iCrowd Newswire – Jul 17, 2020
The Global Recycled Textile Market is estimated to grow at a CAGR of 5.2% during the forecast period 2019-2026. As per the detailed market study, the recycled textile industry was valued at $5.3 billion in the year 2018 and is projected to reach $8.0 billion by the end of the year 2026.
Recycled textiles are obtained after recovering and recycling waste fibrous materials and old clothing. Recyclable textiles are majorly collected from municipal solid waste (MSW) such as old and waste clothing and other sources such as footwear, tires, furniture, carpets and non-durable goods such as towels and sheets.
Recycling textile waste include various ways such as chemical recycling, mechanical recycling and others. Recycling process such as yarning, spinning, re-dyeing, decolouring, threading and waste sorting, depends upon the type of textile. The benefits of recycled textile include economic and environmental benefits such as reducing over pressure on virgin resources such as cotton and wool which also helps in minimizing the pollution and reducing the consumption of water and energy.
The global recycled textile industry is driven by various growth factors such as increase in recycling activities and growth in demand of recycled textile from various sectors such as building & construction, automotive and retail. Furthermore, lower cost of recycled products as compared to new products also adds up to market growth. Whereas, increased processed cost of textile waste may hamper the market growth. On the contrary, continuous development of recycling technologies will offer lucrative opportunities for the market players operating in the global recycled textile industry.
Segmentation Overview of the Global Recycled Textile Market
The global recycled textile market is segmented on the basis of type segment and end-use industry segment. These major market segments are further categorized into various sub-segments to study the market in detail. The segmentation analysis includes various market determinants and geographical dynamics for 360-degree market study.
The Type Segment of the Global Recycled Textile Market is Sub-Segmented into:
- Recycled Nylon
- Recycled Polyester
- Recycled Wool
- Recycled Cotton
The End-User Industry Segment of the Global Recycled Textile Market is Sub-Segmented into:
- Building & Construction
Competitive Landscape of the Global Recycled Textile Market
Leigh Fibers Inc., Otto Garne, Martex Fiber, Hyosung TNC Co. Ltd., Renewcell AB, Usha Yarns Ltd., Anandi Enterprises, Kishco Group, Chindi and Khaloom are some major players included in the research study of the global recycled textile market.
Geographical Overview of the Global Recycled Textile Market
The North America recycled textile market is anticipated to grow at the fastest growth rate with a CAGR of 5.8% during the forecast period 2019-2026. The regional market growth is attributed to organizations actively participating in re-using or recycling the waste clothing. Similarly, the Asia-Pacific recycled textile market accounted for the highest market share in the year 2018 in terms of market revenue with nearly 1/3rd of the market share in the global marketplace. The region is estimated to hold the dominance over the forecast period, owing to increasing demand of recycled textile products in developing countries such as Australia, South Korea and India.
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Keywords: Recycled Textile Market