The chemical industry is focused to keep the business operations running along with ensuring the labor safety amid the COVID-19 pandemic. To recover the losses created by the decline in demand for various products, the companies are capitalizing on the escalating demand for products such as disinfectants and personal protective equipment. Many leading players in the chemical industry have expanded their business to enter into the production of safety products. Companies are resorting to advanced technologies in production to reduce the dependence on work-force.
They are increasingly adopting advanced digital capabilities to integrate supply chain and logistics to ensure the effective delivery of products. The industry heads are seeking the real-time situation of their supply chains to identify potential weaknesses, especially in terms of geography, and strengthen it. The financial disclosures are being extended beyond the usual financial statements to deal with the risks that have aroused amid the COVID-19 pandemic.
Persistence Market Research offers essential insights into the global wool yarn market, and provides extensive information through structured market research. The report on the wool yarn market, for the historical period of 2014–2018 and assessment period of 2019–2029, analyzes the market, and forecasts the upcoming market scenario based on yarn type, wool type, application, and region. The global wool yarn market was pegged at more than US$ 33,500 Mn in terms of value at the end of 2018, and is anticipated to reach nearly US$ 50,500 Mn by the end of the forecast period 2029, registering a CAGR of over 4%.
Rising Consumption of Apparel and Upholstery Fabrics, Owing to Changing Lifestyles, Boosting Market Growth
Increasing disposable income and per capita consumer spending on clothing and other textiles, coupled with the growing youth inclination towards fashion trends, has escalated the consumption of wool yarn in end-use industries. The increasing preference for upholstery fabrics among consumers to enhance the appearance of their home interiors is also creating a lucrative impact on the wool yarn market, as wool yarn is used in the manufacturing of curtains, carpets, etc.
The textile market has been growing at a significant rate. Owing to this, textile manufacturers are demanding raw materials such as wool yarn. Thus, the growing textile industry is acting as an influencing factor for the global wool yarn market. Increasing consumption of wool in end-use industries, especially in regions such as Europe and Asia Pacific, is set to boost cloth production, which is expected to increase the demand for wool yarn in the market. Growing retail sales infrastructure, such as malls, is creating a positive influence on the wool yarn market, while the increased penetration of online retailing in the clothing sector is indirectly driving market growth.
Easy availability of raw wool in countries such as Australia and New Zealand is driving wool yarn production in these regions. These countries produce various types of wool yarn, such as Merion wool, Shetland wool, Teeswater wool, etc., in large volumes, which has led to an increase in the wool yarn market volume significantly. In other countries of Asia Pacific, government initiatives are promoting the production of wool yarn. For instance, the Indian Government is working on persuading growers to focus on wool production, rather than meat production. The production in such countries is further backed by the availability of cheap labor. Hence, a considerable amount of wool yarn produced in India is exported to the international markets.
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Fluctuations in Raw Material Prices & Increasing Consumption of Blended Yarn Restraining the Wool Yarn Market
Fluctuations in raw wool prices are mainly due to unfavorable weather conditions, which directly affect those into sheep rearing on a large scale, creating a negative impact on the wool yarn market. Increasing consumption of alternatives such as cotton, polyester, and other blended yarn is also hampering the demand for wool yarn in the market.
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