The Spandex Market, a critical component of the textile industry, has experienced steady growth and evolution due to its widespread use in diverse applications ranging from apparel to healthcare. Spandex, also known as elastane, is a synthetic fiber renowned for its exceptional elasticity, making it indispensable in products requiring flexibility, comfort, and durability.
Market Overview and Projections
In 2023, the global spandex market was valued at $10.00 billion. It is projected to grow modestly at a 1.03% CAGR (Compound Annual Growth Rate) over the forecast period, reaching $10.50 billion by 2024 and $11.00 billion by 2030. The market's slow but steady growth reflects its established position within the global textile industry, as well as its key role in both traditional and emerging applications. Despite the relatively low growth rate, spandex remains a vital material, especially in industries like apparel, healthcare, and even industrial applications.Related articles.
