Fancy Yarn Market 2023 Is estimated to expand at a CAGR of ~6%

Fancy yarns are typically manufactured by irregular plying of a stable fiber or continuous filaments. Over the past few decades, fancy yarns have gained immense popularity across the fashion industry and the trend is set to carry forward in the upcoming years with great intensity– a factor that is expected to drive the growth of the global fancy yarn market. The production scenario of fancy yarn has witnessed a considerable transformation over the last couple of decades, due to advancements in technology and entry of innovative manufacturing concepts. New manufacturing techniques have gradually replaced outdated and conventional manufacturing methods as a result of which, mass production of fancy yarn across the world is being carried out. The increasing production volume of fancy yarn on the global scale has played a key role in minimizing the prices of the product, which, in turn, is expected to have a positive influence on the demand for fancy yarns.

Fancy yarns are increasingly being used around the world to manufacture a range of fashion apparels, including ties, furnishings, jackets, and curtains. Some of the most extensively used fancy yarns include spiral, loop, snarl, NEP, slub, and chenille, among others. In the past decade, a number of Yarn Expos has been organized in various major regional markets, wherein market players from around the world showcased their latest products and fancy yarns– a major factor that have contributed to the expansion of the global fancy yarn market.

Market players are increasingly focusing on leveraging new technologies to enhance their production techniques and introduce high-quality fancy yarns. At the back of these factors, along with the booming fashion industry, the global fancy yarn market is set to surpass the US$ 7.6 Bn mark by the end of 2030.

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Blend of Traditional and Modern Production Methods Boosts Market Growth

Technological advancements and entry of new production concepts have played a key role in driving the market for fancy yarns over the past couple of decades. Although conventional production techniques such as ring spinning systems are wide across the world, open-end spinning, wrap spinning, and hollow spindle are some of the other production methods that have witnessed considerable adoption. Value-added yarns have emerged as one of the most popular commodities across the fancy yarn market, owing to its aesthetic appearance and decorative value. Market players are increasingly investing in upgrading their existing machinery and augmenting the fashion appeal of their products to gain considerable advantage in the market. Advancements in spinning technology over the past few years has gradually paved the way for cost-efficient and high-quality production of fancy yarn.

Technological advancements across the fancy yarn market provide incremental improvements, which primarily result in improved product quality, efficiency in manufacturing, and consistent improvements in the manufacturing of fancy yarns.

Market players continue to introduce innovations in both manmade fiber as well as the staple fiber spinning. The onset of the Industry 4.0 has played an important role in the introduction of new concepts and innovations that largely focus on efficiency improvements. Several market players are currently focusing on introducing new manufacturing concepts to enhance production efficiency. For instance, Savio Macchine Tessili S.p.A, an Italian fancy yarn manufacturer continues to focus on product innovation and utilizing the concepts of Industry 4.0 to establish a solid foothold in the current market landscape. Remote machine set up, real-time operator interactivity, and data management, among others are some of the key areas that market players are expected to focus on to improve their position in the market.

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Decline in Textile Sales amid COVID-19 Pandemic to Hinder Market Growth

The advent of the COVID-19 pandemic is anticipated to have a strong impact on the growth of the global fancy yarn market, particularly in 2023. Due to stringent lockdown measures imposed by governments across the world and restrictions on cross-border trade and transportation, global exports of fancy yarns have witnessed a drastic decline in the second quarter of 2023. Moreover, as per current observations, the exports are likely to move up again toward the last quarter of 2023. In addition, the closure of shopping centers, malls, and retail outlets in several regions worldwide has led to a noteworthy decline in the sales of domestic as well as international clothing. In addition, postponement or cancellation of orders in the apparel sector has increased due to the COVID-19 situation due to which, the consumer demand has taken a massive hit.

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