Currently valued at $14.4 billion, the global textile yarn market is projected to grow at 5.1 per cent CAGR to reach $18.5 billion by 2028.
As per a report by Markets and Markets, growth in this sector will be fuelled by factors such as an increasing base of the middle-class population in emerging economies and development of technically advanced yarns.
Demand for textile yarns is also likely to rise owing to the manufacture of technologically advanced yarns with enhanced properties. Across the world, demand for technical textiles across diverse sectors such as apparel, medical, sports, automotive, and aerospace, is on a rise.
The plant segment in the textile yarn market is anticipated to experience highest rise in compound annual growth rate (CAGR) during the forecast period. This growth will be driven by an increasing demand for sustainable and eco-friendly products.
Polyester will dominate growth within the artificial yarn category. The yarn’s exceptional durability, strength, resistance to abrasion, wrinkles, stretching and cost-effectiveness will drive its growth during the period.
The largest market share in 2023 will be held by Turkey which boasts of a highly skilled workforce, advanced production technologies and modern infrastructure.
