Lewes, Delaware, May 20, 2024 (GLOBE NEWSWIRE) -- The Global Textile Recycling Market is projected to grow at a CAGR of 2.85% from 2024 to 2031, according to a new report published by Verified Market Research®. The report reveals that the market was valued at USD 5.2 Billion in 2024 and is expected to reach USD 6.1 Billion by the end of the forecast period.
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Browse in-depth TOC on “Global Textile Recycling Market”
202 - Pages
126 – Tables
37 – Figures
Scope Of The Report
| REPORT ATTRIBUTES | DETAILS |
| STUDY PERIOD | 2021-2031 |
| BASE YEAR | 2024 |
| FORECAST PERIOD | 2024-2031 |
| HISTORICAL PERIOD | 2021-2023 |
| UNIT | Value (USD Billion) |
| KEY COMPANIES PROFILED | American Textile Recycling Service, Anandi Enterprises, Boer Group Recycling Solutions, Infinite Fiber Company, I: Collect GmbH, Patagonia, Retex Textiles. |
| SEGMENTS COVERED | By Material Type, By Source, By Process, By Geography. |
| CUSTOMIZATION SCOPE | Free report customization (equivalent to up to 4 analyst working days) with purchase. Addition or alteration to country, regional & segment scope |
Textile Recycling Market Overview
Environmental Concerns and Regulations: The Textile Recycling Market is primarily driven by increasing environmental concerns and strict regulatory restrictions. Businesses are progressively embracing recycling measures in order to diminish landfill trash and carbon footprints. Adhering to these rules not only improves the reputation of the company but also supports worldwide sustainability objectives, which in turn stimulates market expansion.
Technological Advancements in Recycling: Revolutionary recycling technologies are revolutionising the Textile Recycling Market. Utilising advanced sorting and processing procedures enhances the efficiency and quality of recycled textiles. Companies who invest in these technologies gain a competitive advantage by being able to provide high-quality recycled materials at competitive rates, which in turn promotes the growth of the industry.
Consumer Awareness and Demand for Sustainability: The Textile Recycling Market experiences a substantial increase due to the growing consumer consciousness regarding sustainability. Contemporary customers have a preference for brands that demonstrate a strong commitment to environmentally sustainable operations. Companies who integrate recovered textiles into their products fulfil this desire, so increasing brand loyalty and creating new sources of income, ultimately stimulating market expansion.
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High Initial Investment Costs: The substantial upfront capital needed for establishing recycling infrastructure is a significant obstacle in the Textile Recycling Market. Numerous businesses are reluctant to invest significant financial resources in the establishment and development of new recycling facilities and technologies. The presence of this financial obstacle might impede the expansion of the market, especially for small and medium-sized businesses.
Inefficient Collection Systems: The growth of the Textile Recycling Market is impeded by ineffective and disorganised collecting systems. Businesses encounter difficulties in ensuring a consistent supply of recyclable materials due to the absence of an efficient system for gathering used textiles. This lack of efficiency might result in higher operational expenses and diminished profitability.
Complexity of Recycling Mixed Fibers: Another significant limitation is the intricacy associated with recycling fabrics that have a mixture of different fibres. The recycling process of separating and processing different fibre types necessitates sophisticated equipment and specialised knowledge, resulting in high costs and time consumption. The complexity of this technical barrier can discourage enterprises from fully embracing textile recycling activities, hence restricting the market potential.
Geographic Dominance:
Europe has a dominant position in the Textile Recycling Market because of its strict environmental legislation and the high demand from consumers for sustainable products. Germany and the Netherlands possess sophisticated recycling infrastructures and highly effective collecting systems. In addition, the European Union's circular economy efforts actively encourage the recycling of textiles. The regional dominance is a result of favourable policies, technical advancements, and a strong environmental consciousness among consumers, which serves as a standard for other regions to emulate.
Textile Recycling Market Key Players Shaping the Future
Major players, including American Textile Recycling Service, Anandi Enterprises, Boer Group Recycling Solutions, Infinite Fiber Company, I: Collect GmbH, Patagonia, Retex Textiles, Prokotex, Pure Waste Textiles, Unifi Inc. and others. and more, play a pivotal role in shaping the future of the Textile Recycling Market. Financial statements, product benchmarking, and SWOT analysis provide valuable insights into the industry's key players.
Textile Recycling Market Segment Analysis
Based on the research, Verified Market Research® has segmented the global Textile Recycling Market into Material Type, Source, Process, And Geography.
To get market data, market insights, and a comprehensive analysis of the Global Textile Recycling Market, please Contact Verified Market Research®.
- Textile Recycling Market, by Material Type
- Cotton
- Wool
- Polyester
- Polyamide
- Textile Recycling Market, by Source
- Apparel Waste
- Automotive waste
- Home furnishing Waste
- Others
- Textile Recycling Market, by Process
- Chemical
- Mechanical
- Textile Recycling Market, by Geography
- North America
- U.S
- Canada
- Mexico
- Europe
- Germany
- France
- U.K
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- Rest of Asia Pacific
- ROW
- Middle East & Africa
- Latin America
- North America
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