Spandex Market: A Comprehensive Analysis Exploring Growth Opportunities by 2030

According to the latest market research report title “Spandex Market 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), By Region (North America, South America, Europe, The Middle East & Africa, Asia-Pacific)--Forecast to 2030″, published by MarkNtel Advisors, 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 data present in the report exhibit from the historic years (2019-22) and the base year (2023) to put together estimations for the forecast period (2024-30). In the study, our researchers put together reliable, unbiased, and accurate data to enlighten investors about fluctuations in the industry & anticipations on what to expect in the future. Since the industry is dynamic and highly fragmented, this report enables the prominent players to make strategic moves associated with their investments in the coming years.

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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.

Spandex Market Segmentation

The Spandex Market is highly robust and fragmented into numerous segments;

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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Key Players Operating in the Spandex Market: -

The LYCRA Company

-Product Portfolio

-Strategic Alliances or Partnerships

-Recent Developments

-Financial Details

-Others

Jining Ruyi High-tech Fibre Co., Ltd.

-Product Portfolio

-Strategic Alliances or Partnerships

-Recent Developments

-Financial Details

-Others

Hangzhou Qingyun Advanced Materials Co., Ltd.

-Product Portfolio

-Strategic Alliances or Partnerships

-Recent Developments

-Financial Details

-Others

Key Questions Answered:

What is the projected CAGR of the Spandex Market during the forecast period?
Which segment is expected to lead the Spandex Market?
Who are the prominent players driving market growth?

Key Offerings:

Market Share, Size, and Revenue Forecast
Market Dynamics: Growth drivers, restraints, investment opportunities, and key trends
Landscape: Leading key players and other prominent participants

About MarkNtel Advisors

MarkNtel Advisors is a leading research, 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.

Using such information, our clients can identify attractive investment opportunities & strategize their moves to yield higher ROI (Return of Interest) through an early mover advantage with top-management approaches.

We understand the mounting & diverse needs of our clients. Hence, our analysts focus on emerging industries to provide services that fulfilled their assessment of the current & future industry potential, identify white spaces & hotspots, & venture into new geographies or business segments in the future.