The recycled textile market will reach USD 10.37 billion by 2028
NEWARK, New Jersey, March 21, 2022 /PRNewswire/ — According to a report published by The Brainy Insights, the global recycled textile market is expected to grow from $6.89 billion in 2020 for $10.37 billion by 2028, at a CAGR of 6.74% over the forecast period 2021-2028.
Technological innovation in recycled textiles for various processes such as sorting, decontamination and treatment of textile waste is increasing. In addition to this, many suppliers incorporate advanced technologies into the equipment used for recycling. Thus, increasing technological innovation in the textile industry is driving the growth of the market.
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Textile recycling is the process of recovering material from used clothing or unused textile for reuse. It involves various processes such as clothing donation, fabric collocation and sorting, and clothing recycling. Landfills around the world are almost 6% full of textile waste. Some clothes do not degrade easily and sometimes emit CO2 gas, which is harmful to the environment. Textile recycling offers benefits such as less demand for dyes, less landfill space requirements, and reduced water and energy consumption.
The global recycled textile market is growing rapidly due to a growing awareness of the harmful impact of textile waste on the environment. Moreover, the growing demand for low cost clothing in various countries has further boosted the growth of the market. Moreover, increasing technological innovation in recycling equipment is also contributing to the growth of the market. Additionally, many international brands have launched an initiative to collect used clothing from consumers, providing opportunities for growth in the market. However, the high cost of textile recycling operations might hamper the market growth over the forecast period.
Textile recycling is done in two ways, and they are post-consumer clothing and pre-consumer clothing. Pre-consumer waste includes waste created as by-products of the textile industry; on the other hand, post-consumer includes used clothes, car upholstery and other household items. Browse Full Report with Table of Contents and List of Figures: https://www.thebrainyinsights.com/report/recycled-textile-market-12566
Key players in the global recycled textile market are Khaloom, Chindi, Kishco Group, Anandi Enterprises, Usha Yarns Ltd., Renewcell AB, Hyosung TNC Co. Ltd., Martex Fiber, Otto Garne, and Leigh Fibers Inc., among others. The major players in the global recycled textile market are majorly focusing on adopting various strategies such as new product development, collaboration, technology integration, joint venture, product innovations, mergers and acquisitions, and partnerships to gain a large market share in the industry. .
- In November 2018Anandi Enterprises announced that the company has introduced the recycling of organic, BCI (Better Cotton Initiative) or recycled yarns.
- In January 2018Leigh Fibers Inc. announced its intention to acquire JE Herndon Company, a reprocessor of textile fibers and by-products primarily related to the cotton industry, to complement our global product offering and geographic expansion.
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Recycled polyester dominated the global market and held the largest market share of 40.36% in 2020
The type segment is divided into recycled wool, recycled polyester, recycled nylon, recycled cotton and others. Recycled polyester dominated the global market and held the largest market share of 40.36% in 2020. Recycled polyester can be recycled again and again. Plus, polyester is durable and chemical resistant. Thus, the high recycling rate of polyester is driving the growth of the market.
The pre-consumer segment is expected to grow at the highest CAGR of 7.4% during the forecast period
The Textile Waste Type segment is divided into post-consumer waste and pre-consumer waste. The pre-consumer segment is expected to grow at the highest CAGR of 7.4% during the forecast period. The growth is mainly due to the increase in the recycling of textile by-products such as yarn and cotton across the world.
Furniture segment is expected to grow at the highest CAGR of 7.1% during the forecast period
The end-user segment includes garments, home furnishings, industrial products, nonwovens and others. The furniture segment is expected to grow at the highest CAGR of 7.1% during the forecast period. Rising demand for various recycled textile products such as furniture covers, mattresses and carpets, is driving the growth of the furniture segment.
Regional Segment Analysis of Recycled Textile Market
- North America (WE, Canada, Mexico)
- Europe (Germany, FranceUK, Italy, SpainRest of Europe)
- Asia Pacific (China, Japan, IndiaRest of APAC)
- South America (Brazil and rest of South America)
- Middle East and Africa (UNITED ARAB EMIRATES, South Africarest of the MEA)
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the Asia Pacific the region has emerged as the largest market for the recycled textile market and has been valued at $2.83 billion in 2020. The growth is mainly due to the presence of many global and local recycling companies in countries such as India and China. In addition to this, the growing consumer demand for custom clothing is further driving the market growth. Besides, Asia Pacific has the largest population in the world, which has generated a large number of textile waste, which provides various growth opportunities for the market vendors. On the other hand, the Europe The region emerged as the fastest growing region and with a CAGR of 7.5% over the forecast period. About 5% of the total income of European consumers is spent on textiles, 80% of which goes to clothing and 20% to the purchase of shoes. Thus, the high expenditure on textiles has resulted in a large amount of textile waste, driving the growth of the market in Europe.
About the report:
The global recycled textile market is analyzed on the basis of value (USD billion). All segments have been analyzed on a global, regional and country basis. The study includes an analysis of more than 30 countries for each segment. The report offers an in-depth analysis of the drivers, opportunities, restraints and challenges to obtain key market insights. The study includes Porter’s five forces model, attractiveness analysis and competitor position grid analysis.
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About The Brainy Insights:
The Brainy Insights is a market research company focused on providing businesses with actionable insights through data analytics to improve their business acumen. We have a robust forecasting and estimating model to meet customers’ high-quality production goals in a short period of time. We provide custom (customer specific) and syndicated reports. Our union reporting repository is diverse across all domain categories and subcategories. Our customized solutions are designed to meet customer requirements, whether they are looking to expand or planning to launch a new product in the global market.
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