BCC Research Projections Show Global Textile Recycling Market Surpassing $11.1 Billion by 2028

The Global Textile Recycling Market is all about giving new life to old clothes and fabrics. Instead of throwing away old clothes or textiles, people can recycle them. This means collecting old clothes, blankets, or curtains, and then turning them into new things. These new things might be new clothes, insulation for buildings, or even cleaning cloths. The market for this recycling is worldwide, and it's growing because more people want to reduce waste and help the environment by recycling their old textiles.

BOSTON, March 19, 2024 /PRNewswire/ -- "According to the latest research study, the demand for Global Textile Recycling Market expected to grow from $8.0 billion in 2023 to $11.1 billion by the end of 2028 at a compound annual growth rate (CAGR) of  7.0% from 2023 through 2028."

The report will provide detailed insights into different aspects of textile recycling, including the types of materials used, the industries that use recycled textiles, how these recycled textiles are distributed, the different kinds of textile waste, and the methods used in textile recycling. The estimated values are based on the total revenues of manufacturers, and the projected revenue values are in constant U.S. dollars without adjustments for inflation. It offers comprehensive information about the textile recycling industry and its users. The global textile recycling market is divided into categories such as material type (polyester, cotton, nylon, wool), process type (chemical and mechanical), textile waste (post-consumer waste and pre-consumer waste), distribution channel (online and offline), end-use (apparel, home furnishing, industrial), and regions including North America, Europe, Asia-Pacific (APAC), and the rest of the world (RoW).

Startup companies are working on automating the chemical textile recycling process and conducting research to make recycled fiber more affordable. This shift toward automation could significantly decrease the cost of recycled fiber, encouraging more textile producers to join the recycling market. Globally, textile producers are increasingly adopting recycling technology due to rising landfill costs. In the Asia-Pacific region, there's a mix of organized and unorganized markets, with many smaller, local companies primarily focused on mechanical textile recycling. Meanwhile, companies in North America and Europe are strategically transitioning from mechanical to chemical processes. Chemical recycling produces purer and higher-quality fiber compared to mechanical methods, driving this shift in strategy.

Discover the potential of the Global Textile Recycling Market. Click here to explore the full research findings and strategic insights.

Key Market Drivers of Global Textile Recycling Market:

1. Increasing Demand for Textile Fiber: More and more people want clothes and fabrics, which means there's a greater need for textile fiber. This demand is going up because people use fiber to make things like clothes, blankets, and curtains. As the demand grows, companies need to make more fiber to keep up with everyone's needs.
2. Government Support for Circular Economy: The government is helping to make things better for the environment by supporting the circular economy. This means they're encouraging ways to reuse and recycle things instead of throwing them away. By supporting the circular economy, the government is helping to reduce waste and protect the planet for the future.

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Report Synopsis        

Segmentation Analysis of Global Textile Recycling Market:

By Material Type: The materials used in textile recycling include polyester, cotton, nylon, wool, and others like alpaca, sisal, and ramie fiber.

By Application Type: The end-uses for recycled textiles include apparel, industrial applications, home furnishing, and other uses such as ropes, packaging materials, and weed-control fabric.

By Process Type: Textile recycling processes include mechanical and chemical methods.

By Distribution Channel Type: Textile recycling is distributed through two main channels: online and offline.

By Textile Waste Type: Textile waste comes in two main types: post-consumer waste and pre-consumer waste.

this report on global textile recycling market provides comprehensive insights and analysis, addressing the following key questions:

1.  What is the projected market size and growth rate of the market?

The global Textile recycling market is projected to grow from $7.4 billion in 2022 to $11.1 billion in 2028 at a compound annual growth rate (CAGR) of 7.0% during the forecast period.

2.  What are the key factors driving the growth of the market?

The key factors driving the growth of the textile recycling market include:

• Increasing demand for textile fiber
• Government support for circular economy

3.  What segments are covered in the market?

The textile recycling market is segmented on the basis of material type, end-use, process, distribution, waste type, and region. By material type, it is segmented into polyester, cotton, nylon, wool, and others; by end-use, the market is segmented into apparel, industrial, home furnishing, and others; by process, the market is segmented into mechanical and chemical; by distribution, the market is segmented into offline channel and online channel; by waste type, the market is segmented into post-consumer waste and pre-consumer waste.

4.  By end-use, which segment will dominate the market by the end of 2028?

The apparel segment will dominate by the end of 2028.

5.  Which region has the highest market share in the market?

Europe holds the highest share of the market. The European Union and European Environment Agency (EEA) designed strict rules for textile landfills. Subsequently, growing research and development activities by European textile companies further create better opportunities for textile recycling companies. The European trade business further creates immense opportunities for textile recycling producers globally.

Some of the Key Market Players Are:

• AMERICAN-RECYCLERS
• ANANDI TEXSTYLES
• BIRLA CELLULOSE
• BOER GROUP
• HYOSUNG TNC
• LEIGH FIBERS
• LENZING AG
• MARTEX FIBER
• OTTO-GARNE
• PATAGONIA INC.
• PISTONI SRL
• PROCOTEX CORP.
• RENEWCELL
• TEXTILE RECYCLING INTERNATIONAL
• UNIFI INC.

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