According to a research report "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" published by MarketsandMarkets, the textile yarn market is estimated at USD 14.4 billion in 2023 and is projected to reach USD 18.5 billion by 2028, at a CAGR of 5.1% from 2023 to 2028. Key factor contributing to the growing 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, driving the consumption of textile yarns.
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Moreover, advancements in technology have allowed for the development of specialized yarns with enhanced properties, such as moisture-wicking, antimicrobial, and eco-friendly characteristics. These innovations have led to increased demand for technical textiles in sectors like apparel, medical, sports, automotive, and aerospace.
The plant segment is expected to grow at the highest CAGR during the forecast period.
The plant segment in the textile yarn market is experiencing growth due to several key factors. One of the primary drivers is the increasing demand for sustainable and eco-friendly products. Plant-based yarns, such as cotton, hemp, linen, and bamboo, are derived from natural sources and are considered more environmentally friendly compared to synthetic counterparts.
Consumers are becoming more conscious of the environmental impact of their purchasing decisions, leading to a shift towards plant-based yarns. These yarns are often biodegradable, renewable, and have a lower carbon footprint, making them attractive to environmentally conscious individuals.
The polyester segment in artificial yarn type is expected to dominate the market with the largest share in 2023.
The polyester segment in the artificial yarn category of the textile yarn market is experiencing significant growth due to widespread adoption of polyester yarn in various industries and applications. Polyester yarn offers several advantages that contribute to its growing popularity. It is known for its exceptional durability and strength, making it suitable for a wide range of textile products. Polyester yarn exhibits excellent resistance to abrasion, wrinkles, and stretching, resulting in long-lasting and low-maintenance fabrics.
Another significant factor contributing to the growth of the polyester segment is its cost-effectiveness. Polyester yarn can be produced at a relatively lower cost compared to natural fibers, making it an economical choice for manufacturers and consumers. The cost-efficiency of polyester yarn plays a crucial role, particularly in mass production and budget-conscious markets.
Turkey is expected to account for the largest market share in 2023.
Turkey's textile industry is known for its expertise in textile manufacturing and a wide range of textile products. The country has a highly skilled workforce, advanced production technologies, and modern infrastructure, enabling it to produce high-quality textile yarns that meet international standards. This reputation for quality has contributed to the growth of Turkey's textile yarn market in Europe.
Moreover, Turkey has a competitive advantage in terms of cost-effectiveness. The country offers relatively lower labor and production costs compared to many European counterparts. This cost advantage allows Turkish textile manufacturers to offer competitive prices without compromising on quality, attracting customers, and driving the growth of the market.
Major players operating in the textile yarn market are Celanese Corporation (US), Asahi Kasei Corporation. (Japan). TORAY INDUSTRIES, INC. (Japan), Indorama Ventures Public Company (Thailand), KURARAY CO., LTD. (Japan), PARKDALE. (US), Vardhman Textiles Limited. (India), Huvis (Korea), Grasim Industries Limited. (India), Raymond (India), Weiqiao Textile Company Limited (China), Arvind Advanced Materials (India), Masood Textile Mills Ltd (Pakistan), Hengli Group Co., Ltd. (China) and Kipas Holding. (Turkey).
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