Wool Worsted Yarn Market Size, Share & Industry Analysis, By Product Type (Merino Wool, Cashmere Wool, Peruvian Highland Wool, Others), By Applications (Apparel, Upholstery, Blankets, Others), By Distribution Channel (Offline Stores, Online Stores) And Regional Forecast, 2024-2032

Worsted type of wool yarn is widely used in textile manufacturing companies because of their higher durability and quality compared to that of other fabrics such as cotton linen etc. Such companies largely prefer worsted wool yarns over normal woolen yarn as they are more stronger, and smoother, over woolen yarn. Additionally, worsted yarns are largely preferred in the manufacturing process of the garments as they can sufficiently maintain warmth.  

During the COVID-19 pandemic outbreak, yarn mills are largely struggling to gain the bulk orders of the yarn from the garment & blanket manufacturers. Hence, they use various customer-centric approaches to stay connected with their clients. For instance, in September 2020, SuedWolle group Italia S.p.A. used the online platform ‘world tour of yarn’, developed by Deloitte Touche Tohmatsu Limited to take orders of its flat knitting collection from clients across Europe.

Increasing demand for the garments made up of wool yarn fabrics is expected to fuel the consumption rate of the worsted wool yarn materials. Additionally, such materials are widely used in the manufacturing of blankets and furniture covers. Therefore, the growing demand for the newer style of indoor & outdoor furniture products is likely to drive the growth of the market. According to the data estimated by the Federal Reserve Bank of St. Louis, in August 2020, in the U.S., home furniture sales increased by 2.1% over to that of July 2020.

Moreover, growing consumer trends of the home-based knitting and sewing activities across the globe coupled with the launches of various innovative yarn products by the prominent companies are likely to attract the consumers. For instance, in August 2019, SPINRITE YARNS ONLINE, INC., launched a line of pre-looped, needleless yarn as well as heat-generating yarn products to meet the consumer demand for the knitting and sewing in the U.S. Besides this, rising trends of wearing yarn-based fashion apparel and accessory items are likely to drive the growth of the market.

However, larger production costs and the production time of the worsted wool yarn materials are anticipated to limit the production volume of such materials and thereby, restrain the market growth.

Key Market Driver -

Increasing demand for wool yarn-based garments is expected to drive the market growth.

Key Market Restraint -

Large manufacturing cost is anticipated to restrain the market growth

Key Players Covered:

The key players involved in the global wool worsted yarn market are, Laxtons Limited, SuedWolle group Italia S.p.A., Indorama Ventures Public Company Limited, Suripi Textiles Pvt., Sharman Woollen Mills Ltd., Jainson Hosiery Industries, Shanghai Kunlei Wool Textile Co. Ltd., Rosy Woollen Mills Pvt. Ltd., AUTEFA Solutions Germany GmbH, BSL Limited, and many others.

The global wool worsted yarn market is segmented based on product type, applications, distribution channel, and geography.

By product type, the market is segmented into merino wool, cashmere wool, Peruvian highland wool, and others. The cashmere wool segment is expected to hold a major share of the market as cashmere worsted wool type of fabric items are warmer & durable compared to that of the other types. additionally, garments made up of such type of wool material can more likely to provide a silky feeling to the users over to that of other types which results in the large revenue generation from such a segment. 

Based on applications, the global market is segmented into apparel, upholstery, blankets, and others. The apparel segment is expected to hold a major share of the market owing to the large production facilities of the yarn-based materials for the manufacturing of apparel products across the globe. According to the statistics published by the Ministry of Textile Government of India, as of 2017-18, the production volume of the man-made filament yarn reached 3,013 kg million in India.

By distribution channel, the global market is segmented into the offline stores and online stores. The offline stores' segment is expected to hold a major share of the market as garment manufacturers can see and touch yarn material in person at such mills. Additionally, clients prefer to shop such materials physically from such mills as they can bargain on bulk order purchases from such stores. 

Regional Analysis:

By geography, the global wool worsted yarn market is segmented into North America, Europe, Asia Pacific, South America, and Middle East & Africa.

The largest share of the Asia Pacific region is attributed to the decline in the prices of the yarn materials in countries such as China, India, and Vietnam which results in the large demand for the products made up of wool worsted yarn. According to the report ‘The China-Peoples Republic of Cotton and Product Update Economic Headwinds Stymie Cotton Use’, presented by the United States Department of Agriculture, in August 2019, yarn prices in China reached to nearly USD 29,758 per ton down from USD 31,225 in the previous month. Additionally, the growing income of the population coupled with the growing trend of interior decoration in the region is likely to support the demand for the upholstery related products which thereby drive the demand for the yarn made furniture covers & blankets in the region. 

The European region is expected to grow at the faster rate for the global wool worsted yarn market owing to the rising fashion consciousness among the population which results in the large demand for the worsted yarn made garments in the region. Additionally, increasing import activities of the furniture items in the countries such as the U.K., France, and Italy has given rise to the demand for the yarn-based furniture covers in the region. According to the data presented by the CBI Ministry of Foreign Affairs, the total import value of the garden furniture in Europe increased from USD 523.30 million in 2014 to USD 584.78 million in 2018.

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Segmentation

Key Industry Developments:

• In January 2020, SuedWolle group Italia S.p.A., a popular wool worsted yarn maker partnered with Itochu Corporation Limited to develop eco-friendly, recycled polyester fiber blended Worsted yarns.  


• In October 2018, Indorama Ventures Public Company Limited, a Thailand based chemicals, fibers, and worsted yarn maker acquired Scholler Immobilien-und Beteiligungs Ges.mBH, a European worsted yarn producer to create a high-value portfolio and expand its business in Germany.