Yarn Market 2024-2028, Growth Driven by Demand for Textiles in Developing Economies

The Global yarn market is projected to expand by USD 36.7 billion from 2023 to 2028, growing at a CAGR of 5.1%. The increasing demand for textiles in developing economies, particularly in Asia Pacific, is a key driver of this growth. Factors such as population expansion and rising disposable income contribute to the surge in textile consumption. Additionally, advancements in textile manufacturing, including the adoption of sustainable practices and advanced production technologies, are shaping the market. However, the industry faces challenges such as health hazards related to textile production, particularly from harmful chemicals and fibers. Companies are focusing on worker safety and sustainability to remain competitive.

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Market Segmentation

By Type

• Natural Yarn

  • Includes cotton, silk, wool, and hemp
  • High demand in knitting, crocheting, embroidery, and weaving
  • Increasing popularity of organic and recycled fibers
  • Advanced spinning processes such as carded and combed yarn

• Artificial Yarn

  • Includes polyester, viscose, and blended fibers
  • Gaining traction due to moisture-wicking and antibacterial properties
  • Used in apparel and industrial applications

Regional Market Trends

North America

• United States

• Canada

South America

• Chile

• Brazil

• Argentina

Europe

• United Kingdom

• Germany

• France

• Rest of Europe

Asia-Pacific (APAC)

• China

• India

Middle East & Africa

• Saudi Arabia

• South Africa

• Rest of Middle East & Africa

Asia-Pacific is expected to drive 75% of global market growth, with China and India leading the expansion. The rising demand for organic cotton, natural yarn, and recycled fibers aligns with global sustainable fashion trends. Advanced spinning processes such as carded and combed yarn are transforming textile manufacturing in the region.

Market Dynamics

Drivers

• Growing Demand for Textiles in Developing Economies
  • Expanding textile industries in China, India, Brazil, Mexico, the Philippines, and Indonesia
  • Favorable factors: cost-effective labor, easy access to raw materials, and government policies
  • India's textile sector growth due to industrial expansion in automotive, construction, medical, and sports industries
  • March 2021: Indian government launched the National Bank for Financing Infrastructure and Development (NaBFID) with a USD 2 billion investment to boost infrastructure and textile demand

Trends

• Innovations in Textile Manufacturing
  • Increased competition among key players leading to product innovations
  • Development of sustainable, recyclable, and carbon-reducing yarns
  • Companies focusing on automation and technology-driven textile production

Challenges

• Health Hazards in Textile Industry
  • Use of hazardous dyes in textile production (benzene-based dyes)
  • CDC, NIOSH, and OSHA warnings about carcinogenic risks from benzidine-, o-Toluidine-, and o-Dianisidine-based dyes
  • Worker exposure risks: musculoskeletal disorders (MSD), hormonal deficiencies, and skin irritations

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Key Players

• Grasim Industries Ltd.
• Birko A.S
• Compagnie de Saint-Gobain S.A.
• Hengli Group Co. Ltd.
• Huntingdon Yarn Mill
• Huvis Corp.
• Indorama Ventures Public Co. Ltd.
• KARL MAYER Textilmaschinenfabrik GmbH
• Low and Bonar
• Parkdale Incorp.
• Texpro SPA
• Vardhman Textile Ltd.
• Varvaressos S. A. European Spinning Mills
• Weiqiao Textile Co. Ltd.

Future Market Insights

The yarn market is expected to witness continued growth due to rising textile demand, evolving fashion trends, and increasing adoption of sustainable practices. The focus on organic and recycled fibers, automation in textile production, and safety improvements in the industry will be key factors driving market expansion.