Textile Recycling Market Size, Share & Industry Forecast to 2032
According to Fortune Business Insights the global textile recycling market size was valued at USD 5.76 billion in 2023. The market is projected to grow from USD 6.08 billion in 2024 to USD 8.49 billion by 2032 at a CAGR of 4.3% during the forecast period.Textile recycling incorporates discarded or used clothing, apparel, and fibrous material from eco-friendly and reusable products. The increase in the utilization of recycled fiber blends in end-use applications is accelerating market growth. Newly invented recycling processes, including recycled fiber blends and closed-loop recycling, have been opted for by textile recycling companies to reduce the pressure on waste management.
Fortune Business Insights™ provides this information in its research report, titled “Textile Recycling Market, 2025-2032”.
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List of Key Players Mentioned in the Report:
- LENZING AG (Austria)
- Birla Cellulose (India)
- Brandeur (India)
- The WoolMark Company (Australia)
- iinouiio Ltd (England)
- ECOTEX COLLECT (Bulgaria)
- The Boer Group (Netherlands)
- UNIFI, Inc., (U.S.)
- Hyosung Group (South Korea)
- Martex Fiber (U.S.)
Textile Recycling Market Segmentation Analysis:
Polyester & Polyester Fiber Segment Dominated Due to Ease of Recycling
With respect to material type, the market is categorized into nylon & nylon fibers, cotton, polyester & polyester fiber, wool, and others. The polyester & polyester fiber segment registered the largest market share in 2023. The recycling of polyester is easy and it can be used in combination with other materials to produce yarn. This factor is bolstering the polyester & polyester fiber segment growth.
Less Maintenance Cost Incurred by Mechanical Process to Fuel Segment Growth
In terms of process, the market is classified into chemical and mechanical. The mechanical segment captured the largest textile recycling market share in 2023. The mechanical process incurs less running and maintenance costs as compared to other processes. This factor promotes the expansion of the mechanical segment.
Expanding Fashion Industry to Expedite theApparel Waste Segment Expansion
By end-use industry, the market is segregated into home furnishing waste, apparel waste, and others. The apparel waste segment accounted for the largest share in 2023. The flourishing fashion industry has led to a surge in the per capita apparel waste over the past few years, boosting the segment growth.
Based on region, the market is categorized into Latin America, the Middle East & Africa, North America, Europe, and Asia Pacific.
Report Coverage
The competitive strategies deployed by prominent companies to boost their share have been mentioned in the report. Besides this, the report provides a comprehensive coverage of the major factors affecting the market growth. It further highlights the latest trends, COVID-19 pandemic impact, the key industry developments, and restraining factors poised to impede the market growth during the forecast period.
Drivers and Restraints:
Surging Demand for Recycled Textile from End-use Industries to Drive Market Growth
A rise in the demand for recycled textiles from end-use industries drives the textile recycling market growth. The market is observing a gradual surge in the demand for these textiles from construction, fashion, automotive, and other industries. They demonstrate attributes similar to virgin textile fibers, including flexibility, lightweight, and strength.
Competitive Landscape:
Top Players Focus on Partnerships to Inaugurate Large Projects
Capacity expansions, joint ventures, product innovations, mergers, and acquisitions are some of the strategic initiatives undertaken by leading companies to gain a competitive edge. A wide array of companies are adopting partnership strategies to launch mega projects.
Key Industry Development:
May 2023 – LENZING AG and Aritas and Södra, its business partner companies, announced the joint formation of an agreement to release the largest textile recycling project in Austria to handle waste generation from various end-use industries.
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