Recycled Textile Market to Reach USD 10.37 Billion by 2028 | Rising Technological Innovation and Clothing Recycling Initiative in the Textile Industry to Drive Growth, Says The Brainy Insights
NEWARK, N.J., March 21, 2022 /PRNewswire/ -- As per the report published by The Brainy Insights, the global recycled textile market is projected to grow from USD 6.89 billion in 2020 to USD 10.37 billion by 2028, at a CAGR of 6.74% during the forecast period 2021-2028.
The technological innovation in recycled textiles for various processes such as sorting, decontaminating, and processing waste textile is increasing. In addition to this, many vendors are integrating advanced technologies in the equipment used for recycling. Thus, rising technological innovation in the textile industry is driving the market's growth.
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Textile recycling is the process of recovering the material from used clothing or unused textile for reuse. It involves various processes such as donation of clothes, collocation and sorting of cloths, and recycling of clothes. The landfills around the world are almost 6% filled with textile waste. Some of the clothes do not degrade easily and sometimes emit CO2 gas, which is harmful to the environment. Recycling textile offers the benefits such as less demand for dyes, decreased landfill space requirements, and reduced consumption of water and energy.
The global recycled textile market is witnessing rapid growth owing to growing awareness about the harmful impact of textile waste on the environment. In addition to this, the rising demand for low-cost clothing in various countries further boosted the growth of the market. Furthermore, increasing technological innovation in recycling equipment also contributes to the growth of the market. Moreover, many international brands started an initiative to collect the used clothes from the consumers, providing growth opportunities in the market. However, the high cost of operations of textile recycling may hamper the growth of the market over the forecast period.
Textile recycling is done in two ways, and they are post-consumer clothing and pre-consumer clothing. Pre-consumer waste includes scrap created as a byproduct from the textile industry; on the other hand, the post-consumer includes used garments, car upholstery, and other household items. Browse the full report with Table of Contents and List of Figures: https://www.thebrainyinsights.com/report/recycled-textile-market-12566
Major players in the global recycled textile market are Khaloom, Chindi, Kishco Group, Anandi Enterprises, Usha Yarns Ltd., Renewcell AB, Hyosung TNC Co. Ltd., Martex Fiber, Otto Garne, and Leigh Fibers Inc., among others. The key players of the global recycled textile market are majorly focusing on the adoption of various strategies such as new product development, collaboration, technological integration, joint venture, product innovations, mergers & acquisitions, and partnerships to gain a significant market share in the industry.
- In November 2018, Anandi Enterprises announced that the company had introduced the recycling of organic, BCI (Better Cotton Initiative), or recycled yarns.
- In January 2018, Leigh Fibers Inc. announced the plan to acquire the J.E. Herndon Company, a reprocessor of textile fibers and byproducts primarily connected to the cotton industry, to complement our overall product offerings and geographical expansion.
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The recycled polyester dominated the global market and held the largest market share of 40.36% in the year 2020
The type segment is divided into recycled wool, recycled polyester, recycled nylon, recycled cotton, and others. The recycled polyester dominated the global market and held the largest market share of 40.36% in the year 2020. The recycled polyester can be recycled again and again. In addition to this, polyester is durable and chemical resistant. Thus, the high rate of polyester recycling drives the growth of the market.
The pre-consumer segment is anticipated to grow at the highest CAGR of 7.4% over the forecast period
The textile waste type segment is divided into post-consumer waste and pre-consumer. The pre-consumer segment is anticipated to grow at the highest CAGR of 7.4% over the forecast period. The growth is mainly due to the increased recycling of textile byproducts such as yarn and cotton across the globe.
The home furnishing segment is projected to grow at the highest CAGR of 7.1% over the forecast period
The end-user segment includes apparel, home furnishings, industrial, non-woven, and others. The home furnishing segment is projected to grow at the highest CAGR of 7.1% over the forecast period. Increasing demand for various recycled textiles products such as furniture covers, mattresses, and carpets, driving the growth of the home furnishing segment.
Regional Segment Analysis of the Recycled Textile Market
- North America (U.S., Canada, Mexico)
- Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
- Asia-Pacific (China, Japan, India, Rest of APAC)
- South America (Brazil and Rest of South America)
- Middle East and Africa (UAE, South Africa, Rest of MEA)
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The Asia Pacific region emerged as the largest market for the recycled textile market and was valued at USD 2.83 billion in 2020. The growth is mainly due to the presence of many global and local recycling companies in the countries such as India and China. In addition to this, increasing demand for customized apparel from consumers further drives the growth of the market. Moreover, Asia Pacific has the largest population in the world, which generated a large number of waste textiles, which is offering various growth opportunities for the vendors in the market. On the other hand, the Europe region is emerged as the fastest-growing region and growing at a CAGR of 7.5% over the forecast period. About 5% of the total income of European consumers spends on textile, of which 80% spends on clothing and 20% spends on footwear. Thus, high spending on textile resulted in a high amount of textile waste generation, driving the growth of the market in Europe.
About the report:
The global recycled textile market is analyzed on the basis of value (USD Billion). All the segments have been analyzed on a global, regional, and country basis. The study includes an analysis of more than 30 countries for each segment. The report offers an in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining key insight into the market. The study includes porter's five forces model, attractiveness analysis, and competitor position grid analysis.
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