The report "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", The market, estimated to be valued at USD 10.27 Billion in 2015, and reach a projected value of USD 12.64 Billion by 2020, at a CAGR of 4.2% from 2015 to 2020.
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Product types such as silk, hemp, and viscose have been in demand owing to the demand for high value fabrics and due to a shift in consumer preference to more comfortable/affordable clothing. The market demand for blended varieties has also experienced higher than average growth, as they combine the useful characteristics of natural and artificial yarn. Hence, textile yarn will be viewed as a business opportunity in the next five years. As a result, many multinational players have entered into the production of varied types of textile yarn products and machines, such as beam lift trolley.
Artificial yarn products to dominate the Textile Yarn Market
The artificial textile yarn products have been projected to lead the market in terms of volume. Polyester, a sub segment of the artificial Textile Yarn Market, is likely to dominate the overall market, and is projected to grow at a comparatively higher CAGR than most natural textile yarn types.
The artificial textile yarn products are likely to face stiff competition from natural textile yarn such as hemp and silk yarn, as these segments have been fast growing owing to the demand for hemp in industrial uses and silk for fabric. Cotton and wool textile yarn have persistently been threats to this segment.