Textile Recycling Market Is Likely To Witness Huge Growth

Posted 2024-10-01 07:16:30

Textile Recycling Industry

The global textile recycling market size is expected to reach USD 5,962.7 million by 2030, expanding at a CAGR of 3.2% from 2023 to 2030, according to a new report by Grand View Research, Inc. Factors such as the growing demand for recycled products coupled with rising environmental awareness regarding textile disposal are expected to boost the demand for textile recycling during the forecast period.

According to the Centre for the Promotion of Imports from Developing Countries (CBI), the global textile industry was valued at USD 904.13 billion in the year 2021, which includes clothing as well as furniture, mattress material, linens, drapes, cleaning materials, and recreational equipment, among other products. Globally, nearly 80 billion pieces of clothing are made annually. The average person purchases 60% more articles of clothes annually and uses them for around half as long as they did fifteen years ago, generating enormous amounts of textile waste. These aforementioned factors are expected to drive the demand for the textile recycling industry.

Concerns about the impact of incineration and landfill activities on textile disposal are likely to push companies and governments to look for more sustainable and environmentally friendly ways to dispose of textile waste. This is predicted to have a favorable impact on global demand for recycling operations, particularly in developing economies, and to drive market expansion over the forecast period.

Emerging new players in the market are also likely to propel the growth of the market, coupled with rising environmental awareness regarding textile disposal and recycling. For instance, Uniqlo stepped up with new initiatives to solve the rising garment waste production. The company initiated the program Re. Uniqlo, to create the ultimate recycling model in the company’s supply chain.Furthermore, in April 2022, Lenzing AG launched the Tree Climate fabric collection for sustainable outdoor apparel. It features a wide range of mid, base, and outer-layer fabrics, each with a unique set of inherent performance characteristics for outdoor applications.

Gather more insights about the market drivers, restrains and growth of the Global Textile Recycling market

Textile Recycling Market Segments Highlights:

The polyester segment accounted for 11.6% of the global revenue in 2022. The increasing initiatives and programs to recycle polyester to mitigate land pollution are driving the demand. Moreover, compared to virgin polyester, recycled polyester has a smaller carbon impact, according to the Sustainable Apparel Coalition's Higg Material Sustainability Index. Furthermore, each kilogram of mechanically recycled polyester results in a reduction of approximately 70% in greenhouse gas emissions
The apparel waste segment is expected to witness a CAGR of 3.6% over the forecast period owing to increasing waste management, sorting, and recycling activities. The expansion of donation bin services for used clothes and footwear is also driving growth. For instance, H&M accepts textiles from any brand, old or new, and sends them to the nearest recycling plant. Customers receive a discount card for 15% off their next in-store purchase for every bag of textiles they drop off
The mechanical segment accounted for 70.8% of the global revenue in 2022, which is attributed to the large number of recyclers operating with the mechanical recycling process and well-established processes for various materials. Furthermore, mechanical recycling technologies are the topmost CO₂friendly, with a potential reduction of 60%- 90% among all fiber types on spun fiber levels
Asia Pacific is anticipated to grow at a CAGR of 3.8% over the forecast period. The demand for textile recycling activities is anticipated to increase in this region over the forecast period owing to rising concerns regarding the environmental impact of textile waste, increasing government initiatives for textile waste management, and ongoing development of innovative technologies for textile recycling. For instance, in May 2021, Hyosung Group, a South Korea-based manufacturer of fibers, signed a memorandum of understanding (MoU) with the municipal government of Ulsan City of the country for nylon recycling from fishing nets
In September 2022, in Sundsvall, Sweden, the company opened the world's first 100% textile-to-textile recycling facility. The company anticipates that the entire process line will be running by September 2022. The capacity is anticipated to be 60,000 metric tons during the first half of 2022 and double by 2024

Browse through Grand View Research's Advanced Interior Materials Industry Research Reports.

The global nylon market size was estimated at USD 34.39 billion in 2023 and is projected to grow at a compound annual growth rate (CAGR) of 6.5% from 2024 to 2030.
The global polyamide market size was valued at USD 33.30 billion in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 6.2% from 2021 to 2028.

Segments Covered in the Report

Grand View Research has segmented the global textile recycling market based on material, source, process, and region:

Textile Recycling Material Outlook (Revenue, USD Million, 2018 - 2030)