New York (US), July 17, 2023 (GLOBE NEWSWIRE) -- Textile Recycling Market Overview
The research documents by MRFR indicate that the “Textile Recycling Market Research Report Information by Material, End Use Industry, Distribution Channel, Region, Textile Waste, and Process - Forecast Till 2032”, the Textile Recycling market is predicted to grow substantially over the assessment timeframe from 2022 to 2032 at a healthy CAGR of around 6.60%. The reports even share predictions regarding the market's growing revenue share, which will likely reach USD 12.8 Billion by the end of 2032. As per the reports, the market was worth nearly USD 7.2 Billion in 2022.
With an emphasis on the gathering, processing, and reuse of used textiles, the textile recycling market is a burgeoning sector of the economy. It seeks to lessen the impact on the environment, save resources, and eliminate waste. This market includes many tools and programmes to advance the circular economy and environmentally friendly methods in the textile sector.
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Competitive Analysis
The catalog of the top leaders across the global Market for Textile Recycling includes players such as:
- Pure Waste Textiles
- Anandi Enterprises
- Infinited Fiber Company
- American Textile Recycling Service
- Patagonia
- Boer Group Recycling Solutions
- Prokotex
- I:Collect GmbH
- Unifi, Inc.
- Retex Textiles
- Among others.
Report Scope:
| Report Attribute | Details |
| Market Size 2032 | USD 12.8 Billion |
| Compound Annual Growth Rate (CAGR) | 6.60% (2023-2032) |
| Base Year | 2022 |
| Market Forecast Period | 2023-2032 |
| Historical Data | 2018- 2022 |
| Forecast Units | Value (USD billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | By Type, Application, and Region |
| Geographies Covered | North America, Europe, Asia-Pacific, and Rest of the World (RoW) |
| Key Market Dynamics | The expanding public knowledge of textile recycling and the growing environmental concern about the generation of textile waste |
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Market Drivers
The global Textile Recycling industry has advanced enormously in recent years. The primary aspect causing a surge in market performance is the rising environmental concern about textile waste production across the globe.
Market Restraints
However, some aspects may limit the market's performance. The main aspect limiting the market's development is the high costs linked.
COVID-19 Impact
The global health hazard of COVID-19 has impacted most industry operations in the last few years. The health emergency affected the industry operations and tremendously impacted public health in nearly 225 nations. The Textile Recycling industry was no exception to this. The supply chain disruptions and partial or complete lockdowns around various regions worldwide led to several disruptions in market operations. However, with the rapid recovery of the global economy, the market is predicted to showcase substantial development over the review era. In addition, several governmental organizations and key market players are collaborating and, therefore, introducing solutions like innovations and research and development processes through excellent funding that will positively impact the global market for Textile Recycling over the review timeframe.
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Segment Analysis
Among all the materials, the cotton segment secured the leading position across the global market for textile recycling in 2022. Recycled cotton is a sustainable choice as it needs substantially fewer resources than conventional or organic cotton and reduces textile waste.
Among all the textile wastes, the post-consumer segment secured the leading position across the global market for textile recycling in 2022. Clothing damaged, worn out, rejected, or no longer in style makes up post-consumer textile waste.
Among all the distribution channels, the online segment secured the leading position across the global market for textile recycling in 2022. Online sales comprise nearly a quarter of all retail sales, and the industry is expanding quickly.
Among all the processes, the mechanical segment secured the leading position across the global market for textile recycling in 2022. The main factor causing a surge in the performance of the market segment is the presence of many market participants who recycle textiles mechanically rather than chemically.
Among all the end-users, the apparel segment secured the leading position across the global market for textile recycling in 2022. The main factor causing a surge in the performance of the market segment is the increasing amount of trash produced by the clothes industry.
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Regional Analysis
By region, the study provides market insights into North America, Europe, Asia-Pacific, and the Rest of the World.
The research documents by MRFR indicate that the North American Region secured a leading position across the global Textile Recycling industry in 2022 with the largest contribution of nearly 45.80%. The region has Mexico, Canada, and the U.S. as the leading development contributors. Further, the U.S. Textile Recycling Market held the largest market share, and Canada was the fastest-growing North American Region. The main aspect supporting regional market expansion is increased consumer spending on products and services. Furthermore, the greater need in the area for textile recycling activities and sustainable options for managing textile waste is also believed to be one of the vital parameters enhancing the development of the regional market.
The European Region anticipates ensuring the second spot across the global Textile Recycling industry over the coming years. The region has France, Germany, and the U.K. as the leading development contributors. Further, the German Textile Recycling Market held the largest market share, and the U.K. was the fastest-growing Market in Europe. The region's main aspect supporting regional market expansion is the rising government backing from the various nations. Furthermore, an increase in recycling-related programs is also believed to be one of the vital parameters enhancing regional market development.
The Asia-pacific Region is anticipated to secure the maximum growth across the global Textile Recycling industry over the coming years. The regional market is projected to showcase the maximum growth rate over the assessment era. India, China, and Indonesia are the leading development contributors in the region. Further, the China Textile Recycling Market held the largest market share, and India was the fastest-growing market in the Asia-pacific Region. The main aspect supporting regional market expansion is the growing worries about the environmental effects of textile waste. Furthermore, factors such as the ongoing development of cutting-edge technologies for textile recycling and expanding government initiatives for managing textile waste are also considered vital parameters enhancing the regional market's growth.
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