Global Textile Yarn Market Set to Reach $18.5 Billion by 2028, Driven by Technological Advancements
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- Published: Wednesday, 03 January 2024 07:23
The global textile yarn market, currently valued at $14.4 billion, is poised for substantial growth, projected to achieve a 5.1 percent compound annual growth rate (CAGR) and reach $18.5 billion by 2028, according to a recent report by Markets and Markets. This upward trajectory is attributed to various factors, including the expanding middle-class population in emerging economies and the development of technically advanced yarns.
The demand for textile yarns is expected to surge, driven by the production of technologically advanced yarns with enhanced properties. The global demand for technical textiles across diverse sectors such as apparel, medical, sports, automotive, and aerospace is experiencing a notable increase, contributing to the overall growth of the textile yarn market.
The plant segment within the textile yarn market is anticipated to witness the highest compound annual growth rate during the forecast period. This growth is fueled by the rising demand for sustainable and eco-friendly products, aligning with the global shift toward environmentally conscious practices.
Polyester is predicted to dominate the artificial yarn category, exhibiting exceptional durability, strength, resistance to abrasion, wrinkles, stretching, and cost-effectiveness. The attributes of polyester make it a preferred choice, contributing significantly to the growth of this segment in the textile yarn market.
Turkey is poised to capture the largest market share in 2023, attributed to its highly skilled workforce, advanced production technologies, and modern infrastructure. The country's strategic position in the market underscores its commitment to innovation and quality, making it a key player in the global textile yarn industry.
As the textile yarn market continues to evolve, the increasing demand for advanced and sustainable materials, coupled with ongoing technological innovations, is expected to shape the industry's landscape. The projected growth highlights the industry's resilience and adaptability to changing market dynamics.