I'm in the process of moving my sewing work space from the basement to the attic. Ahhhh, sunlight. It has been down in the basement way too long. It will be crowded up here, but worth it.
I need another thread rack, so I'm making it again.
I get a piece of 2' X 4' peg board and 1/4" by 48" dowels and Wood Glue from a hardware store.
I used a dremel to cut the dowels into 5 1/4" pieces and proceed to glue them in, slightly slanted upwards.
I didn't put the dowels as close as I could have, you will have to experiment based on the amount of room you have available.
I have 4 total, I'll take a pic of the work space when its all up here.