Textile Recycling Market Overview:
Textile
Recycling Market size is estimated to reach $6.2 billion by 2030, growing at a
CAGR of 4.3% during the forecast period 2023-2030. Rising environmental
concerns regarding the negative impact of massive industrial releases from
textile mills, incineration of waste and depletion of raw materials (e.g. silk
and wool) are propelling the Textile Recycling Market growth.
Additionally,
the increasing production of polyester and synthetic fabrics is leading to the
rising levels of greenhouse gas emission. According to a report published by
International Labour Organization, the textile and garment sector accounts for
1.7 billion tonnes in carbon emissions per year. In order to combat that issue,
more and more companies are coming forward with textile recycling initiatives.
These factors positively influence the Textile Recycling industry outlook
during the forecast period.
Market Snapshot:
Textile Recycling Market - Report Coverage:
The “Textile Recycling Market Report - Forecast
(2023-2030)” by IndustryARC, covers an in-depth analysis of the following
segments in the Textile Recycling Market.
COVID-19 / Ukraine Crisis - Impact Analysis:
●
The textile industry suffered significantly due
to the COVID-19 pandemic. Due to the lack of infrastructure and labor force, a
complete disruption in the supply chain and several other issues affected the
functioning of the textile industry negatively. This shook the stability of the
textile and apparel sector.
●
The Russia-Ukraine war has caused several economic and other
restrictions, which has resulted in a decline in the sale of textiles and
clothing to Russia and a few other countries in Eastern Europe. Lack of sales
has led to a lack of textile waste generation, causing a negative impact on the
Textile Recycling Market.
Key Takeaways:
●
Fastest
Growth of Europe Region
Geographically,
in the global Textile Recycling market share, Europe is analyzed to grow with
the highest CAGR of 5.1% during the forecast period 2023-2030. Some of the
largest markets for recycled apparel are Italy, Germany, France, Poland,
Belgium and the Czech Republic. Italy is the most widely-known hub for textile
recycling and more than a hundred companies have joined the Italian Textile and
Recycling Association (Prato, Italy). Here, traditionally old rugs and clothes
are collected from different parts of the world and turned into yarn. Such
initiatives are likely to boost the growth of Textile Recycling Market in the
region during the forecast period.
●
Post-consumer
Textile Segment to Register the Fastest Growth
In the
Textile Recycling Market analysis, the post-consumer segment is estimated to
grow with the highest CAGR of 4.8% during the forecast period. The average
lifespan of a new garment has fallen significantly in the last couple of
decades, which has led to more waste production from the textile industry. With the increasing amount of post-consumer textile waste,
there is a growing need to recycle and reuse those wastes for a more
sustainable world.
●
Cotton
Recycling Segment is Leading the Market
According
to the Textile Recycling Market forecast, the cotton recycling segment held the
largest market share of 54.1% in 2022. In 2021-2022, the global cotton
production was estimated at 25.89 million tonnes, according to a report by the
Indian Ministry of Textiles. The high demand and consumption of cotton in
clothing and other textiles lead to a significant amount of textile waste. Due
to the large amount of cotton waste (both pre-consumer and post-consumer),
companies involved in textile recycling are focusing on cotton recycling more.
●
Rising Awareness Regarding
Sustainability:
Textile brands are now more
aware of sustainability and are making conscious choices to use responsibly
sourced materials. This includes more use of recycled materials. While the
textile industry is responsible for contributing heavily to environment
pollution and the rising levels of greenhouse gasses, textile recycling is set
to reduce the carbon footprint generated from the textile industry itself.
●
Growing
Popularity of Fast Fashion may Hinder the Market Growth
Fast
fashion has become a major trend in the textile and apparel sector right now,
as it offers mass production of fashionable clothes at a low price. However, it
negatively impacts the environment and is often criticized for its unethical
practices during the production phase. With the dropping price of clothing,
fast fashion is becoming a frequent choice for customers, which may hinder the
growth of the Textile Recycling Market during the forecast period.
Textile Recycling Market Share (%) By Region,
2022
Key Market Players:
Product/Service
launches, approvals, patents and events, acquisitions, partnerships and
collaborations are key strategies adopted by players in the Textile Recycling
Market. The top 10 companies in this industry are listed below:
- Lenzing Ag (Tencel, EcoVero)
- Anandhi Texstyles Private Limited (RECCA, Ecelate)
- Hyosung TNC Corporation (creora®, regen®)
- Boer Group (Frankenhuis, MOOT)
- Birla Cellulose (Birla Excel, Livae
- Patagonia, Inc. (Responsilibili-Tee, Better Sweater)
- Unifi
Inc. (Repreve, A.M.Y.®)
- Gebr. Otto Baumwollfeinzwirnerei GmbH + Co. Kg (recot²®,
Piumafil)
- Leigh Fibers, Inc. (SafeLeigh, QuietLeigh)
- Textile Recycling International (Wilcox, CTR)
Scope of Report:
The Textile Recycling Market is projected to grow at 4.3% CAGR during the forecast period 2023-2030.
Global Textile Recycling Market size is estimated to be $4.6 billion in 2023 and is projected to reach $6.2 billion by 2030.
The leading players in the Textile Recycling Market are Lenzing Ag, Anandhi Texstyles Private Limited, Hyosung TNC Corporation, Boer Group, Birla Cellulose, Patagonia, Inc., Unifi Inc., Gebr. Otto Baumwollfeinzwirnerei GmbH + Co. Kg, Leigh Fibers, Inc. and Textile Recycling International.
It is the rising awareness of the brands is more likely to create new opportunities for the Textile Recycling Market in the future. The growing trend of using sustainable products and more responsibly sourced materials are shaping the market in the near future.
Textile production and consumption have a major impact on the environment and the climate. It is one of the major reasons for the rising levels of greenhouse gasses in the environment. This rising concern regarding the well-being of the planet is fueling the growth of the Textile Recycling Market during the forecast period.