Global wool yarn market set for significant growth: Fact.MR Study

A new Fact.MR study forecasts the global wool yarn market’s value will touch $5.76 billion in 2024, growing at a compound annual growth rate (CAGR) of 3.4 per cent from 2024 to 2034.

Wool is prized for its thermal insulation, trapping body heat and increasing demand for woollen clothing, especially in winter. Its natural antimicrobial properties make it ideal for fast-paced environments prone to microbial infections. Wool yarn is durable, resilient, and resistant to compression, appealing to consumers seeking sturdy, long-lasting garments.

The wool yarn market is expected to grow to $8.05 billion by 2034. South Korea is projected to see strong growth with a 5.6 per cent CAGR. East Asia is set to dominate, with a 38.4 per cent market share by 2034, driven by Japan and China. China's market share alone is forecasted at 57.3 per cent.

The upholstery fabric segment is anticipated to grow at a 3.8 per cent CAGR, driven by the increasing accessibility and demand for wool yarn. Upholstery textiles offer warmth and comfort, making them popular year round.

Major players in the moderately fragmented industry are investing in worsted wool yarn through partnerships and acquisitions, particularly in Europe and East Asia. For instance, in October 2018, Indorama Ventures acquired Schoeller Group’s worsted wool yarn business, boosting production capabilities.

According to a Fact.MR analyst, key market drivers include the increasing demand for high-quality wool and the expansion of the women’s wear segment.