Global Textile Yarn Market Set to Reach $21.2 Billion by 2030 with Eco-Friendly Yarns Gaining Traction [Yahoo! Finance]
TORAY INDUS INC UNSP/ADR (TRYIY)
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Source: Yahoo! Finance
The global textile yarn industry is projected to experience robust growth, climbing to an estimated value of $21.2 billion by the year 2030, driven by a compound annual growth rate of 5.5% during the forecast period from 2024. This notable upsurge is attributed to the escalating demands for personal attire and home textiles alongside a surge in the preference for sustainable and eco-friendly yarns. Trends in the Textile Yarn Industry The rise of artificial yarns is anticipated to spearhead the growth within the market, with a substantial shift of consumer preference towards environmentally responsible products. The home textiles segment is also projected to witness the highest growth in demand throughout the forecast period, reflecting the evolving interior design trends and increased consumer spending on home décor. Regional Growth Dynamics The Asia Pacific (APAC) region is poised to emerge as the frontrunner in the textile yarn market in the coming years. This is due to the
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