Textile Yarn Market size is forecast to reach $12.2 billion by 2025, after growing at a CAGR of 4.1% during 2020-2025. Product types such as silk, hemp, and viscose have been in demand owing to the demand for high-value fabrics and due to a shift in consumer preference to more comfortable/affordable clothing. The market demand for blended varieties has also experienced higher than average growth, as they combine the useful characteristics of natural and artificial yarn. Hence, textile yarn will be viewed as a business opportunity in the forecast period.
- The textile yarn market is driven by factors such as urbanization and high industrial requirement.
- Among application, apparel segment is projected to lead the textile yarn market during the forecast period.
- Asia Pacific dominated the textile yarn market due to increasing population
By Source – Segment Analysis
Chemical segment held a significant share in textile yarn market in 2019. The chemical source segment covers polyester, nylon, viscose, and acrylic textile yarn and holds the largest market share in the global textile yarn market. Production of textiles consists of a long multistep chain involving a large number of chemically heterogeneous compounds. Polyester is the most used and most preferred fiber in the textiles industry due to its better physical properties, lower price, versatility, and recyclability, which offer a completely unique set of benefits unmatched by any other natural or synthetic fibers.
By Type – Segment Analysis
Artificial segment held a significant share in textile yarn market in 2019. Nylon is a polymer with very long, heavy molecules made up of small endlessly repeating segments of atoms that can be molded into any product or drawn into fibers for making fabrics. It is estimated that production growth will continue and will reach 114,000 tons of nylon 6 fiber while nylon 6,6 will remain steady at around 2,000 tons till 2020. Viscose is the fastest growing yarn across the globe and has found its application in apparel industry in several places as a substitute for polyester. Silk is the fastest-growing natural yarn segment of textile yarn market, particularly in developing Asian economies due to the extensive fabric production in these countries. Natural fibers are little elastic and extremely breathable. Cotton is the most common plant fiber, while synthetic fibers come in the three forms such as a filament, staple, and tow. Filament and spun are basic types of the textile yarn. The artificial textile yarn products are likely to face stiff competition from natural textile yarn such as hemp and silk yarn, as these segments have been fast growing owing to the demand for hemp in industrial uses and silk for fabric. Cotton and wool textile yarn have persistently been threats to this segment.
By Application – Segment Analysis
Apparel segment held a significant share in textile yarn market in 2019 growing at a CAGR of XX% during the forecast period. Polyester is widely used in the apparel segment of textile yarn. This is mainly attributed to the exceptional characteristics of the fiber, which includes quick drying, high durability, excellent elasticity, high wrinkle resistance, lightweight and high shape retention. These features find application in fashion industry where the clothing and apparel require wrinkle free and fade resistant properties.
Most positive coronavirus news currently comes from China. CCCT, the Chinese Textile and Apparel chamber of commerce, reports a positive trend in the resumption of operations in textile and apparel sectors. The capacity of production moved towards 80 percent of the normal situation. Logistics and port facilities are recovering. After surfacing in Wuhan late 2019, the draconian measures have worked even in Wuhan, and slowly but surely bring business back to normal. With Italy following China’s measures effect is expected in the next two weeks. Major apparel production countries, India, Bangladesh, Turkey, Portugal and Morocco are operating at full capacity.
Geography- Segment Analysis
Asia Pacific dominated the textile yarn market with a share of more than XX%, followed by North America and Europe. Textile yarn products such as cotton and polyester are among the widely used products in Asia-Pacific; changing consumption pattern is one of the major factors driving the textile yarn market in this region. The rising population levels have also created the demand for clothing and home furnishing products globally. Increasing per capita disposable income in these regions is another driver for the textile yarn market. The North American region is projected to be the fastest-growing market with investments from several multinational manufacturers, especially in countries such as U.S. and Canada.
Drivers – Textile Yarn Market
Growth in urbanization
Rapid growth in the urbanization and increasing requirement of the industries are the major factors that anticipate driving the market growth. The shift in consumer preference towards affordable and comfortable clothing increases the demand for high-value fabrics such as viscose, silk, and hemp. Blended varieties of fibers are also taking immense growth in the market owing to significant features of both artificial and natural yarn thus opening up new growth opportunities in the coming years.
Challenges – Textile Yarn Market
Stringent government regulations for the trade of textile yarn products pose as one of the restraints for the textile yarn market. Instability in the production of plant and animal source yarn and the strict regulation that is imposed on the trade of textile yarn products restraints the global textile yarn market to some extent. Moreover, Polyester fiber is derived from refining of crude oil. Crude oil prices are highly fluctuating which is expected to have adverse impacts on its production, thus hindering the textile yarn market demand.
Technology launches, acquisitions and R&D activities are key strategies adopted by players in the textile yarn market. In 2019, the market of textile yarn has been consolidated by the top five players accounting for xx% of the share. Major players in the textile yarn market are Parkdale Mills Incorporated, Hengli Group, Kairuide Holding Co. Ltd., Vardhman Textiles Limited, and Birleþik Koyunlulular Mensucat TIC. V, Weiqiao Textile Company Limited, E SAN. A.Þ., Low & Bonar Plc., Raymond Limited, Huvis Corporation, and Grasim Industries Limited. others.
- In October 2019, Parkdale Mills has completed a $101-million project to expand and upgrade its plant in Rabun Gap in Georgia state. Parkdale operates 28 yarn spinning and consumer product producing facilities, employing 5,200 people across eight states.
- In May 2019, Weiqiao Textile Company Limited built a new fully-automated, smart spinning and weaving production line in Shandong province of China at an estimated investment of RMB 820 million.