The global spandex market stretching towards a $20.8 bn future
The global spandex market is seeing growth, with projections indicating it will reach $20.8 billion by 2033, up from $9.3 billion in 2023. This represents a compound annual growth rate (CAGR) of 8.4 per cent. Spandex, also known as Lycra or elastane, has become a crucial component in various industries due to its elasticity, durability, and comfort. As demand for flexible, high-performance fabrics increases, the spandex market is expanding into new applications, ranging from activewear to medical textiles.
Athleisure as boosts demand
One of the primary forces behind this growth is the rising popularity of activewear and athleisure. Consumers worldwide are increasingly seeking comfortable, stylish, and functional clothing, leading to greater integration of spandex in mainstream fashion. Advances in fabric technology, such as moisture-wicking and anti-odor properties, further enhance the appeal of spandex-based apparel.
E-commerce has also played a pivotal role in the market’s expansion, making spandex-based products more accessible to a wider audience. Additionally, the growing use of compression garments in both athletic and medical applications continues to drive demand.
As per market analysts, North America leads the global spandex market, holding a 42.2 per cent share in 2023. This dominance is attributed to the region’s strong focus on health, fitness, and athleisure trends. However, emerging economies, particularly India, are expected to drive future market growth.
India’s growing spandex market
India's textile industry, a vital pillar of the country’s economy, is witnessing a significant rise in spandex consumption. Factors such as increasing disposable incomes, evolving fashion preferences, and a growing emphasis on fitness and comfort are fueling this demand.
Consumption on the rise: India’s spandex consumption is increasing steadily, particularly in the apparel, sportswear, and hosiery sectors. The demand for stretchable fabrics in denim, lingerie, and performance wear is a major contributing factor.
Increasing production capacity: While India’s domestic spandex production is growing, the country still relies on imports from China, South Korea, and Taiwan to meet demand. However, Indian manufacturers are making strategic investments to enhance production capabilities.
Imports drive market: India imports a significant portion of its spandex requirements, but initiatives to boost domestic manufacturing are underway. Increasing domestic production is expected to reduce dependency on imports and open export opportunities.
Government support: The Indian government’s Production Linked Incentive (PLI) scheme for textiles is expected to bolster domestic manufacturing and attract investments, further supporting the spandex market’s growth.
Several leading companies are shaping the Indian spandex market, driving innovation and expanding production capacities.
Inviya by Indorama India: A pioneer in Indian spandex manufacturing, Inviya established India’s first spandex production plant in 2011. The company has expanded its production capacity from 5,000 tons per annum to 20,000 tons per year and has recently increased output further to 65 metric tons per day. Inviya offers a wide range of spandex products for woven fabrics, air-covered yarns, and specialized applications such as SnugFit for hygiene products. Additionally, Inviya’s ECOModa100 is a 100 per cent recycled spandex product, reinforcing the company’s commitment to sustainability.
Hyosung Corporation: A global leader in spandex production, Hyosung has a significant presence in India with its CREORA brand. The company operates a facility in the AURIC Industrial Complex in Maharashtra, with an annual production capacity of 18,000 tons. Hyosung is focused on increasing its market share and expanding its footprint within the Indian spandex sector.
The Road Ahead The global spandex market is set for sustained growth, with India playing an increasingly vital role. As consumer preferences continue to evolve, technological advancements drive innovation, and government initiatives support domestic production, the spandex market’s future looks promising.
Companies that embrace sustainability, invest in research and development, and adapt to shifting market dynamics will be well-positioned to capitalize on emerging opportunities. With a growing demand for comfortable, high-performance fabrics, the spandex industry is poised to stretch its way into a dynamic and prosperous future.