Since 2021, driven by factors such as the start of a new round of capacity expansion in the spandex industry and weakening demand, spandex prices have been on a downward trend and are currently at historically low levels. According to the commodity market analysis system of Business Society, as of the end of 2025, the domestic price of 40D spandex was 23,600 yuan per ton, representing a decline of over 70% compared to August 2021, with a 7% drop recorded for the full year of 2025. As spandex prices continued to fall, small and medium-sized production capacities have gradually exited the market. In the third quarter of 2025, approximately 60,000 tons of spandex capacity were shut down and withdrawn, and further capacity exits are expected in 2026, potentially leading the industry toward oligopolization. Currently, spandex supply significantly exceeds demand, yet leading companies are actively expanding production. The top five spandex producers now account for approximately 80% of the industry's total capacity, a notable increase compared to previous years. In 2026, the industry is expected to add 81,000 tons of new capacity, primarily concentrated among leading enterprises. Among them, Huafon Chemical's remaining 75,000-ton spandex capacity construction is progressing steadily, with plans for gradual commissioning by the end of 2026. The first phase of Xinxiang Chemical Fiber's 100,000-ton functional spandex fiber project has officially commenced. The spandex industry as a whole is characterized by high concentration among leading players, accelerated iteration of old and new capacities, and parallel trends in green transformation and differentiated competition.

Downstream demand is recovering, with textile exports reaching $142.58 billion in 2025, a year-on-year increase of 0.5%. At the same time, the number of core production equipment such as circular knitting and warp knitting machines in the downstream spandex sector continues to grow, directly driving end-consumer demand for spandex. Additionally, emerging sectors are opening up new growth opportunities, with differentiated spandex products such as antibacterial, anti-UV, and temperature-sensitive shape memory varieties now accounting for 30% of the market. In 2026, conductive spandex is expected to cover a market of 20 million wearable devices, as consumption upgrades are driving demand for high-end spandex. With spandex capacity expansion nearing its end and the expansion of application areas along with increased penetration in apparel under the trend of consumption upgrading, the industry's supply-demand dynamics are improving. It is anticipated that spandex prices will experience a slight recovery in 2026, with product prices expected to undergo a correction.