Chicago, Feb. 27, 2023 (GLOBE NEWSWIRE) -- The global textile recycling market size is projected to reach USD 9.4 billion by 2027 from USD 6.9 billion in 2022, at a CAGR of 6.4% during the forecast period, as per the recent study by MarketsandMarkets™. The increasing environmental concern about waste production and rising social awareness about textile recycling is expected to propel the growth of the textile recycling market. In addition, increasing consumer awareness and interest in local brands in recycled materials are likely to drive the market in Asia Pacific.
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Browse in-depth TOC on “Textile Recycling Market”
235 - Market Data Tables
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List of Key Players in Textile Recycling Market:
- Lenzing AG (Austria)
- Birla Cellulose (India)
- HYOSUNG TNC (South Korea)
- Unifi, Inc. (US)
- Patagonia, Inc. (US)
- others
Drivers, Restraints, Opportunities and Challenges in Textile Recycling Market:
- Drivers: High Emissions of Greenhouse Gases
- Restraints: Usage of harmful chemical
- Opportunity: Growing adoption of circular industry
- Challenge: Fast fashion
Key Findings of the Study:
- Polyester & polyester fiber accounted for the largest share amongst other material in the textile recycling market
- Post-consumer accounted for the largest market share amongst other textile waste in the textile recycling market
- Based on region, North America is estimated to be the second largest market for textile recycling in 2021.
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Textile recycling is the method of reusing or reprocessing used clothing, fibrous materials, and clothing scraps from manufacturing. Textiles in municipal solid waste are found mainly in discarded clothing, although other sources include furniture, carpets, tires, footwear, and nondurable goods, such as sheets and towels.
Based on material, polyester & polyester fiber is the largest material segment in the textile recycling market. Polyester recycling is gaining momentum due to increasing demand from the apparel industry, where companies have committed to increasing the use of recycled polyester in clothing by replacing normal polyester. The recycled polyester used for textiles is most commonly from PET bottles. Recycled polyester is often used when marketing products as more sustainable.
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Based on textile waste, the textile industry is growing at an enormously high pace due to increasing demands for textile products. Consequently, post-consumer textile wastes are heaping up to a troublesome extent. The disposition of these products often leads to the generation of environmentally hazardous pollutants; for instance, the decomposition of textile waste produces leachate, a potential water pollutant. The eco-unfriendly attributes of current post-consumer textile waste treatment practices necessitate searching for alternative means to manage textile waste.
Asia Pacific is the fastest growing market amongst other regions in the textile recycling market during forecast period, in terms of value. The rising demand from the aging population, increasing government initiatives, growing population, and changing lifestyle are increasing the demand of textile recycling in this region.
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