Global spandex market to be worth $21.9 bn by 2034: FactMR Study

Spandex market valued at $10 billion in 2024, is expected to be worth $21.9 billion by 2034, growing at CAGR of 8.1 per cent in this period, reveals a FactMR study. Growth is being driven by rising use of spandex in various industries, including medical textiles, where it is utilized in compression garments such as bandages, surgical hoses, and support garments. Spandex’s lightweight and flexible properties make it ideal for sportswear and activewear, like swimsuits and workout clothing.

Spandex is also widely used in socks to improve fit and elasticity, as well as in incontinence products and diapers. The demand for diapers is expected to rise significantly, particularly in countries such as China and India, which will contribute to market growth.

In 2024, US spandex market is expected to reach $1.2 billion, while the value of Japan’s spandex market is expected to touch $600 million in the year. China’s share will be 53.4 per cent in the East Asia Spandex market and is projected to grow at a CAGR of 8.5 per cent through 2034.

Spandex was traditionally was made from petroleum-based raw materials like Polytetramethylene Ether Glycol (PTMEG) and Diphenylmethanediisocyanate (MDI). However, with sustainability concerns, manufacturers are shifting to bio-based and eco-friendly spandex. In April 2024, the world’s largest spandex manufacturer, Hyosung announced the setting up of a $1 billion facility in Vietnam that will use Genomatica’s fermentation technology to convert sugar into 1,4-butanediol (BDO), a spandex precursor traditionally derived from coal or natural gas. By 2026, Hyosung plans to produce 50,000 metric tons of bio-based BDO annually, increasing to 200,000 metric tons by 2035.