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Currently worth $10 billion, the global spandex market is projected to grow at a compound annual growth rate (CAGR) of 8.1 per cent from 2024-34 to reach $21.9 billion by 2034-end.
As per a report by FactMR, this growth will be driven by an increasing use of the spandex fibers in medical textiles. Spandex is widely employed in the production of compression garments, including bandages, surgical hoses, and support hoses, due to its lightweight and flexible nature. Additionally, spandex is favored in sportswear and activewear, such as swimsuits and workout apparel, because of its ability to provide comfort and flexibility.
In the production of socks, spandex plays a vital role in maintaining their position, preventing slippage, and making them easier to put on and take off. The elasticity of socks can vary based on the amount of spandex used. One of the primary applications of spandex is in the manufacture of incontinence products and diapers. The market for diapers is expected to see strong growth during the forecast period, driven by rising demand from countries like China and India.
Leading players driving innovation in the spandex market include Invista, Hyosung Corporation, Asahi Kasei Corporation, Taekwang Industrial Co, YantaiTayho Advanced Materials Co, Xiamen Lilong Spandex Co, Jiangsu Shuangliang Spandex Co, Toray Industries, DuPont de Nemours, Inc, Lycra, Mitsubishi Chemical Engineering Corporation, and Indorama Industries.
Spandex fibers are primarily produced using polytetramethylene ether glycol (PTMEG) and diphenylmethanediisocyanate (MDI), which are derived from petroleum feedstocks. As the costs of these raw materials fluctuate and the textile industry increasingly prioritizes sustainability, spandex manufacturers are focusing on developing sustainable, bio-based, and environmentally friendly product lines.
In April 2024, Hyosung, the world’s largest spandex fiber producer, announced a US$ 1 billion investment in a facility in Vietnam. This facility will convert sugar into 1,4-butanediol (BDO), a precursor to spandex typically derived from coal or natural gas, using Genomatica's fermentation technology. Hyosung plans to produce 50,000 metric tons (mt) of bio-based BDO annually by 2026, and aims to increase this to 200,000 mt by 2035. BDO is used not only in spandex production but also in the manufacturing of polybutylene terephthalate and other plastics. Currently, most BDO production is concentrated in China, where coal is often used as a raw material in many plants.
Reflecting on the denim trendsseen during Spring/Summer 2025 men’s fashion week, Lauren Williams, Trend Forecaster, Cotton Incorporated, notes, denims are gettingmore ornate and detailed with feminine touches like ruffle trim, jewel hardware on lightweight twill sets, and pleats being added to them.
For past several seasons, Cotton Incorporated has been tracking metallic denim, achieved through innovative finishing and construction techniques. According to Williams, this look is evolving into a more futuristic aesthetic for 2025-2026. Denim with an indigo warp and black or gold Lurex yarn in the weft adds a subtle shimmer. Metallic blue foil on a black base offers a cool, modern look, while gold foil gives a cotton denim garment an antique finish. Christie Rhodes, Manager - Women’s Product, Cotton Incorporated, also projects a textured honeycomb fabric with a natural warp and weft, accented with pink foil on the raised areas.
Coatings are making a comeback, particularly those that give jeans a laminated effect. Clear polyurethane coatings are creating a high-shine finish with other techniques offering a fresh take on vintage styles. A fabric that features a white coating, hand-sanded at the garment stage to reveal a bright blue indigo hue underneath is being preferred by designers, adds Williams.
The influence of artificial intelligence is also evident in denim trends, with glitched and glowing effects making their mark. Denim garments with prints and finishes inspired by this technology, ranging from pixelated digital prints to washed and overdyed pieces are in the vogue, Williams pointed out.Ozone technology is being used to create a ‘blotchy, splotchy’ effect on fabric surfaces, adds Rhodes.
Traditional check patterns are being reimagined in unexpected ways.For instance, an inlay plaid fabric is being infused with a denim-inspired colorwaywhile a black jean is being lasered with a windowpane check pattern, overdyed in brown. Laser etching is also creating checkered textures or ombre checkered patterns, affirms Williams
Denim is being mixed with traditional suiting fabrics, leading to a wide range of silhouettes that vary from sophisticated to edgy, explainsRhodes. A blue yarn dye in the warp gives a mixed dobby herringbone fabric an indigo effect with a suiting look and feel. Additionally, yarn-dyed fancy twill with an exaggerated surface is being brushed to mimic the look and feel of corduroy, he adds.
Post-pandemic, designers shifting towards a quieter palette with unique constructions and washes giving denim a muted, powdery, and chalky appearance, notes Williams. This look can be achieved through special washes and yarn choices. Extreme washes on jeans with sulfur black yarn in the warp and indigo weft are being used to create a sun-bleached effect. Fabrics with recycled denim content are allowing brands to reduce garment processing steps, adds Rhodes.
According to Williams, colors are increasingly being drawn from nature, with shades like rusty red, orange, and brown gaining popularity. Designers are also blurring the lines of traditional denim with prints and finishing effects that create an illusion—making it hard to tell if garments are made of denim, leather, or suede.
A standout product from Cotton Incorporated is a fabric that conceals the twill line of a 100 percent cotton jean through needle punching on the back, making it difficult to determine whether the fabric is knit or woven. Trompe-l’œil prints of denim on non-denim materials are further enhancing the surreal aesthetic in both men's and women’s fashion.
India's economic growth narrative, often seen as a beacon of resilience in a global slowdown, is facing numerous challenge and sluggish consumption is one of the main ones. Despite headline GDP growth rates that have drawn global attention, the underlying story of consumer spending paints a less rosy picture.
Consumption slump,asymptom of deeper issues
The stark contrast between India's GDP growth and the tepid performance of consumer spending is a cause for concern.The consumption slowdown, evident in sectors like two-wheelers and fast-moving consumer goods, particularly in rural areas, reflects a broader economic malaise.
Several factors contribute to this consumption slump:
• Job creation challenges: The lack of substantial job creation in non-farm sectors has trapped a significant portion of the workforce in low-productivity agriculture. This limits income growth and, consequently, consumer spending.
• Wage stagnation: Real wages have remained stagnant across sectors like agriculture, manufacturing, and construction, eroding purchasing power and dampening consumer demand.
• Income inequality: The widening income gap exacerbates consumption challenges. While a small affluent segment drives luxury consumption, the vast majority of the population faces income constraints.
The limits of exports and government spending
With consumption faltering, the Indian economy has leaned heavily on exports and government spending to drive growth. However, there are inherent limitations to this strategy: • Export challenges: While India has the potential to become a global manufacturing hub, several hurdles,including high tariffs and local sourcing requirements, hinder its competitiveness. Moreover, global demand uncertainties pose risks to export-led growth.
• Government spending constraints: The government's fiscal consolidation efforts limit the scope for sustained high public expenditure. Infrastructure spending, while crucial, cannot be the sole growth driver in the long run.
Needfor amulti-pronged approach
To unlock India's economic potential, a multifaceted approach is essential:
• Revitalizing consumption: Boosting rural incomes, creating quality jobs, and addressing wage stagnation are imperative for reviving consumption. Targeted social welfare programs and investments in skill development can play a crucial role.
• Export-led growth: Streamlining export procedures, reducing tariffs, and improving infrastructure are essential for enhancing India's export competitiveness. Attracting global manufacturing investments requires a conducive business environment and skilled workforce.
• Private investment revival: Addressing capacity utilization issues, improving the business climate, and fostering investor confidence are crucial for unlocking private investment potential.
India stands at a crossroads. While the potential for rapid growth is undeniable, realizing this potential requires a concerted effort to address the underlying challenges, particularly the consumption slump. By adopting a holistic approach that focuses on job creation, income growth, and export competitiveness, India can embark on a path of sustainable and inclusive economic development.
With the possibility of companies shifting their factories from Bangladesh to India due to the current situation, Bihar sees an opportunity to attract textile manufacturers. Informal discussions have begun with major organizations, including the Apparel Council of India and the Confederation of Indian Industry (CII), to position Bihar as a viable destination.
Bihar is strategically located less than 1,000 km by road from Bangladesh's manufacturing hub. During a recent textile investors meet in Bihar, the Apparel Council of India held its board meeting in the state, becoming well-informed about the incentives available in Bihar’s textile sector.
The Bihar government has assured the Apparel Council and CII that any company interested in relocating from Bangladesh will receive immediate attention. Last year, Bihar officials, including Additional Chief Secretary of the Industry Department SandipPaundrik, engaged with Bangladeshi entrepreneurs to discuss investment opportunities in Bihar.
The state offers extensive plug-and-play facilities and a dedicated textile policy with substantial subsidies to attract manufacturers. Bihar's proactive approach aims to welcome Bangladeshi businesses looking for a new base.
India could secure additional monthly RMG export orders worth $200-250 million in the short term and $300-350 million in the medium term due to the current instability in Bangladesh, according to a report released by CareEdge.
Historically, Bangladesh has captured much of the global market share lost by China in RMG exports, while India has struggled to fully capitalise on these opportunities. However, the current situation in Bangladesh offers a strategic opportunity for India to expand its presence in the global RMG market, both in the short and medium terms.
The report highlights, large-scale Indian RMG manufacturers with strong operational efficiency and backward integration will benefit the most, as global brands seek reliable and efficient suppliers amid the uncertainty in Bangladesh.
Bangladesh's RMG exports declined by 17 per cent in Q1, FY25 compared to the same period last year. In contrast, India experienced a 4 per cent growth in RMG exports during the same period.
The socio-political disturbances and inadequate foreign exchange availability in Bangladesh have contributed to a slight erosion of its market share in the first quarter of the current fiscal year. This shift has narrowed the gap between Bangladesh's and India's RMG export volumes, with the ratio declining from 3.2x in FY24 to 2.5x in Q1FY25. During this period, Bangladesh's RMG exports totaled $9.7 billion, while India's exports reached $3.9 billion.
The recent budget announcements on skilling programs and the potential Free Trade Agreements with the UK and the EU are likely to further boost India's position in the global RMG market, says Krunal Modi, Director, CareEdge Ratings.
The US Department of Agriculture (USDA) estimates, net sales of 11,500 running bales (RB)_ of upland cotton were recorded during the Marketing Year (MY)’25-26, with Mexico (4,700 RB), Costa Rica (3,500 RB), El Salvador (2,000 RB), and Japan (1,300 RB) being the primary buyers.
As per USDA, net sales of upland cotton reduced by 949,600 RB during for MY’24-25. These reductions were offset by increases primarily from India (43,600 RB, including decreases of 8,800 RB), Mexico (40,400 RB, including decreases of 900 RB), Costa Rica (25,900 RB), Turkiye (15,100 RB, including decreases of 800 RB), and Guatemala (5,000 RB). However, significant reductions were observed, primarily from China (603,200 RB), Pakistan (372,200 RB), and Vietnam (111,800 RB).
Exports for the period ending July 31 totaled 738,100 RB, bringing the accumulated exports for the year to 11,070,400 RB, reflecting a 6 per cent decline compared to the previous year's total of 11,777,500 RB. The primary export destinations included China (273,400 RB, with 245,300 RB reported late), Vietnam (121,900 RB, with 94,500 RB reported late), Pakistan (102,300 RB, with 93,700 RB reported late), Bangladesh (52,700 RB, with 40,500 RB reported late), and Mexico (41,500 RB, with 33,000 RB reported late).
Regarding Pima cotton, net sales of 7,700 RB for the MY’24-25 were reported, with Vietnam (2,200 RB), India (2,100 RB, including decreases of 500 RB), China (1,600 RB, including decreases of 200 RB), Pakistan (1,100 RB, including decreases of 400 RB), and Egypt (400 RB) being the main buyers.
A total of 29,100 RB of Pima cotton sales were carried over from the MY’23-24, which ended on July 31. Exports for the period ending July 31 totaled 1,700 RB, bringing the accumulated exports to 321,800 RB, a 6 per cent increase from the previous year's total of 305,000 RB. The primary export destinations included India (1,400 RB), Turkiye (100 RB), Thailand (100 RB), and Taiwan (100 RB).
As against the earlier estimate of a 15-17 per cent drop, Under Armor now expects revenues from North America business to decline in the range of 14-16 per cent in FY25.
The brand posted a surprise profit in Q1, FY25 that ended on August 8. This rise was driven by improved margins from selling its sports apparel at full price and maintaining lower inventory levels, even as consumers become more selective with their spending.
Currently, the retailer is focusing on cutting promotions, reducing inventory, and streamlining its workforce. By prioritising higher-margin items like men’s apparel, the company managed to expand its gross margins by 110 basis points to 47.5 per cent, while inventory decreased by 15 per cent to $1.1 billion.
Simeon Siegel, Analyst, notes, the company is better situated selling less and charging more. The improvement in profitability in this quarter suggests that the initial steps of this reset are working, he adds.
Kevin Plank, CEO, highlights, he share of full-price products sold online increased significantly despite the company being even less promotional than planned.
However, revenues in the brand’s largest market, North America dropped by 14 per cent due to inflationary pressures on consumer budgets. The brand’s international revenues also declined by 2 per cent. Overall, the company's first-quarter revenue fell by 10 per cent to $1.18 billion, a smaller drop than the nearly 13 per cent decline anticipated by analysts.
The global textile colorant market is projected to grow at a CAGR of 5.4 per cent from 2022-32 and reach approximately $11,590.4 million by 2032. As per a report by Future Market Insights, the growth of this market will be driven by an increasing global demand for clothing, and rising disposable incomes.
Accounting for about 48 per cent of global textile production, the East Asia region is expected to dominate the market growth with significant contributions from countries like India and those in the ASEAN region. The demand for textile colorants from these countries is anticipated to represent around 9 to 11 per cent of global colorant consumption.
Key trends driving the growth in this region include a rising demand for technical textiles—specialised fabrics designed for specific applications in industries like healthcare, sports, and engineering. Geotextiles, a type of technical textile used in geotechnical applications, are gaining popularity due to growing environmental concerns. Additionally, neon dyes, which offer highly reflective properties, are increasingly used in athletic apparel to enhance safety.
However, the market faces challenges related to sustainability. The dyeing process is water-intensive, with over 1,000 liters of water needed to produce just 1 kg of dye. This has led to environmental degradation and prompted strict regulations from environmental authorities and governments, which are pushing for the use of natural dyes and biodegradable materials.
The market is fragmented, with major players offering over 10,000 variants of textile colorants. Leading companies are focusing on product innovation, partnerships, and geographic expansion, particularly in emerging economies, to strengthen their market position. Investments in research and development of sustainable products are also a key focus, as companies aim to reduce their carbon footprint and meet regulatory requirements.
A global leader in the retail industry, the Apparel Group has unveiled the latest Back-to-School collection of its homegrown brand R&B. Combining character-inspired designs with functional fashion, this collection is tailored for students from preschool through high school. It offersthem budget-friendly options without comprising on style. The range includes wrinkle-resistant pinafore dresses, skirts, school shirts, and pants, ensuring students maintain a neat appearance throughout the day. The footwear line features ballerinas and sneakers designed for comfort, incorporating advanced cushioning technology and contemporary designs.
A standout item in the collection is the 5-in-1 character trolley set, available for AED 99. This set, featuring popular characters like Batman, Spiderman, Superman, Stitch, Frozen, and Hello Kitty, includes a trolley backpack, lunch bag, tiffin box, water bottle, and accessory pouch. Other offerings include character backpacks priced at AED 70, fashion trolleys at AED 160, standard backpacks at AED 65, and a variety of stationery items such as pencil cases and notebooks.
The 2024 Back-to-School Collection is now available at all R&B stores across the GCC, as well as online at randbfashion.com, ensuring students can step into the new school year with style and confidence.
The whirring of sewing machines fills the air once more in Bangladesh's garment factories, signaling a cautious return to normalcy following a period of political turbulence. The industry, which contributes a staggering 83% to the nation's export earnings, has been grappling with the fallout of widespread protests that led to the ousting of Prime Minister Sheikh Hasina.
Resumption of prduction and the road to recovery
"We lost a total of four days," laments Miran Ali, Vice President of the Bangladesh Garment Manufacturers and Exporters Association (BGMEA). "It is too early to make an estimate of the loss. There was little physical damage to factories, but the disruption has been significant." The BGMEA estimates that the four-day shutdown has cost the industry upwards of $1 billion in lost production.
Factories supplying major Western brands such as H&M, Zara, and Carrefour were forced to close their doors during the unrest. H&M, which sources from around 1,000 factories in Bangladesh, has assured its suppliers that it will not seek discounts due to the delays. "We welcome the steps that have been taken toward greater stability in Bangladesh," an H&M spokesperson told Reuters. "Our suppliers' factories are gradually reopening."
Workers eager to return
For the millions of garment workers in Bangladesh, mostly women, the reopening of factories is a welcome relief. "We are poor people depending on daily wages and overtime," says Razia Begum, an employee at Urmi Garments in Dhaka. "If we sit back home, how can we run our families?"
Global supply chain disruptions and shifting dynamics
The unrest in Bangladesh has sent shockwaves through the global garment industry. Hula Global, an Indian apparel producer, has announced that it will be redirecting production for the rest of the year from Bangladesh to India to avert risk.
Pankaj Tuteja, head of operations at Dragon Sourcing, a firm that helps companies find suppliers, believes that while major brands like Zara and H&M are likely to stick with Bangladesh, some smaller firms may look elsewhere. "Once the client, then the factories, have invested so much time and money they will not just immediately run back, even when there's political stability," he says. "That can have a long-term impact for Bangladesh."
Opportunities for competitors and long-term implications
The crisis in Bangladesh has created opportunities for other garment-producing nations, particularly India. According to a report by CareEdge, India could gain monthly export orders worth $200-250 million in the short term and around $300-350 million in the medium term.
Krunal Modi, Director at CareEdge Ratings, believes that India is well-positioned to capitalize on the situation. "The recent budget announcement on skilling programs and the potential Free Trade Agreements with the UK and the EU will further strengthen India's position in the global RMG market," he says.
The Path Forward: Rebuilding and resilience
While the reopening of factories is a positive sign, Bangladesh's garment industry faces a long road to full recovery. The country needs to restore political stability, ensure worker safety, and rebuild its reputation as a reliable supplier.
The International Monetary Fund (IMF) expects the ready-made garments industry to account for 90% of Bangladesh's $55 billion annual exports in the financial year 2024. The industry's ability to bounce back from the recent crisis will be crucial for the country's economic future.
A Turning Point for Bangladesh's Garment Industry
The reopening of Bangladesh's garment factories is a step in the right direction, but the industry remains vulnerable. The country needs to address the root causes of the recent unrest and create a stable and secure environment for businesses to thrive. Only then can Bangladesh reclaim its position as a global leader in the garment industry.
