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Valued at $10 billion in 2024, the global spandex market is projected to grow to $21.9 billion by 2034, expanding at a compound annual growth rate (CAGR) of 8.1 per cent over the decade. As per a report by FactMR, this growth will bedriven by the increasing use of spandex in various industries, including medical textiles, where it is utilised in compression garments such as bandages, surgical hoses, and support garments. Spandex’s lightweight and flexible properties make it ideal for sportswear and activewear, like swimsuits and workout clothing.
Additionally, spandex is widely used in socks to improve fit and elasticity, as well as in incontinence products and diapers. The demand for diapers is expected to rise significantly, particularly in countries such as China and India, which will contribute to market growth. In 2024, the spandex market in the US is expected to reach $1.2 billion, while the value of Japan’s spandex market is projected to rise to $600 million during the year. China will hold a 53.4 per cent sharein the East Asia Spandex market that is projected to grow at a CAGR of 8.5 per cent through 2034.
Essential in sports clothing due to its ability to enhance comfort and prevent injuries caused by excessive fabric stretching, spandex was traditionally produced using petroleum-based raw materials like Polytetramethylene Ether Glycol (PTMEG) and Diphenylmethanediisocyanate (MDI). However, with growing sustainability concerns, manufacturers are shifting toward producing bio-based and eco-friendly spandex. In April 2024, the world’s largest spandex manufacturer, Hyosung announced the development of a $1 billion facility in Vietnam that will use Genomatica’s fermentation technology to convert sugar into 1,4-butanediol (BDO), a spandex precursor traditionally derived from coal or natural gas. By 2026, Hyosung plans to produce 50,000 metric tons of bio-based BDO annually, increasing to 200,000 metric tons by 2035.
This shift reflects the spandex industry’s increasing commitment to sustainability, as it reduces reliance on petroleum and coal, with many Chinese BDO plants still using coal as a primary raw material.
The global apparel industry continues to go through dynamic landscape, with leading brands vying for dominance in a competitive market. Latest financial performance data compiled by Statista reveals, Inditex, the parent company of Zara, has further solidified its position as the world's leading apparel retailer. In fact, there is a widening gap between Inditex and its closest competitors, H&M and Fast Retailing’s brand Uniqlo.
Inditex takes the lead worldwide
Inditex reported impressive total sales of $38.9 billion, significantly outpacing its closest competitor, H&M, which recorded $22.8 billion in sales. Inditex's sales figures underscore the effectiveness of its fast-fashion model, characterized by rapid trend adaptation and a vast global supply chain. This strategy has allowed the company to consistently capture consumer demand, even amidst a challenging economic climate.
Table: Financial performance of the top 10 apparel retailers
|
Brand |
Total sales (in $ bn) |
|
Inditex (Zara) |
38.9 |
|
H&M |
22.8 |
|
Fast Retailing |
18.3 |
|
Gap |
14.8 |
|
Lululemon |
9.6 |
|
PVH |
9.2 |
|
Next |
6.9 |
|
Ralph Lauren |
6.4 |
|
Victoria's Secret |
6.1 |
|
American Eagle |
5.2 |
Swedish brand H&M, still a significant player, trails behind with total sales of $22.8 billion. The company has been grappling with excess inventory and a slower pace of adaptation to changing consumer preferences, impacting its financial performance. Fast Retailing, the owner of Uniqlo, secured the third position with total sales of $18.3 billion, further highlighting the prominence of fast-fashion brands in the global apparel market. However, the company's focus on affordable basics and innovative fabrics has resonated with consumers, but it faces intense competition in the fast-fashion space.
Lower in the list, Gap continues to struggle, posting sales of $14.8 billion. The company has been undergoing a restructuring process, including store closures and brand realignments, in an attempt to revitalize its business. And Lululemon, with its focus on athleisure wear, continues to demonstrate strong growth, achieving sales of $9.6 billion. The company's premium positioning and emphasis on community building have contributed to its success. The performance of other leading brands showcases the diverse nature of the industry.
Highlights of the data
• Inditex's dominance: One major highlight is Inditex's substantial lead underscores its effective strategy and strong market presence. The company's focus on rapid inventory turnover and trend-driven designs has resonated with consumers globally.
• Fast Fashion's strength: The strong performance of Inditex, H&M, and Fast Retailing reaffirms the continued popularity of fast fashion. These brands offer consumers affordable and trendy clothing options, driving significant sales growth.
• Diverse market: The presence of established brands like Gap, luxury players like Ralph Lauren, and athleisure brands like Lululemon highlights the diverse nature of the apparel market. Each brand caters to specific consumer preferences and market segments.
Despite the numerous challenges the global apparel industry faces with supply chain disruptions, rising costs, and increasing competition, there are numerous opportunities for growth, particularly in e-commerce and sustainable fashion. Overall, the financial performance stats provide valuable insights into the competitive landscape of the global apparel industry. While Inditex currently holds a commanding lead, the market remains dynamic, with brands continuously adapting to meet the evolving demands of consumers.
The fiber, yarn, and fabric industry is entering 2025 with a renewed sense of resilience and adaptation. While recent years have presented significant challenges, including supply chain disruptions, rising costs, and increased focus on sustainability, industry leaders are demonstrating a commitment to innovation and collaboration to navigate these obstacles.
Navigating supply chain disruptions
Businesses are increasingly adopting multi sourcing strategies and establishing production facilities closer to their main markets to reduce reliance on long-distance shipping and mitigate the impact of global disruptions. Moreover, companies are investing in real-time tracking systems and data analytics to optimize operations and ensure a resilient supply chain network. Collaborations across the supply chain are becoming more critical, with companies fostering strategic partnerships with local and international suppliers to improve agility and responsiveness.
Addressing rising costs and sustainability
Many companies are exploring renewable energy solutions to stabilize power costs and improve sustainability. And the rise in misleading environmental claims has led businesses to strengthen their traceability efforts through technologies like block chain-based digital passports. Companies are also developing sustainable solutions as they invest in research and development to create innovative materials and processes that meet both aesthetic and environmental standards. Transparency and traceability too are in focus as brands and consumers increasingly demand transparency about the origin and production processes of textiles. Solutions like block chain-based digital passports and DNA tagging are being adopted to ensure traceability and combat fraudulent claims.
Industry trends
Certain clear trends have emerged in the industry viz:
Nearshoring: Establishing production facilities closer to major markets is a growing trend, improving efficiency and responsiveness to customer demands. Companies like UNIFI are leveraging regional production chains to reduce lead times and ensure faster delivery to customers.
Digitalization: Technology adoption, such as real-time tracking and data analytics, enables companies to optimize operations and enhance supply chain visibility.
Sustainability: Investments in sustainable materials, recycling technologies, and circular practices are reshaping the industry's landscape. Companies like ISKO and NILIT are investing in research and development to create innovative, eco-friendly materials and processes. Collaboration with partners and a circular approach to design are becoming the norm.
Collaboration: Partnerships and collaborations across the supply chain are crucial for addressing challenges, sharing knowledge, and fostering innovation.
Improved planning and forecasting: Companies are focusing on better planning, communication, and forecasting to cope with unpredictable demand and disruptions. This includes investing in real-time tracking systems and data analytics.
Outlook for 2025 Industry leaders remain optimistic about the future, despite ongoing challenges. Companies that embrace innovation, invest in technology, and prioritize sustainability are expected to thrive in 2025. The industry is poised to emerge stronger, more resilient, and better equipped to meet the evolving demands of the market. Overall, the industry is moving towards a more sustainable, transparent, and resilient future. By prioritizing innovation, collaboration, and adaptability, fiber, yarn, and fabric businesses are well-positioned to overcome future challenges and meet the evolving demands of the market.
YKK Corporation (Tokyo, President Hiroaki Otani) has introduced a revived renewal series aimed at extending the life of textile products, focusing on the fashion industry’s growing need for sustainability. With repair-oriented solutions becoming more critical, YKK’s new replacement elements for Vislon zippers allow for quicker, targeted repairs. Using a special tool, damaged elements can now be replaced without removing entire zippers, significantly reducing repair time at brand repair centers.
The initiative aims to combat the environmental impact caused by the large-scale disposal of apparel products. By simplifying zipper repair processes, YKK’s solution encourages longer usage of clothing and reduces waste. This renewed product line is expected to make repairs more efficient, promoting a shift towards a circular fashion economy.
YKK plans to continue expanding the series while addressing broader environmental challenges in the apparel industry's supply chains. The company’s efforts align with its goal of enabling consumers to maintain their favorite clothing items longer, contributing to a sustainable future.
As ITMA ASIA + CITME approaches, Karl Mayer Group is set to open a new showroom at its Changzhou facility on October 13. This launch, part of an in-house event running until October 18, will showcase a curated selection of textile innovations and trends from the group’s diverse business units in a 480 square meters space.
A key highlight of the new showroom is Stoll's TexLab, which has been strategically positioned to foster collaboration. Instead of multiple smaller showrooms, the decision was made to establish a single, expansive TexLab at Karl Mayer (China). This setup enables seamless integration with Stoll's research and production departments, providing customers with a unified experience from machine design to the final product. The central TexLab is specifically designed to enhance the industry's ability to quickly adapt to market demands, particularly in China, where speed is essential for developing new materials and designs.
The Stoll TexLab will serve as a dynamic hub where customers can engage in concept development, experiment with yarns, and create patterns with Stoll’s application engineers. It will also facilitate collaboration with local yarn suppliers and support various target groups, including designers and textile institutions.
The showroom features an extensive array of patterns, expert consultations, and Stoll machines, including the newly installed CMS 530 in gauge E20, tailored for high-quality flat knit garments. The space aims to blend technical prowess with an inviting atmosphere, offering visitors a chance to explore new designs, test materials, and engage with experts in a relaxed setting.
Local clients and attendees of ITMA ASIA + CITME in nearby Shanghai are expected to visit, benefiting from the proximity of the new showroom to the trade fair.
India's ready-made garment (RMG) exports surged by 11.9 per cent in August 2024 compared to the same month in 2023, with cumulative exports for April-August 2024-25 reaching $6.395 billion.
Sudhir Sekhri, Chairman of AEPC, emphasized the resilience of the apparel industry amid global challenges like inflation, logistical costs, and the ongoing Red Sea crisis. Despite these hurdles, RMG exports have grown at an average of 7.12 per cent over the last five months, outperforming other merchandise exports, which saw a downturn in August. Sekhri highlighted the industry’s commitment to product quality and compliance with environmental and social standards, positioning India for further global growth.
He expressed optimism about sustaining this growth, noting that India's garment sector is well-prepared to take advantage of shifting global sourcing trends. Long-term policy support, he added, is crucial to providing stability for garment exporters.
In addition, Sekhri outlined AEPC’s 7-point charter of demands to the government, which includes flexibility in fabric imports, the introduction of PLI 2.0 for capacity growth, and an extension of the interest equalization scheme for five years with an increased rate of 5 per cent. Other demands include a level playing field in key markets like the EU and incentives for ESG compliance.
Mithileshwar Thakur, Secretary General of AEPC, highlighted the trust global brands are placing in Indian products. He noted export growth to Japan, Korea, Australia, Mauritius, and Norway by 7.7 per cent, 16.8 per cent, 12.5 per cent, 6.6 per cent, and 17.3 per cent, respectively, in the first quarter of 2024-25.
Thakur added that the RMG sector is key to generating employment for India's youth and women, stressing the need for government support as global sourcing shifts due to geopolitical changes.
Shein has launched a €10 million program to identify, nurture, and develop young designers across Europe. Managed by a dedicated team, the initiative plans to onboard 250 European designers over the next five years through the Shein X Designer Incubator program.
Shein X enables designers to focus on their creative work while the brand handles the retail, marketing, and production aspects. This model allows designers to showcase their work to a global audience, earn profits from sales, and retain ownership of their designs.
To date, nearly 100 designers have participated in the Shein X program, with their products available in over 150 international markets.
Through this program, Shein aims to support the next generation of designers while also advancing its sustainability and circularity goals, says Leonard Lin, President, Shein- EMEA region.
SanMar Corporation, a leading US supplier of promotional products, has joined Bluesign as a System Partner, enhancing its commitment to sustainable manufacturing and responsible chemical management. This partnership aligns with SanMar’s long-term sustainability goals and strengthens its leadership position in the industry.
By adopting Bluesign standards, SanMar integrates rigorous environmental and safety criteria into its supply chain, ensuring responsible production from materials sourcing to manufacturing. The Bluesign system, known for its focus on reducing the environmental footprint of textile production, positions SanMar alongside a global network of companies dedicated to minimizing their environmental impact.
Daniel Rufenacht, CEO of Bluesign technologies AG, commended the partnership, highlighting SanMar’s position as a leader in sustainability within the promotional products industry. He expressed pride in supporting SanMar's efforts toward a more sustainable future through this collaboration.
Emily Gigot, Senior Manager of Sustainability at SanMar, reinforced the significance of sustainability in the industry, expressing enthusiasm about the addition of Bluesign to SanMar's initiatives. She emphasized that the partnership would enable the company to continue offering products that adhere to the highest environmental standards.
Through this collaboration, SanMar is taking key steps to enhance its sustainability efforts, ensuring that both its products and practices remain environmentally responsible and consumer-safe.
Following a 3 per cent contraction in 2023, textile and apparel exports (T&A) by the European Union continued to decline in H1, 2024.
EU's apparel exports declined by 3 per centto €17.8 billion in H1 2024. The decline affected most regions, except Asia, where exports grew by 10 per cent to €4.8 billion, according to data from the French Fashion Institute (IFM). Despite an 18 per cent declined, Switzerland remained the top export destinationfollowed by the UK where apparel exports declined by 5 per cent and the USwhich recorded a 1 per cent drop in apparel exports.
EU’s apparel exports to China increased by 21 per cent, while Hong Kong recorded an 11 per cent increase. Other notable markets which registered a growth in apparel exports included Macau, where exports grew by 28 per cent and the UAE which recorded an 18 per cent rise in exports. However, EU’s apparel exports to Singapore fell by 23 per cent, Canada by 16 per cent, and Australia by 16 per cent.
Meanwhile, EU’s textile exportsdropped by 4 per cent in H1 2024. The US remained the leading textiles market with a nominal 1 per cent decline in exports. This was followed by the UK where exports dropped by 11 per cent and China which registered a 14 per cent rise in exports. Textiles exports to India grew significantly by 36 per centwhile exports toVietnam grew by 20 per cent and exports to Russia plummeted by 27 per cent.
On the other hand, apparel imports by the EU fell by 6 per cent to €38.4 billion in H1,FY2024.Imports from the EU’s largest supplier, Asia, decreased by 5 per cent. Imports from Myanmar, Macedonia, Switzerland, and Tunisia each fell by 16 per cent, while Morocco’s imports remained stable. In contrast, imports from Egypt and the USrose by 18 per cent and 8 per cent, respectively.
Textiles imports by the EU also dropped by 8 per centto €15.6 billionin H1 2024. Imports from Asia fell by 8 per cent while imports from Israel declined by 31 per cent, from Taiwan by 22 per cent and from South Korea by 20 per cent. Serbia and Morocco were the only top 20 sourcing countries to report growth in textiles imports during the period.
The Confederation of Indian Textile Industry (CITI) held its 66th Annual General Meeting, bringing together key stakeholders to reflect on the past year’s performance and challenges. Chairman Rakesh Mehra highlighted the sector's resilience amid global disruptions, such as geopolitical tensions, supply chain issues, and inflation.
Mehra acknowledged the decline in Textile & Apparel (T&A) exports to US$ 34.8 billion in 2023-24, following a historic high in 2021-22. Despite this, he expressed optimism for recovery, citing positive trade figures and agreements like the India-Australia ECTA and India-UAE CEPA, which could accelerate export growth.
Government initiatives aimed at supporting the sector, such as removing import duties on select cotton varieties and implementing Minimum Import Prices (MIP) on specific knitted fabrics, were also discussed. Mehra underscored the importance of raw material availability at competitive prices and the need for investment schemes to support MSMEs and boost downstream capacity.
He further emphasized the role of international trade agreements, domestic policy reforms, and CITI's initiatives like the Skill Development training program under the Samarth Scheme and PMKVY 4.0. Partnerships focused on ESG and HRDD frameworks were also highlighted.
Mehra concluded by stressing the sector’s growth potential, projecting a market size of $350 billion by 2030 with continued government support and industry collaboration. The meeting also reviewed CITI’s key activities, including its focus on cotton production, sustainability, and participation in international events.
