Newark, Sept. 05, 2024 (GLOBE NEWSWIRE) -- The global recycled textile market is expected to reach USD 8.41 billion by 2033, growing at a compound annual growth rate (CAGR) of 3.60% during the forecast period from 2024 to 2033. This growth is fueled by the rising awareness of the harmful impact of textile waste on the environment, coupled with advancements in textile recycling technologies.
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Recent Developments:
The market has seen several key developments, including the launch of innovative recycled textile products and strategic partnerships. For instance, in 2022, Renewcell introduced "Circulose," a biodegradable alternative to viscose rayon made from recycled textile waste. Additionally, Teijin Fibers launched a new recycled polyester fiber entirely derived from PET plastic. These developments highlight the industry's shift towards sustainable materials.
Key Insights on Recycled Textile Market
The recycled nylon segment is projected to grow at the highest CAGR of 5.33% over the forecast period.
The type segment is divided into recycled cotton, recycled wool, recycled polyester, recycled nylon, and others. The recycled nylon segment is projected to grow at the highest CAGR of 5.33% over the forecast period. The recycling of polyester reduced the dependence of the petroleum products for the raw material and also helps to reduce the pollution. Thus, rising recycling of polyester driving the growth of the market.
The post-consumer waste accounted for the major market share of 47.21 % in the year 2023.
The textile waste type segment is divided into pre-consumer and post-consumer waste. The post-consumer waste accounted for the major market share of 47.21 % in the year 2023. The growth is mainly due to many brands are collecting the used clothing from the consumers. Therefore, the growin0g collection of used cloth for recycling purpose, driving the growth of the market.
The apparel segment accounted for the major market share of 61.11% in the year 2023.
The end user segment includes apparel, industrial, home furnishings, non-woven, and others. The apparel segment accounted for the major market share of 61.11% in the year 2023. Increased demand for personalized and low-cost apparels, primarily driving the growth of the market.
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Report Scope and Segmentation –
| Report Coverage | Details |
| Forecast Period | 2024-2033 |
| Forecast CAGR | 3.60% |
| 2023 Value Projection | USD 5.90 billion |
| Market Size in 2033 | USD 8.41 billion |
| Historical Data | 2020-2022 |
| No. of Pages | 225 |
| Segments Covered | by Type, Textile Waste Type, End User |
| Regions Covered | The regions analyzed for the market are Asia Pacific, Europe, South America, North America, and Middle East Africa. Furthermore, the regions are further analyzed at the country level. |
Market Drivers:
1. Environmental Concerns: Growing concerns about the environmental impact of textile waste are a major driver. Recycling textiles reduces waste and the use of virgin materials.
2. Technological Advancements: Continuous innovation in recycling technologies has improved the efficiency and quality of recycled textiles, making them more attractive to manufacturers and consumers.
3. Government Initiatives: Regulations promoting recycling and waste reduction are bolstering market growth, especially in Europe and Asia.
Restraints:
1. High Costs: The cost of recycling textiles remains higher compared to producing new materials, posing a challenge for widespread adoption.
2. Quality Issues: Recycled textiles often face quality issues, such as lower strength and durability compared to virgin fibers, which can deter manufacturers.
3. Complex Recycling Processes: The recycling process for textiles is complex, involving multiple stages such as sorting, cleaning, and fiber separation, which can hinder market growth.
Key Players:
• Khaloom
• Chindi
• Kishco Group
• Anandi Enterprises
• Usha Yarns Ltd.
• Renewcell AB
• Hyosung TNC Co. Ltd.
• Martex Fiber
• Otto Garne
• Leigh Fibers Inc.
Opportunities:
The market presents significant opportunities, especially with the increasing adoption of circular economy practices by leading fashion brands. Innovations in recycling processes and the growing consumer demand for sustainable products are expected to drive further growth. Additionally, partnerships between brands, recyclers, and waste collectors are likely to address existing challenges and streamline operations.
Regional Segmentation Analysis:
• Asia-Pacific: This region dominates the market, holding approximately 45.65% of the global share in 2020. The presence of numerous recycling industries and growing demand for recycled textiles in countries like China and India are key factors.
• Europe: Europe is the fastest-growing region, with a CAGR of 7.5%. The growth is supported by strict environmental regulations and increasing consumer awareness.
• North America, Latin America, Middle East, and Africa: These regions also contribute significantly, with varying degrees of market penetration and growth potential based on local regulations and market conditions.
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