In terms of revenue, the Global Textile Recycling Market is expected to reach USD 9.9 Billion by 2030, growing at a CAGR (Compound Annual Growth Rate) of 6.2% from 2023 to 2030.
The Textile Recycling market is experiencing significant growth due to various factors. One of the main drivers is increasing consumer awareness of the textile industry's environmental impact. As consumers become more conscious of the need to reduce waste and carbon emissions, they seek sustainable options for clothing and textiles. Another factor fuelling the growth of the market is government regulations and initiatives to reduce waste and promote sustainability. Many countries have implemented policies encouraging recycling and reducing textile waste, such as extended producer responsibility and recycling targets.
The advancements in recycling technology have made it easier and more cost-effective to recycle textiles. In addition, new methods such as chemical recycling and mechanical recycling have expanded the range of materials that can be recycled and have made the process more efficient. Overall, the market is expected to continue growing in the coming years as more consumers, businesses, and governments prioritize sustainability and seek out environmentally friendly options for textile production and consumption.
Key Highlights from the Report
· Based on Material, the global Textile Recycling market is projected to be dominated by the segmental growth of Cotton throughout the anticipated time frame because of the increased demand and consumption.
· Based on Source, the Apparel Waste segment accounted for the maximum CAGR during the forecast period. Clothing damage, clothing discarded after purchase, shoes, and surplus fabric from garment producers are all examples of apparel waste.
· Regarding Region, Asia Pacific held the major market share in 2022 and is anticipated to be the most gainful market in the forecast period. Germany, France, Italy, Belgium, the Czech Republic, and Poland have Asia Pacific's largest recycling markets.
The Textile Recycling market is a rapidly growing industry driven by several prominent market trends. One noticeable trend is the increasing demand for sustainable textile production and consumption. With the rise in consumer consciousness, people are seeking products made from recycled materials, including textiles. This trend is being reinforced by government regulations and initiatives aimed at reducing waste and promoting sustainability. Another key trend in the Textile Recycling market is developing new technologies that make Textile Recycling more efficient and cost-effective. Innovations such as chemical recycling and mechanical recycling are widening the range of materials that can be recycled and making the process more efficient. In addition, developments in sorting technology are making it easier to identify and separate different types of textiles, further improving the efficiency of recycling processes.
While the market is experiencing significant growth, several restraints are affecting the industry. One of the main restraints is the need for more infrastructure for Textile Recycling in many parts of the world. As a result, while the market grows, many regions still need more facilities and resources to support a robust Textile Recycling industry. Despite these challenges, many opportunities exist in the market. The growing demand for sustainable products creates opportunities for companies specializing in Textile Recycling, and there is significant potential for growth in emerging markets. In addition, technological advances are creating new opportunities for companies to develop innovative recycling processes and products.
Overall, the market is a dynamic and rapidly evolving industry driven by a combination of market trends, drivers, restraints, and opportunities. While there are challenges to overcome, the industry is poised for continued growth and expansion in the coming years as more consumers, businesses, and governments prioritize sustainability and seek out environmentally friendly options for textile production and consumption.
During this period, Asia Pacific is anticipated to dominate the worldwide Textile Recycling market. The issue of waste management is brought up by the fact that European countries typically have a higher quality of living and spend more money on clothing and fashion. As a result, the collection rate of waste is more elevated in European countries, according to World Bank statistics on solid waste management trends. Germany, Italy, France, Belgium, the Czech Republic, and Poland are the continent's top recyclers. In addition, Italy is renowned as the capital of Textile Recycling and the world's leading location.
The Global Textile Recycling Market is Segmented as follows
List of the Key Players of the Global Textile Recycling Market is
Worn Again Technologies (UK), Lenzing Group (Austria), Birla Cellulose (India), BLS Ecotech (India), Ecotex Group (Germany), The Boer Group (Germany), Unifi Inc. (U.S.), Textile Recycling International (UK), Hyosung Group (South Korea), Martex Fiber (U.S.), Re NewCell (Sweden)
The Global Textile Recycling Market Scope can be Tabulated as below
|Market Size Provided for Years||2017 - 2030|
|Historic Years||2017 - 2021|
|Forecast Years||2023 - 2030|
|Regions & Counties Covered||
|Report Coverage||Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, technology landscape, patent analysis, market attractiveness analysis by segments and North America, company market share analysis, and COVID-19 impact analysis|