Price trend

Since 2021, due to factors such as a new round of capacity expansion in the spandex industry and weakening demand, spandex prices had been steadily declining and are currently at a historical low. According to the business commodity price analysis system of SunSirs, as of the end of 2025, the domestic price of 40D spandex was 23,600 RMB/ton, a decrease of over 70% compared to August 2021, and a 7% decrease for the entire year of 2025.

Market Analysis

With spandex prices falling continuously, small and medium-sized producers were exiting the market. By the third quarter of 2025, 60,000 tons of spandex production capacity had been shut down, and more capacity is expected to be withdrawn in 2026, potentially leading the industry towards an oligopoly. There was a significant oversupply of spandex, yet leading companies were actively expanding production. The top five spandex companies account for approximately 80% of the industry's total capacity, a significant increase compared to previous years.

In 2026, the expected new capacity for the entire industry is 81,000 tons, mainly concentrated in leading companies. Among them, Huafeng Chemical's remaining 75,000 tons of spandex capacity is steadily progressing, with plans for gradual commissioning before the end of 2026. The first phase of Xinxiang Chemical Fiber's 100,000-ton-per-year functional spandex fiber project has officially commenced. The spandex industry as a whole is characterized by high concentration among leading companies, accelerated replacement of old and new capacity, and a parallel trend of green transformation and differentiated competition.

With a recovery in downstream demand, textile exports reached US$142.58 billion in 2025, a year-on-year increase of 0.5%. Meanwhile, the number of core production equipment units such as circular knitting and warp knitting machines in the downstream spandex industry continued to increase, directly driving terminal consumer demand for spandex. At the same time, emerging fields were opening up new growth opportunities, with differentiated spandex products such as antibacterial, anti-ultraviolet, and temperature-sensitive shape memory spandex accounting for 30% of the market. In 2026, conductive spandex is expected to cover a market of 20 million wearable devices, and consumption upgrades are driving the growth of demand for high-end spandex.

Market outlook

With the expansion of spandex production nearing completion and the broadening of its applications and increased penetration in the apparel industry driven by consumer upgrading trends, the industry's supply and demand dynamics were improving. We can see that spandex prices have already experienced a slight recovery in 2026, and spandex product prices are expected to continue to rebound.

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