The global spandex market will reach $9,100.0 Mn by 2023, with steady growth of 8.3%. By 2033, it is expected to soar to $20,198.8 Mn, according to Persistence Market Research. Spandex or elastane gains popularity for its exceptional stretch and recovery properties, finding applications in clothing, sportswear, swimwear, and more. 

Challenges include fluctuating raw material prices and environmental concerns. Asia Pacific leads the market, followed by North America and Europe. Trends include sustainable practices, smart textiles, customization, and technological innovations. 

Recent developments focus on sustainable fibers, enhanced products, and collaborations for innovative solutions.