TF Securities(SH:601162) 智通财经网·2025-11-05 08:25Core Viewpoint - The current expansion phase of the spandex industry is nearing its end, with future capacity additions concentrated among leading companies, despite a low demand environment in 2024 [1][4]. Industry Overview - The global spandex production capacity is projected to grow from 203,000 tons in 2000 to 1,750,000 tons in 2024, with a CAGR of 9.4%, and over 90% of this capacity is concentrated in Asia [3]. - China's spandex industry has experienced rapid growth, expanding from 89,000 tons in 2003 to 1,350,000 tons in 2024, with a CAGR of 14% [4]. Demand Trends - China's spandex consumption is on the rise, with apparent consumption increasing from 121,000 tons in 2005 to 1,012,000 tons in 2024, reflecting a CAGR of 11.8% [5]. - The demand for spandex is driven by trends in fashion and comfort, with applications expanding into various sectors, including automotive interiors and medical supplies [5]. Production Cost Structure - The cost of raw materials accounts for approximately 40% of spandex production costs, with PTMEG and pure MDI being the primary raw materials [2]. - The control of non-raw material costs is a significant source of competitive advantage for spandex manufacturers [2].