SPANDEX MARKET ANALYSIS

Regional Analysis

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The North America region currently dominates the global spandex market, and it is expected to account for over 37.6% of the total market share in 2024. The U.S. is the largest producer and consumer of spandex in the world. This can be attributed to robust presence of textile and apparel industry in the region, particularly in the U.S. American brands such as Nike, Lululemon, and Spanx are major buyers of spandex for their diverse product portfolio including active wear, sportswear, and shapewear.

In addition, North America is also a major hub for lycra production with global players like INVISTA operating multiple production facilities in the US and Canada. The region also benefits from easy access to raw materials required for spandex production such as crude oil. This allows North American producers to maintain stable supply chains and competitive production costs. Proximity to major brand houses and retailers further strengthens North America's position as a dominant force in the global spandex market.

The Asia Pacific region is poised to be the fastest growing market during the forecast period. Within Asia Pacific, China has emerged as a compelling force, accounting for over 20% of the global spandex demand currently. The rapidly expanding Chinese apparel and textile manufacturing industry relies heavily on spandex imports, primarily from North America, to meet domestic requirements. However, Chinese domestic spandex production is also witnessing a sharp rise. This is supported by government initiatives promoting development of generic manufacturing industries.

Countries like India and Indonesia are also emerging as prominent sourcing destinations for global apparel brands due to availability of cheap labor and raw materials. As a result, spandex imports into Asia Pacific are steadily increasing to fulfill the requirements of garment exporting nations. Presence of large consumer bases and growing fashion consciousness of Asian consumers are encouraging massive investments in development of domestic yoga wear, athletic, and shapewear categories where spandex plays a key role.