Northbrook, IL 60062 -- (SBWire) -- 12/21/2023 --The Textile Yarn Market, currently valued at USD 14.4 billion in 2023, is poised for expansion, with a projected reach of USD 18.5 billion by 2028. This growth, marked by a steady Compound Annual Growth Rate (CAGR) of 5.1%, is fueled by factors such as the expanding middle class in emerging economies and technological advancements in yarn development.
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Middle Class Expansion Driving Demand
A key contributor to the rising demand for textile yarn is the expanding middle class in emerging economies. The ascent of individuals into the middle-income bracket has generated a heightened demand for affordable and fashionable clothing, consequently propelling the consumption of textile yarns.
Technological Advancements and Specialized Yarns
Technological progress has given rise to specialized yarns with enhanced properties, including moisture-wicking, antimicrobial, and eco-friendly characteristics. These innovations have triggered a surge in demand for technical textiles across diverse sectors such as apparel, medical, sports, automotive, and aerospace.
Plant-Based Yarns on the Rise
The plant segment in the textile yarn market is anticipated to experience the highest Compound Annual Growth Rate (CAGR) during the forecast period. This growth is driven by an increasing demand for sustainable and eco-friendly products. Plant-based yarns, including cotton, linen, and bamboo, align with the rising environmental consciousness of consumers, being biodegradable, renewable, and boasting a lower carbon footprint.
Dominance of Polyester in Artificial Yarn Segment
Within the artificial yarn category, polyester is expected to dominate the market, holding the largest share in 2023. The widespread adoption of polyester yarn is attributed to its exceptional durability, strength, resistance to abrasion, wrinkles, and stretching. Moreover, its cost-effectiveness makes polyester a preferred choice for manufacturers and consumers, particularly in mass production and budget-conscious markets.
Turkey's Leading Role
Turkey is anticipated to account for the largest market share in 2023. Renowned for its expertise in textile manufacturing, Turkey boasts a highly skilled workforce, advanced production technologies, and modern infrastructure. The country's competitive advantage in terms of cost-effectiveness further propels its position, attracting customers and driving the growth of the textile yarn market in Europe.
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Key Players Shaping the Market
Major players contributing to the textile yarn market include Celanese Corporation (US), Asahi Kasei Corporation (Japan), TORAY INDUSTRIES, INC. (Japan), Indorama Ventures Public Company (Thailand), KURARAY CO., LTD. (Japan), and others. These industry leaders play a crucial role in shaping the landscape of the global textile yarn market.
Conclusion: Unveiling Opportunities in a Dynamic Market
The textile yarn market, driven by factors ranging from changing consumer demographics to technological innovations, presents a dynamic landscape ripe with opportunities. As the industry continues to evolve, the interplay of market dynamics is expected to shape its trajectory in the years to come.
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Insights Into the Global Textile Yarn Market: Market Dynamics and Growth Projections
Textile Yarn Market by Source (Chemical, Plant, Animal), Type (Artificial, Natural), Application (Apparel, Home Textile, Industrial), and Region (North America, Europe, Asia Pacific, Rest of the World) - Global Forecast to 2028