Textile Recycling Global Market Report 2023: Growing Adoption of Circular Industries Presents Opportunities
DUBLIN, Feb. 24, 2023 /PRNewswire/ -- The "Textile Recycling Market by Material (Cotton, Polyester & Polyester Fibers, Wool, Nylon & Nylon Fibers), Textile Waste, Process, Distribution, End-use Industry (Apparel, Home Furnishing, Industrial & Institutional), and Region - Global Forecast to 2027" report has been added to ResearchAndMarkets.com's offering.
The global textile recycling market size is projected to reach USD 9.4 billion by 2027 from USD 6.9 billion in 2022, at a CAGR of 6.4% during the forecast period. Textiles are sorted into categories according to the pyramid model, which organizes textiles by their quality and usability. These category placements determine the processes used to recycle or reuse the textile. Such categories include textiles for recycling, textiles for wiping and polishing garments, textiles disposed of in landfills and incinerators, and textiles for worn clothing marketplaces. The market for recycled textiles is anticipated to expand as a result of rising social awareness of textile recycling and growing environmental concerns about waste generation.
Polyester & polyester fiber is projected to register the highest CAGR during the forecast period.
The polyester & polyester fiber segment account for the maximum share. This is because polyester & polyester fibers have versatile properties and have low costs of production in comparison to their other materials. High strength and superior heat and water resistance are the main characteristics of polyester. It is commonly called polyethylene terephthalate (PET).
Retail & departmental stores accounted for the largest market share amongst distribution channel in the pharmaceutical packaging market.
Customized low-cost apparel is the key driver for the demand for textile recycling in the retail industry. The industry relies on the value-added benefits obtained from upcycling as a key resort to combat the grappling effect of a discontinuous supply of raw materials. As a result, the retail sector will remain a key contributor to the textile recycling market during the forecast period.
An acute rise in the demand for low-cost textiles for enriching the aesthetics arising from the automotive industry is also predicted to remain a significant revenue channel for the textile recycling market during the forecast period.
The industrial & institutional segment is expected to be the second largest textile recycling industry in 2021 amongst others.
Industrial & institutional end-use industries use special materials or fabrics designed for specific purposes. These textiles offer unique and exclusive characteristics and properties different from regular fabrics. They have a combination of advanced technology and strong properties (mechanical resistance, elasticity, reinforcement, anti-dust, tenacity, insulation, thermal & fire resistance, and protection from UV and IR). Large amounts of textile waste generated by the industrial & institutional industry are expected to drive the textile recycling market.
South America is projected to be the second fastest in the textile recycling market during the forecast period.
South America is predicted to be the second fastest growing region amongst others in the textile recycling market in 2021, in terms of value. Brazil and Argentina are the key markets in the region and are undergoing high growth rates. Industrial activities in the region have increased because of rising disposable income, a shift toward nuclear families, affordable interest rates, and changing consumer preferences. Production of organic cotton is increasing globally, even in South America. These factors are expected to drive the consumption of textiles. The growing cotton production and fast fashion in emerging countries will drive the textile recycling market in the region.
Extensive primary interviews were conducted in the process of determining and verifying sizes of several segments and subsegments of the textile recycling market gathered through secondary research.
Market Dynamics
Drivers
- Increasing Textile Waste due to Decreased Garment Life
- High Emissions of Greenhouse Gases
- Increasing Consumption of Energy and Water
Restraints
- Usage of Harmful Chemicals
Opportunities
- Growing Adoption of Circular Industries
Challenges
- Fast Fashion
Key Topics Covered:
1 Introduction
2 Research Methodology
3 Executive Summary
4 Premium Insights
5 Market Overview
6 Textile Recycling Market, by Material
6.1 Introduction
6.2 Cotton
6.3 Polyester & Polyester Fiber
6.4 Wool
6.5 Nylon & Nylon Fiber
6.6 Others
7 Textile Recycling Market, by Textile Waste
7.1 Introduction
7.2 Pre-Consumer Waste
7.3 Post-Consumer Waste
8 Textile Recycling Market, by Process
8.1 Introduction
8.2 Mechanical
8.3 Chemical
9 Textile Recycling Market, by Distribution Channel
9.1 Introduction
9.2 Online Channel
9.3 Retail & Departmental Stores
10 Textile Recycling Market, by End-Use Industry
10.1 Introduction
10.2 Apparel
10.3 Home Furnishing
10.4 Industrial & Institutional
10.5 Others
11 Textile Recycling Market, by Region
12 Competitive Landscape
13 Company Profiles
14 Appendix
Companies Mentioned
- American Textile Recycling Service
- Anandi Texstyles
- Birla Cellulose
- Boer Group
- Ecotex Group
- Gebr. Otto Baumwollfeinzwirnerei GmbH + Co. Kg
- Hyosung Tnc
- I:Collect GmbH
- Iinouiio
- Infinited Fiber Company
- Leigh Fibers
- Lenzing Ag
- Martex Fiber
- Patagonia, Inc.
- Pistoni S.R.L
- Procotex
- Pure Waste
- Re Textil Deutschland GmbH
- Renewcell
- Retex Textiles Inc.
- Textile Recycling International
- The Woolmark Company
- Unifi, Inc
- Usha Yarns Ltd
- Worn Again Technologies
For more information about this report visit https://www.researchandmarkets.com/r/hc8lgn-recycling?w=5
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