Dubai, UAE, May 17, 2023 (GLOBE NEWSWIRE) -- As per the latest research report published by Extrapolate, the global Textile Recycling Market was valued at USD 6.45 billion in 2022 and is expected to grow to USD 9.89 billion by 2032, with a compound annual growth rate (CAGR) of nearly 4.3% between 2023 and 2032. The growing environmental concern about waste production, as well as rising social awareness about textile recycling, are expected to propel the textile recycling market growth.
Textile recycling has several environmental and economic benefits, including reduced land and water pollution, reduced reliance on virgin fibers, reduced use of chemical dyes, and optimal energy and water consumption. It has recently emerged as an effective method for sustainable development in the apparel industry.
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Competitive Landscape
The global textile recycling market is relatively small and in a developmental phase. The market is fragmented, with an increasing number of small-scale key players. To increase revenue generation and market share, key players have adopted several business strategies such as technological development, expansion, and mergers and acquisitions.
Prominent players in the market include:
- Aditya Birla Group (Birla Cellulose)
- Bls Ecotech Ltd
- Boer Group Recycling Solutions
- Carbios
- CuRe Technology
- Ecotex Germany GmbH
- Evrnu SPC
- FABSCRAP
- Hyosung TNC
- Infinited Fiber Company
- LENZING AG
- Martex Fiber
- PurFi Global LLC
- Renewcell
- SOEX Textil-Vermarktungsgesellschaft m.b.H.
- UNIFI
- Worn Again Technologies
Trending Now: Europe's RegioGreenTex Project to Help SMEs Manage Textile Recycling
The Regions for Green Textiles (RegioGreenTex) project's 43 partners met in Brussels to kick off a three-year project that could change the way textile recycling is managed. RegioGreenTex will help small and medium-sized enterprises (SMEs) turn textile waste into valuable resources.
RegioGreenTex is a quadruple-helix partnership initiative aimed at mapping and reducing the challenges that currently exist in the implementation of a circular economy model within the textile ecosystem across the European Union (EU), according to a press release from the European Apparel and Textile Confederation (EURATEX).
The project will help to keep and develop work opportunities in the EU textile sector, restore production in Europe, and make the EU textile value chain more competitive and resilient. It will help the EU Green Deal objectives of reducing carbon footprint, energy consumption, and water consumption.
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The global textile recycling market is segmented as:
By Process
- Mechanical
- Chemical
Maturity of Mechanical Recycling to Favor Growth Prospects in the Near Future
The mechanical segment held the largest market share in 2022 and is projected to continue its dominance throughout the projection period. The growth of the segment is primarily attributable to the presence of a large number of market participants recycling textiles using a mechanical process rather than a chemical process.
The mechanical recycling market in the textile recycling industry is mature. The mechanical process of recycling various textiles has been used by the majority of the key players. All of these aforementioned factors are contributing significantly to the growth of the segment.
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By Material
- Cotton
- Wool
- Polyester
- Polyamide
- Others
By End-Use
- Apparel
- Home Furnishings
- Industrial
- Non-woven
- Others
Shortening Lifespan of Apparel to Continue Feeding Textile Recycling Pipeline
The apparel segment dominated the global textile recycling market in 2022 and is likely to lead the market during the forecast period. The segment is expected to grow due to the fact that apparel refuse includes damaged clothes and shoes as well as clothing and footwear left over from the manufacturing process. The average lifespan of a new garment has decreased significantly over the last two decades, resulting in more waste products from the apparel industry, driving the growth of the segment.
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Growing Awareness of Recycling Textile to Promote Sustainable Lifestyle Development
Consumers' awareness of textile recycling has grown as a result of government and non-profit initiatives. On account of rising awareness, there has been a significant increase in the donation and collection of waste textiles, which fuels the global recycled textile market. The business saves a lot of money by using recovered textiles.
In addition, recycled textiles are significantly less expensive than virgin materials. Furthermore, virgin materials are not always readily available, delaying production and impacting overall manufacturing costs; thus, switching to recycled textiles is advantageous. Furthermore, recycled textiles such as wool, cotton, and polyester require less and simpler processing, which increases the demand for recycled textiles.
Growing Consumer Interest in Regional Brands to Drive Market in Asia Pacific
Asia Pacific is the largest market for textile recycling owing to several factors such as the strong industrial base, depletion of raw materials, awareness of the environmental impact of waste, and heavy industrial discharges from mills. Furthermore, rising consumer awareness and interest in regional brands that use recycled materials are expected to be the primary drivers of the rising product demand during the forecast period.
Growing Adoption of Reused Textiles in North America to Boost Revenue Generation
North America is expected to grow at the fastest CAGR and contribute significantly to the growth of the textile recycling market. The United States produces the majority of the textile waste in the region. As a result, organizations that reuse or recycle used clothing are likely to drive the recycled textile market. Furthermore, rising government and consumer awareness is expected to spur market growth. As a result, the number of reused textiles is substantial, while textile waste generation is low.
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Key Points from TOC:
Chapter 1. Executive Summary
Chapter 2. Research Methodology
2.1. Research Approach
2.2. Scope, Definition, and Assumptions
2.3. Data Sources
2.3.1. Secondary Sources
2.3.1.1. Preliminary data mining
2.3.2. Primary Sources
2.3.2.1. Statistical Model
2.3.2.2. Data Triangulation
2.3.2.3. Research Objective
Chapter 3. Market Outlook
3.1. Introduction
3.2. Key Trends
3.2.1. Proliferation of Circular Fashion is a Vital Trend
3.3. Market Drivers
3.3.1. Growing Depletion of Resources with the Adaption of Sustainable Raw Materials is Augmenting the Market Growth
3.4. Market Restraints
3.4.1. Lack of Reverse Logistics to Segregate Recyclable Fibers Hinders the Market Growth
3.5. Market Opportunities
3.5.1. Rising Awareness About the Environmental Impact of Waste Across Rural Areas Will Create New Opportunities for the Market Growth
3.6. Market Challenges
3.6.1. Limited Availability of Recycling Technologies Could be a Challenge for the Market
3.7. Porter's Five Forces Analysis
3.7.1. Bargaining Power of Suppliers
3.7.2. Bargaining Power of Buyers
3.7.3. Threat of New Entrant
3.7.4. Threat of Substitutes
3.7.5. High Competitive Rivalry
3.8. Value chain analysis
Chapter 4. COVID-19 Impact on Global Textile Recycling Market
Chapter 5. Global Textile Recycling Market Overview, By Process, 2018 - 2032 (USD Million)
5.1. Global Textile Recycling Market Share, By Process, 2018 - 2032 (USD Million)
5.1.1. Mechanical
5.1.1.1. Market Size and Projections, 2018 - 2032 (USD Million)
5.1.1.2. Market Size and Projections, by Region, 2018 - 2032 (USD Million)
5.1.2. Chemical
5.1.2.1. Market Size and Projections, 2018 - 2032 (USD Million)
5.1.2.2. Market Size and Projections, by Region, 2018 - 2032 (USD Million)
Chapter 6. Global Textile Recycling Market Overview, By Material, 2018 - 2032 (USD Million)
6.1. Global Textile Recycling Market Share, By Material, 2018 - 2032 (USD Million)
6.1.1. Cotton
6.1.1.1. Market Size and Projections, 2018 - 2032 (USD Million)
6.1.1.2. Market Size and Projections, by Region, 2018 - 2032 (USD Million)
6.1.2. Wool
6.1.2.1. Market Size and Projections, 2018 - 2032 (USD Million)
6.1.2.2. Market Size and Projections, by Region, 2018 - 2032 (USD Million)
6.1.3. Polyester
6.1.3.1. Market Size and Projections, 2018 - 2032 (USD Million)
6.1.3.2. Market Size and Projections, by Region, 2018 - 2032 (USD Million)
6.1.4. Polyamide
6.1.4.1. Market Size and Projections, 2018 - 2032 (USD Million)
6.1.4.2. Market Size and Projections, by Region, 2018 - 2032 (USD Million)
6.1.5. Others
6.1.5.1. Market Size and Projections, 2018 - 2032 (USD Million)
6.1.5.2. Market Size and Projections, by Region, 2018 - 2032 (USD Million)
Chapter 7. Global Textile Recycling Market Overview, By End-Use, 2018 - 2032 (USD Million)
7.1. Global Textile Recycling Market Share, By End-Use, 2018 - 2032 (USD Million)
7.1.1. Apparel
7.1.1.1. Market Size and Projections, 2018 - 2032 (USD Million)
7.1.1.2. Market Size and Projections, by Region, 2018 - 2032 (USD Million)
7.1.2. Home Furnishings
7.1.2.1. Market Size and Projections, 2018 - 2032 (USD Million)
7.1.2.2. Market Size and Projections, by Region, 2018 - 2032 (USD Million)
7.1.3. Industrial
7.1.3.1. Market Size and Projections, 2018 - 2032 (USD Million)
7.1.3.2. Market Size and Projections, by Region, 2018 - 2032 (USD Million)
7.1.4. Non-woven
7.1.4.1. Market Size and Projections, 2018 - 2032 (USD Million)
7.1.4.2. Market Size and Projections, by Region, 2018 - 2032 (USD Million)
7.1.5. Others
7.1.5.1. Market Size and Projections, 2018 - 2032 (USD Million)
7.1.5.2. Market Size and Projections, by Region, 2018 - 2032 (USD Million)
Chapter 8. Global Textile Recycling Market Overview, By Distribution Channel, 2018 - 2032 (USD Million)
8.1. Global Textile Recycling Market Share, By Distribution Channel, 2018 - 2032 (USD Million)
8.1.1. Online
8.1.1.1. Market Size and Projections, 2018 - 2032 (USD Million)
8.1.1.2. Market Size and Projections, by Region, 2018 - 2032 (USD Million)
8.1.2. Offline
8.1.2.1. Market Size and Projections, 2018 - 2032 (USD Million)
8.1.2.2. Market Size and Projections, by Region, 2018 - 2032 (USD Million)
Chapter 9. Global Textile Recycling Market Overview, By Geography, 2018 - 2032 (USD Million)
Continued……
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