New York, United States , Nov. 17, 2022 (GLOBE NEWSWIRE) -- The Global Textile Recycling Market Size to grow from USD 4.35 billion in 2021 to USD 6.13 billion by 2030, at a Compound Annual Growth Rate (CAGR) of 3.9% during the forecast period. The rising environmental concern over garbage production and growing public awareness of textile recycling is expected to increase the development of the market for textile recycling.
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The Cotton segment to account for the largest market size during the forecast period.
Based on the Material, The Global Textile Recycling market is categorized into Cotton, Polyamide, Polyester, Wool and Others. The Cotton segment to account for the largest market size during the forecast period. Cotton is one of the main contributors to textile waste due to its high demand and usage in garments and other textiles. A sizeable portion of the non-renewable textiles gathered for recycling cotton are also included.
The Mechanical segment to hold a higher CAGR during the forecast period.
Based on the Process, The Global Textile Recycling market is categorized into Mechanical and Chemical. The Mechanical segment to hold a higher CAGR 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 majorly recycled by shredding and re-spinning without the use of chemicals. Additionally, the majority of the recycled polyester and wool is recycled mechanically rather than chemically. Due to No interaction with chemicals, it is high in demand in the market.
COVID-19 Analysis & Impact
The COVID-19 pandemic has made an adverse impact on credit portfolios. There has been an unprecedented rise in unemployment and disruption in economic activity, putting a strain on the solvency of customers and companies. Central banks have taken a proactive approach by injecting liquidity into the market by lowering interest rates and asset purchase programs. Managing and monitoring credit, market, liquidity, and operational risk across financial markets were hard enough with ongoing geopolitical tensions, international trade wars, and the occasional hurricanes and earthquakes. The current pandemic situation has forced chief risk officers and their teams to recalibrate old assumptions and models used to manage and monitor risk. COVID-19’s global impact has shown that interconnectedness plays an important role in international cooperation. As a result, many governments started rushing toward identifying, evaluating, and procuring reliable solutions powered by AI.
Browse key industry insights spread across 199 pages with 135 market data tables and figures & charts from the report “Global Textile Recycling Market Size, Share, and COVID-19 Impact Analysis By Material (Cotton, Polyester, Wool, Polyamide and Others), By Source (Apparel Waste, Home Furnishing Waste, Automotive Waste and Other), By Process (Mechanical and Chemical) and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East and Africa), Analysis and Forecast 2021 – 2030”, in detail along with the table of contents.
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The Apparel segment is to hold a higher CAGR during the forecast period.
Based on the Source, The Global Textile Recycling market is categorized into Home Furnishing Waste, Automotive Waste, Apparel Waste and Others. The Apparel segment is to hold a higher CAGR during the forecast period. The typical lifespan of a new garment has dramatically decreased over the past 20 years, increasing the amount of trash produced by the clothes industry. Apparel waste is made up of pieces of clothing, shoes, damaged clothing, and surplus fabric left after manufacturing. The apparel market is fueling the growth of the global recycled textile market.
Some of the Key Developments:
- In June 2020- Through one of its companies, Indorama Ventures Public Company Limited purchased the PET recycling factory of AG Resinas Ltda. The company has purchased a 100% position in the equity share of the company that recycles PET into PET flakes and pellets in Juiz de Fora, Brazil.
- In June 2022- As a result of activities by the Brazilian Association of Cleaning and Waste Companies, ABRELPE, the solid waste recycling rate is currently around 4%. In order to raise public awareness of collection, separation, recycling, and reuse, June 5 was designated as National Recycling Day
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Europe is estimated to account for the highest market share in 2021.
The Global Textile Recycling Market has been segmented into five major regions: North America, Europe, Asia-Pacific, South America, The Middle East and Africa. Europe is estimated to account for the highest market share in 2022. European nations tend to have a higher standard of living and spend more money on clothing and fashion, which brings up the issue of waste management. According to data from the World Bank on trends in solid waste management, the rate of waste collection is greater in European nations. Asia-Pacific to hold a higher CAGR during the forecast period.
Key Companies & Recent Developments: The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major vendors in the Global Textile Recycling Market include Worn again technologies, Lenzing Group, Birla Cellulose, BLS Ecotech, The Woolmark Company, iinouiio Ltd, Ecotex Group, The Boer Group, Unifi, Inc., and Textile Recycling International and others 20+ prominent key players we have added in the final report. Global Economy: Recession Risk Rising Analysis and Russia-Ukraine Conflict War Impact we have added in the report.
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