Spandex is a synthetic fabric that has exceptional elastic properties. It is produced by using polytetramethylene ether glycol and methylene diphenyl diisocyanate as chemical reactants. It is widely used in the creation of bras, skin-tight garments, gloves, gym wear, slacks, and swimwear. Moreover, spandex is used in the production of orthopaedic braces and surgical hoses as it is more durable and stronger.
Global spandex market was valued at US$ 8484.9 Million in 2021, exhibiting a CAGR of 9.24 % during the forecast period (2022 to 2030).
The growing demand for textiles around the globe is propelling the spandex market growth. It is widely used in the manufacturing of sportswear, garments, and casual wears. The increasing disposable income of consumers is driving demand for various textiles. Also, increasing population is propelling the demand for textile, which in turn is augmenting the spandex market growth
Robust growth in the apparel & clothing industry is augmenting the spandex market growth. Growing demand for intimate wear, sportswear, compression garments, etc. coupled with the new application of spandex in denim is expected to foster the market growth. According to Coherent Market Insights in 2020, The Indian textiles and apparel market was estimated at US$ 100 billion in 2019. India is the world's second-largest exporter of textiles and clothing and is expected to increase to US$ 82.00 billion by 2021 from US$ 22.95 billion in 2020.
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