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.
