The Recycled Textile Market Is Estimated To Witness High Growth Owing To Growing Environmental Concerns
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 materials that are produced from recovered pre- and post-consumer textiles. Recycled textile products include clothing, home furnishings, and various industrial products such as wiping cloths and rags. The use of recycled textile helps in reducing pollution, conserving energy and resources, reducing greenhouse gas emissions and supporting sustainable development. With growing awareness about environmental issues caused by dumping textile waste, demand for recycled textiles is witnessing robust growth from various end-use industries like clothing, home furnishing and industrial.
Market Dynamics:
Major growth drivers for recycled textile market include growing environmental concerns around dumping of textile waste and significant energy savings achieved through recycling. It is estimated that recycling saves around 60% of the energy used in producing new textiles from raw materials. Also, recycling reduces greenhouse gas emissions by around 70% vis-a-vis manufacturing new textiles. Further, changes in consumer preferences towards sustainable fashion is driving many brands to shift towards recycled and upcycled textiles in their product lines. The other major driver is strict regulations on textile waste dumping in many countries which is enforcing stakeholders to invest more in recycling infrastructure and technologies.
SWOT Analysis
Strength: The recycled textile market has strong growth potential due to increasing environmental awareness. Recycled textiles help reduce landfill waste and carbon footprint. They are more sustainable and cost effective than production of new textiles.
Weakness: Collection and sorting of used textiles for recycling is a complex process. It requires high investments and specialized machinery. The quality of recycled fibers is generally lower than virgin fibers.
Opportunity: There is a growing demand for eco-friendly products globally. Promoting recycled textiles can help companies tap into the green consumer market. Technological advancements are enabling improved recycling processes.
Threats: Fluctuations in cotton and polyester prices affect the demand-supply dynamics of recycled textiles. Growing penetration of fast fashion trends reduces scope for textile recycling.
Key Takeaways:
The global Recycled Textile Market Share is expected to witness high growth, exhibiting a CAGR of 5.8% over the forecast period, due to increasing environmental awareness among consumers. Growing concerns about waste reduction and reusable resources are driving the demand for recycled textiles.
Regional analysis: North America dominated the global market in 2023, accounting for over 30% of the total recycled textile demand. Stringent regulations regarding waste disposal and presence of major recycled textile companies have aided market growth. Asia Pacific is expected to be the fastest growing market exhibiting a CAGR of around 7% during the forecast period. Countries like India, China, and Japan are generating huge amount of post-consumer textile waste annually.
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. These companies are focusing on expanding their collection and recycling infrastructure to cater to the growing demand for sustainable fibers globally. Large firms are also collaborating with brand owners to close textile loops and boost recycled fiber adoption.
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