In contrast to other elastic materials, spandex fiber material does not fray when tailored. Its uses in the textile industry are clothing for swimming, cycling, and casual wear. As well as being used to make healthcare-related products such as surgical gloves and baby diapers, it can also use as a raw material for medical products. 

Factors Influencing Market Growth

• A rise in the demand for clothing, such as innerwear, sportswear, and activewear, due to rising disposable income levels and growing interest in sports and leisure activities, is forecast to drive the global market.
• Increasing demand for eco-friendly and bio-based spandex and growing use in the healthcare sector, such as diapers and compression stockings, and surgical hoses, are forecast to create new profitable opportunities for the growth of the global spandex fiber market.
• A high price market and stringent government regulations intended to reduce carbon footprints in the environment may slow down overall market growth.

Impact Analysis of COVID-19  

The COVID-19 pandemic had a minimal impact on the global spandex fiber market. During the COVID-19 pandemic, there was a surge in demand for spandex fiber in the production of surgical gloves, masks, and other medical clothing. Nevertheless, governmental regulations relating to the shutdown of the transportation sector due to lockdown have led to greater difficulty in procuring raw materials. Additionally, a drop in the labor force caused the manufacturing sites to become inefficient due to the COVID-19 pandemic.

Regional Insights

The Asia Pacific region held dominant in the spandex fiber market in 2021. A combination of population growth and industrialization is driving the growth of the spandex market in the Asia Pacific. The increase in demand for clothing, including innerwear, sportswear, and activewear, driven by higher disposable income levels and the growth of various leisure activities, drives the market growth. An increase in healthcare investments in various regions of the Asia Pacific positively impacts market development during the forecast period.  

Leading Competitors

The leading prominent companies profiled in the global spandex fiber market are:

• Hyosung Corporation
• Invista
• Asahi Kasei Corporation
• Toray Industries, Incorporated
• Indorama Industries Limited
• TK Chemical Corporation
• Zhejiang Huafon Spandex Co. Limited
• Xiamen Lilong Spandex Co., Limited
• Yantai Spandex Co., Limited
• Taekwang Industrial Co. Limited
• Xinxiang Bailu Chemical Fibre Group Co. Limited
• Baoding Swan Spandex Co., Limited
• Spandex Corporation Limited
• Jiangsu Shuangliang Spandex Co., Limited
• Highsun Group
• Yantai Tayho Advanced materials Co. Limited
• Other Prominent Players

Scope of the Report

The global spandex fiber market segmentation focuses on Production Method, Application, and Region.

Segmentation based on Production Method

• Solution Dry Spinning
• Solution Wet Spinning
• Others

Segmentation based on Application

• Home Furnishing
• Apparel and Clothing
• Medical
• Others

Segmentation based on Region

• North America
• The U.S.
• Canada
• Mexico
• Europe
• Western Europe
• The UK
• Germany
• France
• Italy
• Spain
• Rest of Western Europe
• Eastern Europe
• Poland
• Russia
• Rest of Eastern Europe
• Asia Pacific
• China
• India
• Japan
• Australia & New Zealand
• ASEAN
• Rest of Asia Pacific
• Middle East & Africa (MEA)
• UAE
• Saudi Arabia
• South Africa
• Rest of MEA
• South America
• Brazil
• Argentina
• Rest of South America