by The Recycled Textile Market is estimated to be valued at US$ 5.61 Bn in 2023 and is expected to exhibit a CAGR of 5.8% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Recycled textiles are made from post-consumer textile waste like discarded clothing and other textiles which are collected, sorted and processed to make new yarns and fabrics. This helps reduce landfill waste and provides an eco-friendly alternative to conventional textiles. Recycled textiles are used to make clothing, home furnishings and industrial products like insulation, hydroponics, carpet underlay and packaging. Collection and processing of post-consumer textiles into reusable fibers helps close the loop in Circular Economy.
Market Dynamics:
Growing awareness about negative environmental impact of fast fashion and desire for sustainable products is driving demand for recycled textiles. Consumers are willing to pay premium for recycled products made from post-consumer waste like plastic bottles and textiles. Regulations banning landfill of textile waste and mandating minimum recycled content are also fueling demand. However, setting up collection infrastructure and processing recycled fibers on large scale requires heavy investments which is a challenge for industry players.
Segment Analysis
The recycled textile market is segmented into cotton, wool, polyester, nylon, and polypropylene. The cotton segment dominates the market, accounting for over 30% share. This is because cotton is increasingly being recycled owing to its high usage. Cotton fibers can be recycled into insulation materials and recycled cotton maintains the breathability and moisture-wicking properties of virgin cotton.
PEST Analysis
Political: Governments across countries are promoting recycling and waste reduction through policies and regulations. This drives growth of recycled textiles.
Economic: The Recycled Textile Market Share is moderately impacted by economic cycles. However, rising disposal costs of textile waste and landfill regulations provide stable growth opportunities.
Social: Consumers are increasingly concerned about sustainability and environment protection. This increases demand for recycled and upcycled clothing made from recycled textiles.
Technological: Advancements in textile recycling technologies help recover quality fibers from post-consumer textiles. This improves commercial viability of recycled textiles.
Key Takeaways
The global recycled textile market is expected to witness high growth, exhibiting CAGR of 5.8% over the forecast period, due to increasing awareness about environmental impact of textile waste and sustainability initiatives. The Asia Pacific region dominates the market with over 40% share due to presence of major recycling hubs in China and India. China accounts for nearly 30% of global recycled textile production owing to low-cost skilled labor and well established collection infrastructure. Key players operating in the recycled textile market are Unifi, Martex Fiber, I:CO, Renewcell, Lone Star Textiles, Retex Textiles, Leigh Fibers, Prokotex, Santanderina Group, Kirklees Wools. Unifi and I:CO specialize in production of recycled polyester while Martex Fiber focuses on wool and Renewcell on recycled cotton.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
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