Textile Recycling Market Worth $5,962.7 Million by 2030: Grand View Research, Inc.
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07 Jun, 2023, 05:40 ET
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SAN FRANCISCO, June 7, 2023 /PRNewswire/ -- 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.
Key Industry Insights & Findings from the report:
Read 150-page market research report, "Textile Recycling Market Size, Share & Trends Analysis Report By Material (Cotton, Polyester, Wool, Polyamide), By Source (Apparel Waste), By Process (Mechanical), By Region, And Segment Forecasts, 2023 - 2030", published by Grand View Research.
Textile Recycling Market Growth & Trends
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.
Low economic viability, low quality of the recycled product, non-accessibility of the recyclable material, and technological constraints are some of the restraining factors of the market growth. However, with government initiatives, and increasing expenditure on R&D, these challenges are likely to be vanquished. Furthermore, the fashion industry, due to its expanding production and demand, contributes significantly to the environmental problem. The proactive attempts to build a more environmentally friendly method through textile recycling have become the preferred solution. This urgent and significant need to find inexpensive and effective recycling solutions for textile waste has led to the development of numerous recycling technologies by the research community.
Key companies are strategizing to increase revenue generation, with a focus on R&D, mergers & acquisitions, and geographic expansion. For instance, in May 2023, the Lenzing Group achieved a circular future in partnership with several partners. Companies based in Austria have joined forces with not-for-profit organizations, including Lenzing's sorting & logistics partner Altstoff Recycling Austria AG, as well as the Swedish pulp producer Södra to collect used clothing textiles for reprocessing to produce pulp and, finally, new viscose fibers and lyocell. Furthermore, in May 2022, Textile Recycling International acquired its competitor, Germany-based Soex Group, which helped the company to increase its presence across Europe.
Textile Recycling Market Segmentation
Grand View Research has segmented the global textile recycling market based on material, source, process, and region
Textile Recycling Market - Material Outlook (Revenue, USD Million, 2018 - 2030)
Textile Recycling Market - Source Outlook (Revenue, USD Million, 2018 - 2030)
Textile Recycling Market - Process Outlook (Revenue, USD Million, 2018 - 2030)
Textile Recycling Market - Regional Outlook (Revenue, USD Million, 2018 - 2030)
List of Key Players in the Textile Recycling Market
Check out more market research studies published by Grand View Research:
Browse through Grand View Research's Advanced Interior Materials Industry Research Reports.
About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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