Spandex is variedly used in bras, gloves, slacks, gym wear, swim wear and skin-tight garments. The growth in textile sector is growing the spandex market. Increasing population is raising the demand for textile, which in turn propelling market growth. Healthy progress in apparel and clothing industry is driving the spandex market. Pandemic COVID-19 also has increased the spandex demand globally due to demand of face masks. However, the alternative use of natural rubber latex and polybutylene terephthalate as substitute of spandex is hindering the market. in June 2020, a new creora 3D Max spandex was introduced by Hyosung. This spandex gives denim features as ultra-stretch and the finest recovery that lasts over time.
According to Coherent Market Insights, 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)
Top Companies in the Spandex Industry:
1. INVISTA
Invista, headquartered in Wichita, Kansas, United States, is a fiber, resin and intermediates company, founded on February 2003. On Sep. 26, 2022, INVISTA Nylon Chemicals (China) Co. celebrated the full operation of its Asia Innovation Center with an opening ceremony held at the Shanghai Chemical Industry Park. Serving as a key capability within INVISTA’s global R&D network and the company’s first R&D center for nylon 6,6 application development in Asia, the AIC is positioned to broaden the possibilities for application development in engineering polymers and provide superior innovative solutions for customers in Asia.
2. Asahi Kasei Corporation
Asahi Kasei Corporation was founded in 1922 and is headquartered in Tokyo, Japan. Asahi Kasei Corporation manufactures, processes, and sells chemical products in Japan and internationally. The company operates through three segments: Material, Homes, and Health Care. On August 2021, Asahi Kasei to optimize the global strategy of its ROICA™ premium stretch fiber business. The brand of ROICA™ with superior performance features enabled by integrated production from raw material to finished yarn based on its advanced technology.
3. Hyosung Corporation.
Hyosung TNC announced on August 10, 2022 that it successfully developed bio-derived spandex, ‘creora® bio-based’, using a natural material extracted from corn instead of coal, and obtained a global eco-friendly certification. Hyosung Corporation, together with its subsidiaries, engages in the textile, trading, power and industrial systems, construction, industrial materials, chemicals, and information and communication businesses in Korea and internationally. The company was founded in 1966 and is based in Seoul, South Korea.
4. Zhejiang Huafon Spandex Co. Ltd.
On November 2021, the Zhejiang Manufacturing Standard: Colored Spandex Filament formulated by Huafon Chemical Co., Ltd., has been officially released and implemented. This is the second Zhejiang Manufacturing Standard formulated by Huafon Chemical after the release of Chlorine Resistant Spandex Filament. Established in December 1999, headquartered in China. Its spandex production scale occupies No. 1 in China and comes to the fore among the spandex enterprises in the world.
5. Yantai Tayho Advanced Materials Co. Ltd.
Yantai Tayho Advanced Materials Co., Ltd. researches, manufactures and markets spandex and spandex polymers. Yantai Tayho Advanced Materials Co., Ltd. engages in the research and development, production, and sale of high-tech fibers in China. It was incorporated in 1993 and is based in Yantai, China.
6. Indorama Industries Ltd
On December 2021 Indorama India join the list of India's textile behemoths (formerly Indorama Industries Limited). The new plant, according to the business, expanded spandex capacity by 75 MT/day by the end of 2022. Indo Rama Synthetics (India) Limited manufactures and supplies polyester in India. It was incorporated in 1986 and is based in Gurugram, India.
7. TK Chemical Corp
TK CHEMICAL CORPORATION is a Korea-based company engaged in the manufacture and distribution of synthetic fibers. The company was founded in 1965, headquartered in south Korea.
8. Taekwang Industrial Co.
Taekwang Industrial Co., Ltd. engages in the synthetic fiber, textile, petrochemical, and advanced material businesses in South Korea and internationally. . The company was founded in 1950 and is headquartered in Seoul, South Korea. On Aug 8, Taekwang Industrial Co., LTD and the Management Committee of Ningdong Energy Chemical Industrial Base signed a cooperation agreement. Taekwang will build a spandex project with an annual output of 108,000 tons in Ningdong base, with a total investment of 4.47 billion yuan.
9. Jiangsu Shaungliang Spandex Co.
Jiangsu Shuangliang Spandex Co., Ltd. Was established in 2002, and headquartered in Jiangya, China. It professionally produces high-quality spandex yarn with the brand of UOLI. Its products cover specifications of 15D to 1680D with OEKO-TEX certificate, which can satisfy different users′ needs for the core spun, conventional covered, air covered, circular knitting and warp knitting and the product performances measure up to the advanced level of their kind.
10. Xiamen Lilong Spandex Co. Ltd.
On Feb 14, 2022, local government of Xinluo District and Xiamen Lilong Spandex Co., Ltd. signed agreement on Lilong spandex production project. Xiamen Lilong Spandex Co., Ltd. is a wholly foreign-owned enterprise of Lilong Group (Hong Kong) Co., Ltd. in Xiamen. The company was established in 2003, headquartered in Fujian, China.
*Definition- a synthetic fabric with high elastic property is known as spandex. Spandex is produced by chemical reactants, polytetramethylene ether glycol and methylene diphenyl diisocyanate.
