Global Spandex Fiber Market Forecast to Reach USD 18.65 Billion by 2034, Growing at a 7.85% CAGR

Evolve Business Intelligence has published a research report on the Global Spandex Fiber Market, 2024–2034. The global Spandex Fiber Market is projected to exhibit a CAGR of around 7.85% during the forecast period of 2024 to 2034.

Evolve Business Intelligence has recognized the following companies as the key players in the global Spandex Fiber Market: Asahi Kasei Corporation, Mitsubishi Chemical Corporation, Taekwang Industrial Co.Ltd, BASF SE, Huafon Chemical Co. Ltd., Hyosung Corporation, Indorama Corporation, Teijin Limited, Toray Industries Inc. and Yantai Tayho Advanced Materials Co. Ltd.

Market Highlights

The Global Spandex Fiber Market is projected to be valued at USD 18.65 Billion by 2034, recording a CAGR of around 7.85% during the forecast period. ​ The global spandex fiber market is experiencing significant growth, driven by increasing demand across various end-use industries, primarily apparel and sportswear. Spandex, known for its exceptional elasticity, durability, and comfort, is also finding increasing applications in medical and healthcare, industrial and automotive, and home furnishing sectors.

The spandex fiber market is poised for continued growth, driven by evolving consumer preferences for comfortable and functional clothing, the expanding applications in various industries, and the increasing focus on sustainable and innovative fiber technologies.

Segmental Analysis

The global Spandex Fiber Market has been segmented based on Type, Technology, Process and Application.

Based on Type, the Spandex Fiber Market is segmented into Four-way stretch type, Two-way stretch Type. The Two-way stretch Type segment is anticipated to dominate the market.

Based on Technology, the global Spandex Fiber Market has been divided Solution Dry-spinning, Wet-spinning, Others. The Solution Dry-spinning segment is anticipated to dominate the market.

Based on process, the global Spandex Fiber Market has been divided into Knitting, Weaving, Yarn Covering. The Knitting segment is anticipated to dominate the market.

Based on Application, the global Spandex Fiber Market has been divided into Clothing, Medical, Others. The Clothing segment is anticipated to dominate the market.

Regional Analysis

The Spandex Fiber Market is divided into five regions: North America, Europe, Asia-Pacific, South America, and the Middle East, & Africa. In North America region, there is high demand for premium and performance-based fabrics, especially in sportswear, activewear, and medical textiles and presence of major fashion and sports brands driving the adoption of high-quality, durable spandex fibers. North America is a hub for innovation in textile technology, with companies focusing on developing sustainable and eco-friendly spandex alternatives. European consumers and manufacturers prioritize high-quality and comfortable textiles, leading to a steady demand for spandex in various apparel applications. European markets have a strong emphasis on sustainability, driving the demand for eco-friendly and recycled spandex options. In Asia-Pacific region, Countries like China, India, South Korea, and Vietnam are major hubs due to low production costs and skilled labor availability. Increasing investment in bio-based spandex production to address sustainability concerns and Government initiatives in countries like India and China to boost manufacturing activities, including the textile sector, are indirectly supporting the growth of the spandex fiber market. Latin America region, Brazil and Mexico are key markets, benefiting from growing textile exports and local manufacturing expansion and increased focus on e-commerce fashion retail is boosting accessibility to spandex-based products. In Middle East and Africa region, Growing urbanization and western fashion influences are increasing demand for spandex-based apparel and rising investments in textile manufacturing in countries like Turkey, UAE, and South Africa and expanding medical sector creating demand for compression garments and healthcare textiles.