The global spandex market is estimated to grow at a CAGR of more than eight per cent from 2016 to 2023. It is also commonly known as elastane. A growing application scope in the apparel and textile industry is likely to drive the spandex market over the forecast period.

Dry spinning technology has been majorly preferred by manufacturers over the past few years. Other processes include wet spinning, melt extrusion and reaction spinning. Asia Pacific accounted for more than 60 per cent of the total volume in 2015. China accounted for a major chunk of the market in the Asia Pacific region in 2015. The market is expected to grow with the recovery in the US economy.

Increase in automobile production, particularly in the Asia Pacific, is likely to drive growth. Major automobile manufacturers are shifting bases to countries such as Indonesia, Thailand, India and China owing to cheap labor wages and favorable incentive schemes. China accounted for more than 50 per cent of the global share in 2014 and is the major manufacturer for this market. In 2012, China had around 30 manufacturing units with a total capacity of 520 kilo tons and domestic production exceeding 320 kilo tons.