Yoga Apparel Is Fastest Growing Segment Fueling The Growth Of Spandex Market

 

The global Spandex Market is estimated to be valued at US$ 10.13 Bn in 2023 and is expected to exhibit a CAGR of 9.2% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:

Spandex, also known as elastane, is a synthetic fiber known for its exceptional elasticity and strength. It can be stretched up to 500% its original length, making it ideal for fabrics that require flexibility, comfort and shape retention like yoga apparel, sportswear, intimate wear and medical garments. The comfort, breathability and performance benefits offered by spandex enriched fabrics have increased its usage in the apparel industry.

Market key trends:

Rising popularity of yoga and fitness activities has emerged as a key trend fueling the demand for yoga and sports apparel incorporating spandex. According to a survey, over 36.7 million people practice yoga in the United States alone as of 2019. The comfort, flexibility and shape retention properties of spandex make it an ideal addition to yoga pants, tops and leggings. Furthermore, growing health awareness and higher discretionary spending on activewear has encouraged major sports brands to introduce new performance-oriented collections made of spandex blends.
Segment Analysis
The global spandex market can be segmented into four types on the basis of production process - solution dry spinning, solution wet spinning, and others. Among these, the solution dry spinning segment holds the largest market share owing to its high demand from various end-use industries such as apparel, healthcare, and home textiles. This process enables mass production of spandex yarns at low costs, which has further increased its adoption across industries over the years.

Key Takeaways
The global spandex market is expected to witness high growth, exhibiting CAGR of 9.2% over the forecast period, due to increasing demand from the apparel industry.

Regional analysis:
Asia Pacific dominates the global spandex market and is expected to continue its dominance over the forecast period. Rapid industrialization and massive growth of the textile industry in countries such as China, India, and South Korea are some of the major factors responsible for the region’s large market share.

Key players:
Key players operating in the spandex market are INVISTA, Asahi Kasei Corporation, Hyosung Corporation, Zhejiang Huafon Spandex Co. Ltd., Yantai Tayho Advanced Materials Co. Ltd., Indorama Industries Ltd, TK Chemical Corp., Taekwang Industrial Co., Ltd, Jiangsu Shaungliang Spandex Co., Ltd., and Xiamen Lilong Spandex Co. Ltd.

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