Chan Ye Xin Xi Wang·2025-08-25 00:55Core Viewpoint - The spandex industry in China is experiencing significant growth driven by increasing demand in various sectors, particularly in textiles and medical applications, while facing challenges related to pricing and supply-demand dynamics [1][12][20]. Industry Overview - Spandex, known for its exceptional elasticity and durability, is widely used in textiles, medical supplies, and industrial applications. Its production is primarily based on polyurethane, with a notable elongation rate of 500%-800% and over 95% recovery [2][4]. - The Chinese spandex industry is characterized by a concentrated midstream sector, with leading companies like Huafeng Chemical holding nearly 80% of the market share [4][16]. Production and Capacity - China's spandex production capacity is projected to increase from 950,000 tons in 2020 to 1,380,000 tons by 2024, with an annual growth rate of 9.78% [10][12]. - By 2025, the total production capacity is expected to exceed 1,440,000 tons, further solidifying China's position as the largest global producer [10][21]. Demand and Consumption - The demand for spandex is anticipated to maintain an annual growth rate of over 7%, driven by sectors such as sportswear and medical textiles, with functional and high-end applications gaining traction [20][22]. - The textile and apparel sector accounts for over 70% of spandex consumption, with rapid growth in sportswear and underwear segments [1][6]. Pricing Trends - The spandex market has seen a cumulative price decline of 19.11% in 2024, with expectations of a fluctuating price trend in 2025 [14][20]. - Current market conditions reflect a lack of cost support and pronounced supply-demand conflicts, limiting upward price movement [14]. Competitive Landscape - The spandex industry in China is marked by a concentration of leading players, with the top three companies holding a market share of 57% as of 2024 [16][20]. - Smaller companies are increasingly focusing on differentiated products and transitioning towards sustainable practices to remain competitive [16][18]. Future Development Trends - The industry is expected to shift towards structural optimization, innovation-driven growth, and green development, with a focus on high-quality production and technological advancements [20][23]. - Key trends include a slowdown in capacity expansion, a rise in demand for high-end and functional products, and a transition towards low-carbon and intelligent manufacturing processes [21][22][23].