NEWARK, Del, Sept. 07, 2023 (GLOBE NEWSWIRE) -- The textile recycling market is worth US$ 4.8 billion as of now and is expected to reach US$ 6.6 billion by 2033 at a CAGR of 3.2% between 2023 and 2033.
The US is known for producing nearly 25 billion pounds of textiles yearly. It could be equated with nearly 82 pounds/citizen. Upcycling is amongst the potential recycling approaches that maximize the conservation of raw materials, water, and energy.
The US is amongst the biggest manufacturers of textile-related products – as stated by the National Council of Textile Organization. The Council for Textile Recycling states that a US citizen, on the whole, does throw away nearly 70 pounds of textiles every year. This is where textile recycling comes to the rescue.
Tyton Biosciences has its water-based hydrothermal solution for recycling garments made from polyester, cotton, and polycotton blends. Cotton thus gets segregated from polyester by having it disassembled into monomer components, thereby letting it get re-assembled into a brand new polyester. MMCFs (Man Made Cellulosic Fibers) could also replace tree pulp.
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It has been observed that recycled polyamide, as compared to virgin polyamide/nylon, gives lower emissions of carbon dioxide. Patagonia uses recycled polyamide in more than 80% of the apparel they create.
At the same time, the fact that different materials need specialized handling methods can’t be ignored. This factor could restrain the textile recycling market.
Future Market Insights has walked through these facts with future prospects in its latest market study entitled ‘Textile Recycling Market’. It has its team of analysts and consultants to look through a 360-degree approach in its primary, secondary, and tertiary modes of research.
“The Government of the United States has decided to increase consumers' awareness of textiles' recycling. It launched an initiative for achieving zero waste by 2037 under the guidance of the Council of Textile Recycling (CTR), which is likely to further boost the size of the market”, Future Market Insights.
Key Takeaways from the Textile Recycling Market
- North America holds a significant market share, with the US being subject to growing awareness regarding the impact of textile waste on the environment. Various public awareness campaigns are being conducted regarding textile recycling.
- Europe holds the second-largest market share, with Germany, France, and the UK opting for something like the Sustainable Clothing Action Plan. The government of the UK has put forth the Textile 2030 initiative.
- The Asia Pacific is expected to grow at a rapid pace in the textile recycling market, with South Korea, Japan, and China leading from the front. This is evident from the fact that Hyosung, in May 2021, collaborated with various municipal governments for manufacturing nylon fabrics made out of recycled fishing nets. Vegan Tiger has come up with several textiles made out of materials like stickers, gift wrap, and paper.
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Competitive Textile Recycling
- Birla Cellulose, in May 2023, entered into collaboration with TextileGenesisTM to provide transparency and traceability solutions in the garments vertical. The orchestrators include Fashion for Good, Canopy, and Circular Fashion Partnership for scaling the circular business model.
- Lenzing Group, in 2023, did announce launching LENZINGTM ECOVERO abreast with REFIBRATM technology that would help it in transiting toward a circular economy in the textile vertical.
- Circ, in April 2023, entered into collaboration with Zara to launch a womens’ wear collection made from recycled polyester and Lyocell separated from the mixed residue in the form of textile waste.
- Indorama Ventures Public Company, in June 2020, completed the acquisition of AG Resinas Ltd’s PET recycling facility.
- TRI Group, in May 2022, completed the acquisition of Soex UK to strengthen its presence in Europe.
- Saint-Gobain, in April 2022, announced planning to spend US$ 32 Million toward the upgradation of CertainTeed’s Chowchilla glass wool plant based out of California. It estimates that this upgradation would be curtailing emissions of carbon dioxide by 4000t/yr.
- HYOSUNG TNC, in March 2022, did ink an agreement with TOPTEN for working together to develop high-class eco-friendly products.
Key Companies Profiled
- Worn Again Technologies
- Lenzing Group
- Birla Cellulose
- BLS Ecotech
- The Woolmark Company
- Ecotex Group
- The Boer Group
- Unifi Inc.
- Textile Recycling International
- Hyosung Group
- Martex Fiber
- RenewCell
- Pistoni S.r.l
- RE TEXTIL Deutschland GmbH
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Segmentation Analysis of the Textile Recycling Market
Material:
- Cotton
- Polyester
- Wool
- Polyamide
- Others
Source:
- Apparel Waste
- Home Furnishing Waste
- Automotive Waste
- Others
Process:
- Mechanical
- Chemical
Region:
- North America
- Latin America
- Western Europe
- Eastern Europe
- South Asia & Pacific
- East Asia
- The Middle East & Africa
What does the Report state?
- The research study is based on material (cotton, polyester, wool, polyamide, and likewise), source (apparel waste, home furnishing waste, automotive waste, and likewise), and process (mechanical and chemical).
- The textile recycling market is expected to grow with the objective of doing away with the accumulation of textile waste in landfill space.
Authors:
Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in the Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.
His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.
Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.
Have a Look at the Related Reports of Chemicals & Materials Domain:
Plastic Recycling Market Growth: Applications of recycled plastics are escalating owing to the advancements in superior recycling technologies.
Metal Recycling Market Type: Metal recycling is gaining significant importance attributed to the rising problem pertaining to disposal of metal wastes across the globe.
Technical Textiles Market Analysis Forecast: The Technical Textiles market’s worth will increase at a compound annual growth rate (CAGR) of 6.7% between 2023 and 2033.
Asia Textile Chemicals Market Sale: Overall textile chemicals sales in Asia are set to register a 6% CAGR during the forecast period of 2023 and 2033 and reach a valuation of US$ 24,600 Million by 2033.
Fiber-reinforced Plastic (FRP) Recycling Market Value: The global fiber-reinforced plastic (FRP) recycling market value is predicted to reach US$ 482.0 million in 2023 and US$ 1.0 billion by 2033.
About Future Market Insights (FMI)
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