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Yarn, Fiber, and Thread Global Market: Industry Trends and Insights 2024 To 2033 Key Players Sinopec Group, Toray Industries Inc., Reliance Industries, Alpek, Far Eastern New Century, Lenzing AG,
Yarn, Fiber, and Thread Global Market Share
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According to The Business Research Company's, The yarn, fiber and thread market size has grown strongly in recent years. It will grow from $112.7 billion in 2023 to $120.84 billion in 2024 at a compound annual growth rate (CAGR) of 7.2%. The growth in the historic period can be attributed to emerging market growth, urbanization, increased demand for man-made fibers and government initiatives for the textile industry.
The yarn, fiber and thread market size is expected to see strong growth in the next few years. It will grow to $154.11 billion in 2028 at a compound annual growth rate (CAGR) of 6.3%. The growth in the forecast period can be attributed to global population growth and urbanization, increasing e-commerce, increasing demand for sportwear, increasing penetration of organized retail in developing economies and increasing penetration of social media . Major trends in the forecast period include developing fibers and yarns derived from biodegradable and sustainable materials, implementing digital platforms in the operational chain to reduce supply chain errors, invest in sustainable manufacturing technologies, adopt iot technology to enhance the manufacturing process and invest in new projects through r&d and partnerships activities.
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Market Drivers and Trends:
The growth in the yarn, fiber, and thread manufacturing market is due to emerging market growth, rising disposable income, and technology development. Disposable income refers to the amount of money that an individual or household has to spend or save after income taxes have been deducted. Yarn is a thread used for the production of fabrics and needlecraft. For instance, in 2021, according to the Bureau of Statistics of China, a China-based Government agency data, Disposable Personal Income in China increased to 47412 CNY in 2021 from 43834 CNY in 2020. Therefore, the rising disposable income is driving the growth of the yarn, fiber, and thread manufacturing market.
Major companies operating in the yarn, fiber, and thread market are focusing on developing sustainable materials for making yarns, fibers, and textiles. Yarn, fiber and thread companies are focusing on improving their carbon footprint and reducing their production costs by turning to sustainable materials. For instance, in April 2022, Evrnu a US-based textile manufacturer launched high-performance, recyclable lyocell material made entirely from cotton textile waste, 100% NuCycl r-lyocell. This innovative fiber, which is made entirely of cotton textile waste, is intended to replace and outperform virgin cellulosic and plastic-based materials while providing significant impact reductions and maintaining recyclability. Evrnu has improved the current lyocell manufacturing process, which typically uses virgin wood to create this fiber, by processing textile waste. By adjusting its technologies to work with the current manufacturing framework
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Major Key Players of the Market:
General Dynamics Corporation, Huntington Ingalls Industries Inc, BAE Systems plc, Lockheed Martin Corporation, Fincantieri S.p.A, ThyssenKrupp AG, Hyundai Heavy Industries Co., Ltd, Mitsubishi Heavy Industries, Daewoo Shipbuilding & Marine Engineering Co. Ltd, Austal, Garden Reach Shipbuilders & Engineers, Reliance Naval and Engineering Limited, Korea Shipbuilding and Engineering Corporation, China State Shipbuilding Corporation, China Shipbuilding & Offshore International Co. Ltd., Hudong-Zhonghua Shipbuilding, Babcock International Group, Spanish National Research Council, Navantia, Kawasaki Heavy Industries, Curtis-Wright, Finmeccanica, Kongsberg, Raytheon, Emgepron, Estaleiro Atlântico Sul, Indústria Naval do Ceará, Madeira Island Submarine Base, Itaguaí Construções Navais, Lamprell Energy Ltd, Sharjah, Gulf Automation Services and Oil Field Supplies Company, Abu Dhabi Ship Building Company, Southern African Shipyards (Pty) Ltd, EBH Elgin Brown and Hamer Durban, DCD Marine Shipyards South Africa, Fincantieri
Yarn, Fiber And Thread Market 2024 Key Insights:
• The yarn, fiber and thread market size is expected to see strong growth in the next few years. It will grow to $154.11 billion in 2028 at a compound annual growth rate (CAGR) of 6.3%.
• Yarn, Fibre, And Thread Manufacturing Market Surge Fueled By Emerging Markets Increased Disposable Income And Technological Advancements
• Sustainable Innovations Drive Major Yarn, Fiber, And Thread Companies Towards Eco-Friendly Practices
• Asia-Pacific was the largest region in the yarn, fibre, and thread manufacturing market in 2023
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