Northbrook, IL 60062 -- (SBWire) -- 06/16/2023 --The textile yarn market is projected to reach USD 18.5 billion by 2028, growing at a CAGR of 5.1% from 2023 to 2028, according to a research report by MarketsandMarkets. One of the key drivers for the increasing demand for textile yarn is the expanding middle class in emerging economies. As more individuals enter the middle-income bracket, there is a higher demand for affordable and fashionable clothing, leading to increased consumption of textile yarns.
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Advancements in technology have also played a significant role in the growth of the market. These advancements have enabled the development of specialized yarns with enhanced properties, such as moisture-wicking, antimicrobial, and eco-friendly characteristics. These innovations have driven the demand for technical textiles in sectors like apparel, medical, sports, automotive, and aerospace.
The plant segment is expected to exhibit the highest CAGR during the forecast period. This growth is attributed to the increasing demand for sustainable and eco-friendly products. Plant-based yarns, including cotton, linen, and bamboo, are derived from natural sources and are considered more environmentally friendly compared to synthetic alternatives. Consumers' growing environmental consciousness has led to a shift towards plant-based yarns due to their biodegradability, renewability, and lower carbon footprint.
In the artificial yarn category, the polyester segment is expected to dominate the market with the largest share in 2023. Polyester yarn offers exceptional durability, strength, and resistance to abrasion, wrinkles, and stretching, making it suitable for a wide range of textile products. Additionally, polyester yarn is cost-effective compared to natural fibers, making it an economical choice for manufacturers and consumers, especially in mass production and budget-conscious markets.
Turkey is expected to hold the largest market share in 2023. The country's textile industry is renowned for its expertise in manufacturing and a diverse range of textile products. With a skilled workforce, advanced production technologies, and modern infrastructure, Turkey produces high-quality textile yarns that meet international standards. The country's competitive advantage lies in its cost-effectiveness, offering lower labor and production costs compared to many European counterparts. This cost advantage attracts customers and contributes to the growth of Turkey's textile yarn market.
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Key players in the textile yarn market include Celanese Corporation, Asahi Kasei Corporation, TORAY INDUSTRIES, INC., Indorama Ventures Public Company, KURARAY CO., LTD., PARKDALE, Vardhman Textiles Limited, Huvis, Grasim Industries Limited, Raymond, Weiqiao Textile Company Limited, Arvind Advanced Materials, Masood Textile Mills Ltd, Hengli Group Co., Ltd., and Kipas Holding. These companies focus on delivering high-quality products, leveraging technological advancements, and meeting the evolving demands of the global textile yarn market.
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Textile Yarn Market Worth $18.5 Billion by 2028, at a CAGR of 5.1% from 2023
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