The textile yarn market is projected to grow at a CAGR of 4.2 per cent from 2015 to 2020 and reach $12.64 billion dollars by 2020. The market growth is driven by higher levels of discretionary expenditure by consumers and development of new varieties. The market is further driven by factors such as urbanisation and high industrial requirement.

Asia-Pacific accounts for the largest market share for textile yarn, followed by North America and the rest of the world. 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 North American region is projected to be the fastest growing market with investments from several multinational manufacturers, especially in countries such as the US and Canada. Stringent government regulations for the trade of textile yarn products pose one of the inhibitors for the textile yarn market. Also, the volatility in production level of plant and animal source yarn hinders the growth of the textile yarn market.

With 47 million spindles and 0.75 million open-end rotors, India has the world’s second largest spinning capacity. Cotton yarn accounts for nearly 73 per cent of total spun yarn production.