Page 19 - September-October-2020

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Textile yarn market to hit $16 billion

in demands by 2026

The textile yarn market’s global demand that was requirement of the industries are the major factors
valued at $11.9 billion in 2019 is projected to reach that anticipate driving the market growth. The shift in
$16 billion by 2026 with a growth rate of 4% CAGR consumer preference towards affordable and
between 2020 and 2026. comfortable clothing increases the demand for
high-value fabrics such as viscose, silk, and hemp.
A new projection report title “Textile Yarn Market - By Blended varieties of fibres are also taking immense
Source, and Natural: Global Industry Perspective, growth in the market owing to significant features of
Comprehensive Analysis and Forecast, 2020 – both artificial and natural yarn thus opening up new
2026” attributes adoption of new trends and growth opportunities in the coming years. However,
introduction of new fabrics as the major factors instability in the production of plant and animal
driving textile yarns demand. source yarn and the strict regulation that is imposed
on the trade of textile yarn products restraints the
Rapid growth in the urbanization and increasing global textile yarn market to some extent. AD

US textiles and apparel

manufacturing gain momentum

The Institute of Supply Management (ISM) has reported The New Orders and Production indexes continued
that the US textile, apparel, leather, and allied products at strong expansion levels. The Supplier Deliveries
manufacturing industries have begun seeing growth in Index now better reflects supplier’s difficulty in
August 2020, signaling the industries’ recovery from the maintaining delivery rates due to factory labor safety
covid-19-hit slump in economy. issues and transportation difficulties.”

The ISM’s Purchasing Manager’s Index (PMI) Fiore said the expansion growth was fueled by
registered 56 percent, 1.8 percent higher than the continued demand and consumption with inputs
July reading of 54.2 percent. A generally expanding representing near- and moderate-term supply-chain
economy marks a reading above 50 percent while difficulties. The ISM’s New Orders Index recorded
readings below 50 percent indicates a generally 67.6 percent in August, up 6.1 percent from July,
contracting economy. Therefore, the August reading indicating growth of new orders for the third
shows an expanding economy for the fourth consecutive month.
consecutive month following contraction in April.
The Production Index registered 63.3 percent in
“The PMI signaled a continued rebuilding of August, which was a 1.2 percent increase from July,
economic activity in August and reached its highest indicating the highest level of performance since
level of expansion since November 2018, when the January 2018. The textiles industry was among the
index registered 58.8 percent,” Timothy R Fiore, ISM 15 industries reporting growth in production.
Manufacturing Business Survey Committee chair However, textile mills were among 11 of 18 industries
said. “Five of the big six industry sectors expanded. reporting slower supplier deliveries in August.

September/October 2020