Between 2016 to 2023, the size of the Spandex market is likely to exceed 1,550 kilo tons growing at a CAGR of more than 8 per cent. In 2015, the size of the Spandex market was estimated at over 760 kilo tons. This phase is commonly known as elastane. The size of the Spandex market of Asia Pacific especially China was the largest and accounted for more than 60 per cent of the total volume in 2015. The country accounted for a major chunk of the market in Asia Pacific region in 2015.
Over the last few years, dry spinning technology was majorly preferred among manufacturers over other processes like wet spinning, melt extrusion and reaction spinning. Growing application scope in apparel and textile industry is likely to drive the spandex market over the forecast period. They are used in textile manufacturing applications such as leggings, gloves, cycling jerseys and competitive swimwear. Spandex market price was seen to be weak in mid-3014 owing to ease of tight supply and low demand from downstream applications. The market is expected to grow with recovery in US economy post recession.
Asia Pacific market is likely to witness highest gains over the forecast period. China accounted for more than 50 per cent of global share in 2014 and is the major manufacturer. In 2012, China had around 30 manufacturing units with a total capacity of 520 kilo tons and domestic production exceeding 320 kilo tons in the same year. 40D and 20D are major products manufactured in China. The share of the Spandex market in North America is likely to witness moderate growth owing to increasing sportswear demand in the US Europe is likely to witness below average growth over the forecast period. Latin America is likely to grow at significant rates owing to growth in sportswear and apparel industry.