Selbyville, Delaware,, May 04, 2023 (GLOBE NEWSWIRE) --
The textile recycling market valuation is projected to surpass USD 8.5 billion by 2032, as reported in a research study by Global Market Insights Inc.
Growing public awareness associated with recycling old clothes is a chief factor driving the textile recycling industry trends. The prevalence of textile waste and an upsurge in fast fashion across the world have encouraged people to prefer recycled clothing. Many fashion giants are emerging as trendsetters to overcome the issues related to carbon footprint in the fashion industry.
The textile recycling market from the chemical recycling technology segment is speculated to above than 5% CAGR up to 2032. Chemical recycling works more effectively than mechanical recycling for certain textiles, particularly synthetic fibers that cannot be recycled mechanically with ease. Moreover, ongoing development in technology is likely to support segment growth in the future. A team of researchers at KRICT announced a breakthrough in the chemical recycling of polymer textiles that separates polyester from assorted textile waste.
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In terms of material, the textile recycling market from the nylon segment is anticipated to cross USD 671 million by 2032. The segment growth is set to benefit from the rising demand for synthetic fibers in the garment sector as well as the increased acceptance of nylon-based goods in the construction, automotive and other industrial sectors.
By waste, the post-consumer waste segment is growing at approximately 5% growth rate from 2023 to 2032. Post-consumer waste refers to waste generated after a product has been used by the consumer and is ready for disposal. This includes discarded clothing and textiles that are no longer wanted or usable. An average U.S. consumer throws about 81.5 lbs. of clothes every year, totaling an estimated 11.3 million tons of textile waste in the country.
The textile recycling market from the apparel end-use segment is primed to be worth around USD 4.5 billion by 2032, which is supported by global trade operations and advancements in apparel manufacturing technologies across the world. As per the Office of Textiles and Apparel (OTEXA) 2022 report, India’s apparel imports grew up to 38.9% in 2021 compared to 2019 by more than 3% gains. It also speculates that China and the Dominican Republic are set to become world leaders in apparel export by 2030.
The textile recycling market size from the home furnishing waste segment is predicted to reach USD 2 billion by 2032. Home furnishing waste is generated by the production and consumption of household goods, such as furniture, appliances, and textiles, which are derived from different sources, including discarded items, manufacturing scraps, and unsold inventory. Appliances waste every year is contributing to the segment expansion. The EPA speculates that the U.S. produces over 2 tons of small appliance waste, of which about 5.6% gets recycled.
North America textile recycling market is slated to expand at nearly 4% gains through 2032 attributed to factors including the widespread awareness of the environmental impact of textile waste, changing consumer attitudes towards sustainability, and supportive government programs to promote a circular economy and reduce waste.
The strategic landscape of the textile recycling business is expected to witness a series of strategic partnerships and organic collaborations by industry players. The project will be focused on R&D on PET yarn through cooperation with Textile Research Group. Some of the key players profiled in the textile recycling market report include Lenzing AG, Hysong TNC, Birla Cellulose, Unifi INC, Renewcell, The Woolmark Company, and Martex Fiber, among others.
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Partial chapters of report table of contents (TOC):
Chapter 2 Executive Summary
2.1 Textile Recycling industry 3600 synopsis, 2018 – 2032
2.1.1 Business trends
2.1.2 Technology trends
2.1.3 Material trends
2.1.4 Waste trends
2.1.5 End use trends
2.1.6 Source trends
2.1.7 Regional trends
Chapter 3 Global Textile Recycling Industry Insights
3.1 Industry segmentation
3.2 Industry Ecosystem
3.3 Technology landscape
3.4 Regulatory landscape
3.5 Pricing analysis, by region,2018-2032
3.6 Industry impact forces
3.7 Innovation and sustainability
3.8 Growth potential analysis, 2022
3.9 Porter’s analysis
3.10 PESTEL analysis
3.11 Impact of the COVID-19 on Textile Recycling market
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About Global Market Insights Inc.
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
