Northrook, IL -- (SBWIRE) -- 01/22/2020 -- The textile yarn market is projected to grow at a CAGR of 4.2% from 2015 to 2020, and reach a projected value of USD 12.64 Billion by 2020. The market growth is driven by higher levels of discretionary expenditure by consumers and the development of new varieties. The market is further driven by factors such as urbanization and high industrial requirement.

Textile yarn products of natural and artificial type are being widely used across the globe. Based on the requirement of the end-use fabric, the textile yarn or combinations of textile yarn are used. There are several types of products that cater to the high value apparel sector and the fast growing industrial application.
Textile yarn products have been gaining importance in recent times due to the rising per capita disposable income globally and the increasing applicability in industry. Textile yarn types such as silk and cotton are projected to record the highest growth rates in the market, owing to the complimentary growth of the garment industry.

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The emerging markets of the Asia-Pacific and the Middle East regions of textile yarn products are increasing in order to cater to the growing demand for fabric and industrial products like wires and ropes.
The market is further driven by factors such as research & development activities leading to the creation of novel products that cater to medical and sports segments. The high growth potential of textile yarn such as viscose and blended yarn provide new growth opportunities for market players. New application segments have also contributed to the rising market for textile yarn.

The industrial applications of textile yarn are expected to increase at the fastest growth rate, in the global textile yarn market in 2014, in terms of value, owing to new product developments. The viscose type sub-segment is projected to progress at the highest CAGR from 2015 to 2020.

The North American market is projected to grow at the highest CAGR, in terms of both value and volume, from 2015 to 2020. The European region is also expected to record higher than average growth in the textile yarn market, following the policies of import substitution. China accounted for the largest country-wise market share in the Asia-Pacific region for textile yarn in 2014, followed by India. U.S. and Canada were the two fastest growing textile yarn markets, globally, in 2014.

The textile yarn market is fragmented and competitive, with a large number of players operating at regional and local levels. The key players in the market adopted acquisitions, new product launches, expansion & investments, and joint ventures as their preferred strategies. Prominent players such as Parkdale Mills Incorporated (U.S.), Vardhman Textiles Ltd. (India), Weiqiao Textile Company Ltd (China), Huvis Corporation (South Korea), and Grasim Industries Ltd (India) have been profiled in the report.

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