Textile Recycling Market New Revenue Pockets
The global textile recycling market size is projected to reach USD 9.4 billion by 2027 from USD 6.9 billion in 2022, at a CAGR of 6.4% during the forecast period. The increasing environmental concern about waste production and rising social awareness about textile recycling is expected to propel the growth of the textile recycling market. In addition, increasing consumer awareness and interest in local brands in recycled materials are likely to drive the market in Asia Pacific.
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Textile recycling is the method of reusing or reprocessing used clothing, fibrous materials, and clothing scraps from manufacturing. Textiles in municipal solid waste are found mainly in discarded clothing, although other sources include furniture, carpets, tires, footwear, and nondurable goods, such as sheets and towels. Lenzing AG (Austria), Birla Cellulose (India), HYOSUNG TNC (South Korea), Unifi, Inc. (US), and Patagonia, Inc. (US) among others are the major players in the market.
Based on material, polyester & polyester fiber is the largest material segment in the textile recycling market. Polyester recycling is gaining momentum due to increasing demand from the apparel industry, where companies have committed to increasing the use of recycled polyester in clothing by replacing normal polyester. The recycled polyester used for textiles is most commonly from PET bottles. Recycled polyester is often used when marketing products as more sustainable.
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Based on textile waste, the textile industry is growing at an enormously high pace due to increasing demands for textile products. Consequently, post-consumer textile wastes are heaping up to a troublesome extent. The disposition of these products often leads to the generation of environmentally hazardous pollutants; for instance, the decomposition of textile waste produces leachate, a potential water pollutant. The eco-unfriendly attributes of current post-consumer textile waste treatment practices necessitate searching for alternative means to manage textile waste.
Asia Pacific is the fastest growing market amongst other regions in the textile recycling market during forecast period, in terms of value. The rising demand from the aging population, increasing government initiatives, growing population, and changing lifestyle are increasing the demand of textile recycling in this region.
Recent Developments in Textile Recycling Market
- In October 2022, Lenzing AG partnered with CISUTAC (Circular and Sustainable Textile and Clothing) a project co-founded by EU. By this partnership, Lenzing AG is focusing on scaling up the production of recycling textile waste.
- In March 2022, HYOSUNG TNC signed an agreement with TOPTEN, to work together for the development of good-quality eco-friendly products. HYOSUNG TNC will supply diverse eco-friendly material using Regen and TOPTEN will introduce a collection of cost-effective, eco-friendly clothes using it, including activewear like Balance.
- In November 2022, Renewcell has collaborated with Eastman, to develop Naia Renew ES yarns derived from circulose, Renewcell’s recycled textile raw material.
- In May 2022, the TRI Group acquired Soex UK, a Gatwick based collector of textiles with operations throughout Britain. This acquisition has strengthened the company’s geographical footprint in Europe.
