Market research firm Markets and Markets has published a report titled ‘Textile Yarn Market by Source (Animal, Plant, and Chemical), Type (Natural and Artificial), Application (Apparel, Home Textile, and Industrial), & by Region – Global Forecasts to 2020’, on textile yarn market.
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The market is expected to reach US $ 12.64 billion-mark by the year 2020, at a Compound Annual Growth Rate (CAGR) of 4.2 per cent from 2015 to 2020, the report mentions. The growth in the market is driven by increasing demand of high value fabrics like silk, hemp, and viscose, and due to a shift in consumer preference to more comfortable/affordable clothing.
Besides, the market demand for blended varieties has also reported higher than average growth, as they combine the significant features of natural and artificial yarns. Hence, textile yarn will be seen as a ‘business opportunity’ in the coming years.
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The growing requirement for diverse physical and chemical properties in end-use products will also drive growth in the textile yarn market. Countries in the Asia-Pacific (APAC), Latin America, Eastern Europe, and Middle East regions are flourishing in terms of rising input of the apparel industry toward the GDP with high levels of product development and marketing. Increasing population has also created demand for clothing and home furnishing products worldwide. Increasing per capita disposable income in these regions will also act as a booster for the global textile yarn market.