Textile Recycling Market worth $9.4 billion by 2027 - Exclusive Report by MarketsandMarkets™

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Feb 09, 2023, 05:30 ET

CHICAGO, Feb. 9, 2023 /PRNewswire/ -- The report "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", 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. As the average life of a given garment gets shorter, there is an increase in the production of textile and clothing waste. Due to landfill disposal and the incineration process, which results in greenhouse gas emissions, this has a significant negative impact on the environment. According to EPA and SMART, recycling textiles significantly lowers greenhouse gas emissions, which stimulates economic growth. Furthermore, it is projected that innovations in recycling practises and ground-breaking research in the area will support market expansion.

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Based on material, cotton is projected to be the second largest market during the forecast period.

Cotton is the most widely used fabric for apparel globally, and its manufacture has a significant environmental impact, notably on water supplies. Cotton accounts for half of the world's natural fiber consumption due to its inherent strength, durability, and absorbency. Cotton fabric recycling can be broadly described as the process of converting cotton fabric into cotton fibers that can be used in textile products.

Based on process, mechanical is projected to be the largest market during the forecast period.

The mechanical recycling market is developed in the textile recycling sector. The majority of the major players have been recycling different textiles mechanically. Cotton is primarily recycled without the use of chemicals through shredding and respinning. Additionally, the majority of the recycled polyester and wool is recycled mechanically rather than chemically.

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Based on region, North America is estimated to be the second largest market for textile recycling in 2021.

North America accounted for the second largest share amongst other regions in the textile recycling market in 2021, in terms of value. The demand for textile recycling in North America is strong and steady due to the growth in the technical textile sector. The industry is growing due to the implementation of new techniques in textile sciences and stronger industry knowledge. Growth in technical textile is estimated to drive the market of textile recycling that are used in their fabrication. The car manufacturing industry is growing significantly in Mexico, which will directly impact the demand for industrial fabrics.

Market Players

The key players in the textile recycling market include Lenzing AG (Austria), Birla Cellulose (India), HYOSUNG TNC (South Korea), Unifi, Inc. (US), and Patagonia, Inc. (US) among others. These players have established a strong foothold in the market by adopting strategies, such as new product launches, investment & expansions, agreements, partnerships, and mergers & acquisitions.

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Technical Textile Market - Global Forecast to 2025

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