The rising demand for synthetic yarn in Asia is expected to propel the market for synthetic yarn to start a trend of rising consumption over the next ten years. With an expected compound annual growth rate (CAGR) of +1.2% from 2024 to 2035, the market is expected to fare slightly better, reaching a volume of 4 million tonnes by the end of 2035.
In terms of value, the market is expected to grow at a projected compound annual growth rate (CAGR) of +1.9% between 2024 and 2035. By the end of 2035, the market is expected to be worth US $ 14.8 billion (at nominal wholesale prices).
With 1.2 million tonnes, or around 35% of the overall volume, Vietnam was the nation that consumed the most synthetic yarn. In addition, Vietnam used twice as much synthetic yarn (603,000 tonnes) as India, which was the nation’s second-largest user. China ranked third in terms of total consumption (522,000 tonnes), with a 15% share.
In terms of value, Vietnam led the market with US$4 billion. India came into the standings in second place with US $2 billion. Next was Turkey.
With a combined 77% share of total production in 2024, China (1.4 million tonnes), Vietnam (1.3 million tonnes), and India (690,000 tonnes) produced the most.
Bangladesh (180,000 tonnes), India (120,000 tonnes), Turkey (84,000 tonnes), South Korea (73,000 tonnes), and Vietnam (68,000 tonnes) were the biggest importers of yarn produced of synthetic or artificial staple fibres in 2024, accounting for 68% of total imports. China (19,000 tonnes), Thailand (19,000 tonnes), Indonesia (18,000 tonnes), Uzbekistan (20,000 tonnes), and Japan (26,000 tonnes) accounted for a relatively small share of total imports.
Bangladesh is Asia’s biggest market for imported yarn derived from synthetic or artificial staple fibres, with a value of US $682 million, or 27% of all imports. India finished in second position with US $259 million, or 10% of total imports. Next in line was Turkey, with a 10% stake.
China was the biggest exporter of yarn derived from synthetic or artificial staple fibres in Asia in 2024, with 849,000 tonnes exported, or about 54% of total exports. India ranks second with 208,000 tonnes, accounting for 13% of total exports, followed by Indonesia (8.7%), Vietnam (8.5%), and Turkey (7.4%). Nepal (45,000 tonnes) and Thailand (48,000 tonnes) each accomplished a 5.8% share of total exports.
In terms of value, China is Asia’s top supplier of synthetic yarn, accounting for 52% of total exports (US $2.4 billion). Turkey ranked second in terms of overall exports, accounting for 14% of the total with US $642 million. India followed with a 12% stake.
