The global spandex market is estimated to expand at a CAGR of more than 8% over the forecast period of 2021-2031. Growing demand from industries such as medical and textiles is one of the leading driving factors for rising growth and consumption of spandex.
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Rapidly growing population combined with increased consumer disposable income is expected to drive demand for sports and active wear, resulting in market expansion. Increasing engagement in sporting activities is expected to lead to rising demand for comfortable apparel, such as cycling pants, casual clothing, trekking pants, and even undergarments, as consumers become more conscious of the need of leading a healthy lifestyle, which, in turn, is expected to drive market growth substantially.
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Key Takeaways from Market Study
- Over the next ten years, the global market for spandex is set to expand more than 2X.
- Sportswear application of spandex to increase at the highest rate over the coming years.
- East Asia, South Asia Pacific, and Europe are major markets for spandex.
- Consumption of spandex, especially in Asia Pacific countries such as China, India, and Japan, is rising due to rapid industrialization, low-cost manufacturing and processing, as well as rising foreign investments.
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