Global Textile Yarn Market - 2023-20230

Overview

Global Textile Yarn Market reached US$ 14.21 billion in 2022 and is expected to reach US$ 21.48 billion by 2030, growing with a CAGR of 5.3% during the forecast period 2023-2030.

The increasing international trading of textiles acts as a key trend for textile yarn market growth. According to the World Trade Organization (WTO) Compared to pre-COVID levels, the global textile trade was increased by 14% in 2022. International trading allows textile yarn manufacturers to access a broader customer base and expand their market globally.

Innovations in yarn development have led to the creation of sustainable yarns. Due to growing environmental consciousness, these eco-friendly solutions are highly sought after. In June 2021, Solvay launched Amni, its first partially bio-based textile yarn. It is a polyamide 5.6, wholly made at the company's textile manufacturing facility in Brazil.

The artificial yarn holds a significant share of the textile yarn market due to its versatility, durability, and cost-effectiveness. Asia-Pacific held a significant share of the textile yarn due to its growing textile industry. According to Invest India, National Investment Promotion and Facilitation Agency of India about 2.3% of India's GDP, or 7% of industry production in value terms, comes from the domestic garment and textile industry. In 2020-21, textile, clothing, and handicraft exports made up 11.4% of all Indian exports.

Dynamics

Increasing Demand for Textile Products

The demand for textile products, such as apparel, home textiles, and industrial textiles, continues to grow due to population expansion, urbanization, and changing fashion trends. According to the Government of India Ministry of Textiles, with an estimated 45 billion people directly employed in the textile industry, it is one of the greatest sources of employment generation in the country. Yarn is a fundamental raw material for textile production. With the growing textile industry, the demand for textile yarn is also growing.

Rapid urbanization in emerging economies has spurred higher demand for a diverse array of textile products, encompassing everyday clothing as well as specialized industrial textiles crucial for urban infrastructure. This trend has significantly boosted the textile industry further driving the yarn market. In October 2023, Indian viscose giant Birla Cellulose declared the launch of a new high-strength circular yarn made with 50% recycled pre- and post-consumer textile waste.

Technological Advancements

Innovations in textile yarn production technologies have led to the development of yarns with improved properties, such as strength, durability, and eco-friendliness. In June 2023, Rimtex Group unveiled transformative spinning technologies in ITMA 2023. Committed to advancing spinning technology, Rimtex seeks to provide spinning mills with revolutionary innovations that not only raise the value of yarn but also completely revolutionize the effectiveness of spinning machinery.

Technological innovations have enhanced the efficiency and cost-effectiveness of yarn production through advanced machinery and automation. This has not only increased production capacities but also lowered the overall manufacturing costs in the yarn industry. Energy-efficient technologies and processes in yarn manufacturing reduce environmental impact and operational costs, which aligns with sustainability goals and regulatory requirements.

Fluctuating Raw Material Price

The prices of raw materials, such as cotton, wool, synthetic fibers, and dyes, can be highly variable due to factors like weather conditions, global supply and demand, and geopolitical events. This price volatility can impact the profitability of yarn manufacturers and create uncertainty in production planning and pricing strategies.

Sudden spikes in raw material costs can erode profit margins and disrupt supply chains. Fluctuating raw material prices have the potential to disrupt supply chains, particularly when there are sudden price spikes. These disruptions can result in inventory shortages, delayed deliveries, and production interruptions, affecting the overall operational efficiency and performance of yarn manufacturers.

Segment Analysis

The global textile yarn market is segmented based on type, source, application and region.

Artificial Yarn's Versatility and Durability

Artificial yarns, including polyester, nylon, and acrylic, are prized for their versatility, as they can imitate the qualities of natural fibers like cotton and wool, making them suitable for clothing, home textiles, and industrial applications. Their durability and resistance to wear and tear render synthetic yarns a preferred choice for industrial and outdoor settings. Additionally, their cost-effectiveness appeals to manufacturers seeking efficient production management, making them a valuable option in the textile industry.

Continuous research and development efforts lead to improvements in synthetic yarn technology, resulting in new and innovative yarn types that cater to evolving market demands. In September 2022, Alok Industries Limited launched synthetic yarn with the feel of an all-cotton construction. The new yarn line is constructed of yarns that weave into a fabric with the feel of cotton. Alok's research and development teams created the novel yarn, utilizing the manufacturer's knowledge of polymer-based yarns.

Geographical Penetration

Asia-Pacific's Growing Livestock Industry

The densely populated Asia-Pacific region has a vast consumer base, leading to high domestic consumption of textile products. According to IBEF data, India is the world's second-largest exporter of textiles and apparel, with a total export of $44.4 billion in FY22. This drives the demand for textile yarn to meet the needs of clothing, home textiles, and industrial applications.

Asia-Pacific has large-scale production of fibers and yarns. According to Invest India, From 77.67 lakh tonnes in 2014-15 to 97.46 lakh tonnes in 2022-23, the production of yarn in India has increased. This growing yarn production leads to have highest share in the textile yarn market globally.

Competitive Landscape

The major global players include Nouryon, Sutlej Textiles and Industries Ltd., Indorama Ventures Public Company Limited, KURARAY CO., LTD., PARKDALE, Vardhman Textiles Limited, Grasim Industries Limited, Weiqiao Textile Co., Ltd., Arvind Advanced Materials Limited, Kipas Textiles

COVID-19 Impact Analysis

COVID Impact

The pandemic disrupted global supply chains, causing delays in the procurement of raw materials and the shipment of finished yarn products. This disrupted production schedules and led to supply shortages. Many clothing retailers, especially those selling non-essential fashion items, experienced temporary closures during lockdowns. This decrease in consumer demand for textiles, apparel, and fashion negatively affected the textile yarn market.

The textile yarn market is heavily dependent on international trade. Pandemic-related restrictions and logistics issues made it challenging for yarn producers to export their products to international markets. Fluctuations in demand, supply chain disruptions, and changes in manufacturing capacity led to price volatility in the textile yarn market. Yarn prices experienced fluctuations during the pandemic.

Russia- Ukraine War Impact

The conflict disrupted the supply chain for raw materials used in the production of textile yarn. It disrupted the supply chain for yarn production. This led to delays in raw material sourcing, production interruptions, or transportation difficulties. The conflict created economic uncertainty, which affected consumer spending and demand for textiles and apparel, including textile yarn.

Geopolitical tensions and trade sanctions between the countries involved in the conflict and other nations could result in restrictions on the import and export of textile yarn and related products. This can affect the global trade of yarn and the competitiveness of affected regions.

By Type

• Artificial Yarn
  • Polyester
  • Nylon
  • Acrylic
  • Viscose
• Natural Yarn
  • Animal Yarn
• Silk Yarn
• Wool Yarn
  • Plant Yarn
• Cotton Yarn
• Flax Yarn
• Hemp Yarn
• Jute Yarn
• Ramie Yarn
• Others

By Source

• Chemical
• Plant
• Animal
• Others

By Application

• Apparel
• Home Textile
• Industrial
• Others

By Region

• North America
  • U.S.
  • Canada
  • Mexico
• Europe
  • Germany
  • UK
  • France
  • Italy
  • Russia
  • Rest of Europe
• South America
  • Brazil
  • Argentina
  • Rest of South America
• Asia-Pacific
  • China
  • India
  • Japan
  • Australia
  • Rest of Asia-Pacific
• Middle East and Africa

Key Developments

• In April 2022, JP Modatex India & Dupont launched a new sustainable spun yarn collection. These are made with a blend of natural fibers and DuPont Sorona staple fibers.
• Manohar Capital Markets Limited, a leading supplier of yarn in Surat declared the launch of its specialty yarn product-Bi Shrinkage Yarn (BSY)-at the fourth edition of 'Yarn Expo 2022,' organized by the Southern Gujarat Chamber of Commerce and Industry (SGCCI).
• In July 2023, Renewcell, a pioneering leader in textile recycling innovation, declared the launch of the CIRCULOSE Supplier Network (CSN). The CSN is a group of forty-seven yarn and textile producers advancing the circular economy by ensuring a consistent supply of CIRCULOSE on the market,

Why Purchase the Report?

• To visualize the global textile yarn market segmentation based on type, source, application and region, as well as understand key commercial assets and players.
• Identify commercial opportunities by analyzing trends and co-development.
• Excel data sheet with numerous data points of textile yarn market-level with all segments.
• PDF report consists of a comprehensive analysis after exhaustive qualitative interviews and an in-depth study.
• Product mapping available as Excel consisting of key products of all the major players.

The global textile yarn market report would provide approximately 61 tables, 59 figures and 151 Pages.

Target Audience 2023

• Manufacturers/ Buyers
• Industry Investors/Investment Bankers
• Research Professionals
• Emerging Companies