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Global Yarn, Fiber And Thread Market Set For 6.3% Growth, Reaching $154.11 Billion By 2028
Yarn, Fiber, and Thread Market
The Yarn, Fiber And Thread Global Market is set for steady growth, predicted to reach $120.84 billion in 2024 from its value of $112.7 billion in 2023, based on a compound annual growth rate CAGR of 7.2%. A variety of factors, including increased demand for man-made fibers, urbanization, and emerging market growth, along with government initiatives for the textile industry, have potentiated this rise.
What to Expect from the Yarn, Fiber, and Thread Market in the Coming Years?
The yarn, fiber, and thread market is anticipated to continue its growth trajectory in the next few years, projected to expand to $154.11 billion in 2028 at a compound annual growth rate CAGR of 6.3%. This growth during the forecast period can be attributed to several factors such as global population growth and urbanization, increasing e-commerce, rising demand for sportswear, and increasing penetration of organized retail in developing economies driven by increasing penetration of social media.
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What Are The Factors Driving Yarn, Fiber, and Thread Market Growth?
The yarn, fiber, and thread manufacturing market's growth is significantly influenced by emerging market growth, rising disposable income, and technology development. For instance, in 2021, according to data from China's Bureau of Statistics, Disposable Personal Income in China spiked to 47412 CNY from 43834 CNY in 2020. Given that yarn, fiber, and thread are extensively used for fabric and needlecraft production, this increase in disposable income translates into higher consumption, thus propelling market growth.
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Who Are The Key Players in The Yarn, Fiber, And Thread Market?
The yarn, fiber, and thread market boasts an array of major industry operators, which include Sinopec Group, Toray Industries Inc., Reliance Industries, Alpek, Far Eastern New Century, Lenzing AG, Indorama Corporation, Teijin Limited, Eastman Chemical Company, DuPont, Weiqiao Textile Company Limited, Nisshinbo Textile Inc., Marubeni Corporation, and others. These companies have made noteworthy strides in the industry and continue to invest in sustainable manufacturing technologies and R&D activities, fostering the market's consistent growth.
What Are The Emerging Trends in The Yarn, Fiber, and Thread Market?
A notable trend in the yarn, fiber, and thread market is the development of materials derived from biodegradable and sustainable sources. For example, in April 2022, the US-based textile manufacturer Evrnu launched a high-performance, recyclable lyocell material made entirely from cotton textile waste, 100% NuCycl r-lyocell. This innovative fiber, developed entirely from cotton textile waste, is designed to replace and outperform virgin cellulosic and plastic-based materials while ensuring significant impact reductions and recyclability.
How Is The Global Yarn, Fiber, and Thread Market Segmented?
The yarn, fiber, and thread market report segments the market into:
1 By Type: Regular Yarn, Fiber and Thread, and Special Yarn, Fiber, and Thread
2 By End User: Apparel, Footwear and Accessories, Home Interior, Other End Users
3 By Application: Quilting, Sew and Stitch, Embroidery
Which Regions Dominated the Yarn, Fiber and Thread Market?
In 2023, Asia-Pacific was the largest region in the yarn, fiber, and thread manufacturing market. This report also covers other regions including, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
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