Wool Yarn Sales Expected to Surge to $8.05 Billion by 2034 with a 3.4% CAGR

Growing Demand for Wool Yarn Worldwide Driven by its Durability, Resilience, and Resistance to Compression: Fact.MR Report

ROCKVILLE, MD, UNITED STATES, July 31, 2024 /EINPresswire.com/ -- A new study by Fact.MR reveals that the global wool yarn market has been estimated to reach a valuation of US$ 5.76 billion in 2024 and further expand at a CAGR of 3.4% from 2024 to 2034.

Wool serves as an excellent thermal insulator. Woolen garments create a layer of insulation around the body and trap the body's heat to keeping it warm during winter. This results in increased sales of woolen clothing, especially during the winter season worldwide.

Wool is natural and antimicrobial, making it an ideal choice for individuals working in fast-paced environments where the skin is prone to microbial infections. Woolen yarn serves as a protective barrier against microorganisms. Wool yarn’s durability, resilience, and resistance to compression are among the characteristics that make it popular among customers. People are seeking garments that are sturdy and long-lasting. The growing potential for innovation highlights the significance of crossbred wool yarn in the textile sector, necessitating further research.

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Key takeaways from Market Study:

The global wool yarn market is anticipated to grow significantly, reaching a valuation of approximately US$ 8.05 billion by 2034. Notably, the South Korean market is expected to experience robust growth, with a projected compound annual growth rate (CAGR) of 5.6% from 2024 to 2034. East Asia is poised to be a dominant region, forecasted to occupy a market share of 38.4% by the end of this period. Within East Asia, Japan is expected to play a substantial role, accounting for 28.8% of the market share.

China is projected to be a major player in the East Asian wool yarn market, commanding a significant share of 57.3% by 2034. In terms of applications, the upholstery fabric segment is anticipated to expand at a steady CAGR of 3.8% from 2024 to 2034. This growth highlights the increasing demand for wool yarn in various textile applications, driven by its versatility and durability. The market's expansion across different regions and applications underscores the continued importance of wool yarn in the global textile industry.

“Expansion of the wool yarn market is being driven by increasing demand for high-quality wool, expansion of the women's wear segment, and emergence of consumer markets in developing countries,” says a Fact.MR analyst.

Upholstery Becoming More Desirable in among Consumers, Increasing its Sales Worldwide

Upholstery textiles are soft and offer warmth and relaxation. They are designed to provide comfort irrespective of the season. Unlike leather alternatives, they have garnered widespread market acceptance. The upholstery fabric segment is projected to witness growth as wool yarn becomes more accessible to a broader audience. Market players are continuously improving their upholstery manufacturing processes to meet this demand and solidify their market leadership.

Market Competition

In the moderately fragmented wool yarn industry, dominant corporations and key competitors account for a significant portion of global revenue, while emerging players hold the remaining market share. With the rising demand for worsted wool yarn, major players in the market are making substantial investments in this segment through partnerships and acquisitions, particularly in Europe and East Asia. This strategy is driving increased production of insulation mineral wool and fiberglass yarn.

For instance, in October 2018, Indorama Ventures (IVL) entered into an agreement to acquire the worsted wool yarn business of Schoeller Group through its indirect subsidiary, Glanzstoff Management GmbH.

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More Valuable Insights on Offer

Fact.MR, in its new offering, presents an unbiased analysis of the wool yarn market for 2019 to 2023 and forecast statistics for 2024 to 2034.

The study divulges essential insights into the market based on yarn type (worsted, woolen), wool type (Merino wool, Peruvian highland wool, Teeswater wool, Shetland wool, Cashmere wool, others), and application (apparel, upholstery fabrics, blankets, flooring, others), across seven major regions of the world (North America, Latin America, Western Europe, Eastern Europe, East Asia, South Asia & Pacific, and MEA).

Explore More Related Studies Published by Fact.MR Research:

Fiberglass Yarn Market: The global fiberglass yarn market is valued at US$ 3.5 billion in 2022 and further expand at a growth rate of 4.9% to reach US$ 5.68 billion by the end of 2032.

Polyol Ester Market: The global polyol ester market size is estimated at a valuation of US$ 4.97 billion in 2024 and is forecasted to expand at a CAGR of 5.1% to reach US$ 8.17 billion by 2034-end.

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