09 October 2023, Mumbai
The global textile yarn market is set to grow exponentially through the years, with a projected rise from USD 14.4 billion in 2023 to USD 18.5 billion by 2028, representing a compound annual growth rate (CAGR) of 5.1%.
This forecast is attributed to various factors, including the growing global population, urbanization trends, and increasing demand for textile products and applications in the home textile segment.
Preferred Yarn
Cotton yarn is expected to dominate the textile yarn market throughout the forecast period.
Cotton is a versatile fiber that is used to produce a wide range of textile products, including clothing, home textiles, and industrial textiles.
It is known for its comfort, durability, and breathability.
Sweet spot
The home textile segment is also projected to witness significant growth during the forecast period.
Home textiles encompass a wide range of textile products utilized in residential settings, including bedding, curtains, upholstery fabrics, towels, rugs, and more. Textile yarns are indispensable components in the production of these home textile products, as they form the basis for weaving or knitting the fabrics used in these applications.
Growth enablers
The growing global population and urbanization trends are expected to be the key drivers of the textile yarn market in the coming years.
As more people migrate to urban areas, there is a concurrent increase in the demand for textiles and textile-related products, driving the need for textile yarns.
Takes prominence; China is set to grab the biggest market share in Asia-Pacific (APAC), owing to its substantial manufacturing capacity for textile yarn production and well-established textile industry.
The country's big-scale production prowess permits it to cater to both domestic and international demand for textile yarns.
Bottomline:
The textile yarn market is expected to benefit from the growing global population, urbanization, and increasing demand for textile products and applications in the home textile segment.
Cotton yarn is anticipated to remain the dominant segment, while the home textile segment is forecasted to experience significant growth.
China is all set to secure the largest market share in Asia-Pacific.
5 key insights :
- Growth: Global textile yarn market to grow from USD 14.4 billion in 2023 to USD 18.5 billion by 2028.
- Drivers: Growing global population, urbanization, and demand for home textiles.
- Preferred yarn: Cotton yarn to dominate the market.
- Sweet spot: Home textile segment to witness significant growth.
- China's prominence: China to grab the biggest market share in Asia-Pacific.
