The global spandex market is stretching its way to significant growth, projected to reach a staggering $20.8 billion by 2033, says a recent market analysis. This represents a robust compound annual growth rate (CAGR) of 8.4 per cent from its current value of $9.3 billion in 2023. Driven by a growing demand for comfortable, flexible, and high-performance fabrics, spandex, also known as Lycra or elastane, is finding its way into an ever-expanding range of applications.

Activewear, athleisure market drivers

The key drivers behind this growth include the explosive popularity of activewear and athleisure, the increasing use of spandex in mainstream fashion, and technological advancements that enhance fabric performance, such as moisture-wicking and anti-odor properties. The rise of e-commerce and the growing popularity of compression garments for medical and athletic purposes are also significant contributors.

"The demand for spandex is being driven by the booming athleisure and sportswear market. Spandex’s flexibility, durability, and comfort make it ideal for activewear," the report notes. "The increasing focus on health and fitness is pushing the popularity of spandex in clothing designed for workouts, yoga, and casual wear."

North America currently leads the global market, holding a 42.2 per cent share in 2023, largely due to the region's strong focus on health and fitness. However, emerging markets, including India, are expected to play a crucial role in the market's future expansion.

India's spandex story

India's textile industry, a cornerstone of its economy, is witnessing a notable surge in demand for spandex. This growth is driven by rising disposable incomes, evolving lifestyle preferences, and the increasing adoption of Western fashion trends. As the Indian consumer becomes more health-conscious, the demand for activewear and comfortable apparel is also on the rise.

Growing consumption: India's spandex consumption is steadily increasing, due to growing apparel, sportswear, and hosiery sectors. The increasing demand for stretchable fabrics in denim, lingerie, and sportswear is a key factor.

Production capacity: While India's spandex production capacity is growing, it is still reliant on imports to meet the increasing domestic demand. Several Indian companies are investing in expanding their production facilities to capitalize on the growing market.

Imports and exports: India imports a significant portion of its spandex requirements, mainly from countries like China, South Korea, and Taiwan. However, there is a growing focus on increasing domestic production and exports to reduce reliance on imports.

Government initiatives: The Indian government's initiatives, such as the Production Linked Incentive (PLI) scheme for textiles, are aimed at boosting domestic manufacturing and attracting investments in the sector. This is expected to positively impact the spandex market.

As per reports, India's textile and apparel market is projected to grow substantially, which directly impacts the spandex consumption. Key players like Inviya and Hyosung are significantly contributing to India's spandex market growth.

Indorama India, with its Inviya brand, is a pioneer in India's spandex manufacturing. Notably, they were the first to establish a spandex production plant in India in 2011. Inviya has significantly increased its production capacity. Starting with 5,000 tons per annum, they have expanded to 20,000 tons per year. They offer a diverse range of spandex products, including those for woven and air-covered yarns, knits, and specialized applications like SnugFit for hygiene products. Inviya has continued to expand their production capabilities, and recently began production in their third plant, increasing production to 65 metric tons per day. Inviya also produces ECOModa100 a 100 per cent recycled spandex.

Hyosung too has established a significant presence in the Indian spandex market. Their plant in the AURIC Industrial Complex near Aurangabad, Maharashtra, has an annual production capacity of 18,000 tons of spandex. Hyosung with their CREORA TM brand of spandex, is a large global player, that has now increased its presence in the Indian market. Hyosung is focused on increasing its market share within India.

The global spandex market is set for a period of sustained growth, with India playing an increasingly important role. As consumer preferences continue to evolve and technological advancements drive innovation, the future of the spandex market looks bright. Companies that can adapt to changing market dynamics, embrace sustainability, and leverage technological advancements will be well-positioned to capitalize on the opportunities that lie ahead.