The textile yarn market is projected to reach USD 18.5 billion by 2028, growing at a CAGR of 5.1% from 2023 to 2028. The expanding middle class in emerging economies is a key factor driving the demand for textile yarn. As more individuals enter the middle-income bracket, there is an increased demand for affordable and fashionable clothing, leading to higher consumption of textile yarns.
The United Kingdom (U.K.) holds a prominent position as one of the major markets for Textile Yarns in Europe. In recent years, the demand for Textile Yarns has witnessed significant growth in the U.K. market, driven by various factors such as technological advancements, sustainability and quality focus, fashion influence, and design trends. Europe as a whole has a rich heritage and a long-standing tradition in the textile industry, and the U.K. region, in particular, has a strong expertise in textile manufacturing processes like spinning, weaving, and dyeing. This solid foundation has played a crucial role in the growth and dominance of Textile Yarn production in the U.K.
The U.K. textile industry has embraced technological advancements, leading to the development of innovative spinning techniques and the use of automation and digitalization. These advancements have not only enhanced production efficiency but also improved the quality of Textile Yarns, offering a wide range of options to manufacturers and designers.
Sustainability and ethical practices have gained increasing importance in the U.K.’s textile industry. Consumers are now more conscious of the environmental and social impact of their purchases, and British textile manufacturers have responded by adopting sustainable practices. This includes the use of organic and recycled fibers, waste reduction measures, and ensuring fair working conditions. As a result, U.K.-made Textile Yarns have gained popularity among environmentally conscious consumers.
Turkey is expected to hold the largest market share in the Textile Yarn market in 2023. Turkey’s textile industry is well-known for its manufacturing expertise and diverse range of textile products. The country benefits from a skilled workforce, advanced production technologies, and modern infrastructure, allowing it to produce high-quality Textile Yarns that meet international standards. The reputation for quality has been a driving force behind Turkey’s growth in the European Textile Yarn market.
Additionally, Turkey enjoys a competitive advantage in terms of cost-effectiveness. The country offers lower labor and production costs compared to many European counterparts. This cost advantage enables Turkish textile manufacturers to offer competitive prices while maintaining high product quality, attracting customers and contributing to the overall market growth.
Key players in the textile yarn market include
Celanese Corporation, Asahi Kasei Corporation, TORAY INDUSTRIES, INC., Indorama Ventures Public Company, KURARAY CO., LTD., PARKDALE, Vardhman Textiles Limited, Huvis, Grasim Industries Limited, Raymond, Weiqiao Textile Company Limited, Arvind Advanced Materials, Masood Textile Mills Ltd, Hengli Group Co., Ltd., and Kipas Holding. These companies focus on product innovation, quality, and competitive pricing to meet the demands of the global textile yarn market.
