The global textilerecycling market size was valued at USD 5.76 billion in 2023. The marketis expected to expand from USD 6.08 billion in 2024 toUSD 8.49 billion by 2032, exhibiting a CAGR of 4.3% over the studyperiod.
Textile recycling incorporates discarded orused clothing, apparel, and fibrous material from eco-friendly and reusable
products. The increase in the utilization of recycled fiber blends in end-use
applications is accelerating market growth. Newly invented recycling processes,
including recycled fiber blends and closed-loop recycling, have been opted for
by textile recycling companies to reduce the pressure on waste management.
Fortune Business Insights™ provides this information in its research report,titled “Textile Recycling Market,2024-2032”.
Segmentation:
Polyester & Polyester FiberSegment Dominated Due to Ease of Recycling
With respect to material type, the market iscategorized into nylon & nylon fibers, cotton, polyester & polyester
fiber, wool, and others. The polyester & polyester fiber segment registered
the largest market share in 2023. The recycling of polyester is easy and it can
be used in combination with other materials to produce yarn. This factor is
bolstering the polyester & polyester fiber segment growth.
Report Coverage
The competitive strategies deployedby prominent companies to boost their share have been mentioned in the report. Besides
this, the report provides a comprehensive coverage of the major factors
affecting the market growth. It further highlights the latest trends, COVID-19
pandemic impact, the key industry developments, and restraining factors poised
to impede the market growth during the forecast period.
Drivers and Restraints:
Surging Demand for Recycled Textilefrom End-use Industries to Drive Market Growth
A rise in the demand for recycled textilesfrom end-use industries drives the textile recycling market growth. The market
is observing a gradual surge in the demand for these textiles from
construction, fashion, automotive, and other industries. They demonstrate
attributes similar to virgin textile fibers, including flexibility,
lightweight, and strength.
Regional Insights:
Asia PacificDominated Due to Surging Number of Textile Recycling Projects
Asia Pacific captured the largestshare in 2023 on the back of the increasing number of textile recycling
projects in the region due to the substantial amount of waste generated by
China and India.
