According to a new report published by Allied Market Research titled,“Recycled Textile Market by Type, and End-Use Industry: Opportunity Analysis and Industry Forecast, 2019–2026,” the Global Recycled Textile market size was valued at $5.3 billion in 2018 and is anticipated to generate $8.0 billion by 2026. The market is projected to experience growth at a CAGR of 5.2% from 2019 to 2026.
Recycled textiles are obtained from recycling and recovering old clothing and waste/residual fibrous materials. They are mostly generated from sources such as tires, carpets, furniture, footwear, non-durable goods (sheets and towels), and others. The old clothing and fabrics are processed through various technologies into new products. Consumption of recycled textiles offers both environmental and economic benefits such as less pressure on raw resources like wool and cotton, reduced pollution, and less water & energy consumption.
The global recycled textile market is consolidated in nature. Many corporations are focusing on reduction in carbon emissions through recycling old fabrics and waste fabrics and materials. The increase in recycling activities from such corporations fosters the growth of the market. Moreover, rise in demand from several end use sectors such as garments, fabrics, and automotive also drives the growth of the market. Furthermore, the low cost involved in recycling products compared to new products is also expected to boost the recycled textile market growth. However, increase in processing cost is expected to hamper the market growth. Moreover, low-quality job offerings are expected to hinder the growth of the overall recycled textile industry. Meanwhile, the technological development in recycling processes may offer lucrative growth opportunities for the recycled textile market.
The global recycled textile market is segmented on the basis of type, end-user industry, and region. Depending on type, it is segmented into recycled cotton, recycled wool, recycled polyester, recycled nylon, and others. Recycled polyester dominated the market share in terms of revenue while recycled nylon is expected to grow at higher CAGR. By end-user industry, it is divided into automotive, retail, mining, building & construction, and others. Retail segment garnered the highest market share, while automotive segment is expected to grow fastest during the forecast period. Region-wise, recycled textile market analysis is done across North America, Europe, Asia-Pacific, and LAMEA (Latin America, Middle East, and Africa). Asia-Pacific dominated the market share, while North America is Projected to grow at higher CAGR.
The key operating players in the 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.
Key findings of the study
- Global recycled textile market size is provided in terms of revenue
- North America is projected to grow at the highest CAGR of approximately 5.8%, in terms of revenue, during the forecast period
- By type, the recycled polyester segment is anticipated to grow with CAGR 4.9%, in terms of revenue, during the forecast period
- The Asia-Pacific and North America dominated the recycled textile market share of over 35.9% and 29.7% in 2018
- A comprehensive analysis of the factors that drive and restrain the recycled textile market growth is provided
- The qualitative data in this report aims at the recycled textile market trends, dynamics, and developments in the recycled textile industry
- The recycled textile market forecast and estimations are based on factors impacting the market growth