According to an estimate, the global spandex market size is likely to exceed 1,550 kilo tons by 2023 from over 760 kilo tons in 2015 growing at a CAGR of more than 8 per cent from 2016 to 2023. Spandex is commonly known as elastane. Among the manufacturers, dry spinning technology was majorly preferred in the past few years. Other processes include wet spinning, melt extrusion and reaction spinning.

Sportswear application is likely to see highest gains over the forecast period. Technology advancement with moisture management properties coupled with performance efficiency is likely to benefit elastane market growth. Up to 3 per cent of spandex fiber in fabric is enough for fabric improvement and shape retention whereas high performance garments such as swimwear is may contain 30 per cent. Global sportswear market size was estimated at over $260 billion in 2013 and is likely to grow at a CAGR of over 7 per cent up to 2023. Sportswear accounted for over 15 per cent of the clothing industry.

Growing application scope in apparel and textile industry is likely to drive the spandex market over the forecast period. They are used in textile manufacturing applications such as leggings, gloves, cycling jerseys and competitive swimwear. Owing to ease of tight supply and low demand from downstream applications, the price of the spandex was said to be weak in mid 2014. The market is expected to grow with recovery in US economy post recession.