Recycled Textile Market Size to Hit USD 9,365.04 Mn by 2027
November 26, 2021
Recycled textile market to grow at a CAGR of 6.2% during 2020-2027. Europe has become a significant market for the recycled textile.
NEW YORK, UNITED STATES, November 26, 2021 /EINPresswire.com/ -- According to our latest market study on “Recycled Textile Market Forecast to 2027 – COVID-19 Impact and Global Analysis – Type and End-user Industry” the market was valued at US$ 5,855.39 million in 2019 and is projected to reach US$ 9,365.04 million by 2027.
Market Size Value in - US$ 5,855.39 Million in 2019
Market Size Value by - US$ 9,365.04 Million by 2027
Growth rate - CAGR of 6.2% from 2020-2027
Forecast Period - 2020-2027
Base Year - 2020
No. of Pages - 145
No. Tables - 56
No. of Charts & Figures - 68
Historical data available - Yes
Segments covered - Type , End-user Industry and Geography
Regional scope - North America; Europe; Asia Pacific; Latin America; MEA
Country scope - US, UK, Canada, Germany, France, Italy, Australia, Russia, China, Japan, South Korea, Saudi Arabia, Brazil, Argentina
Report coverage - Revenue forecast, company ranking, competitive landscape, growth factors, and trends
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Recycled textile is old clothing or other unused textile that can be recovered for reuse with the help of various recycling techniques. Recycling of textile is done to treat textile waste and reuse the reclaimed fibre across diversified industrial base, which helps to save natural resources and contribute to environment sustainability. In current era, they have significantly contributed to the growth of the textile recycling industry. At present, sustainability has become the need for modern times and everybody is concerned about protecting the environment. Various researches depict that the textile industries are considered to be one of the most pollution generating industry in the world. Recycling of textile is taken to be an environmental friendly practice. The recycled textile is available at lower cost to the customers as they require comparatively less raw materials for their conversion into significant fibres.
Rising concerns related to disposal of textile waste to boost its demand in the global Recycled Textile market
Recycled textile is obtained by converting old and unused clothing textile into new garments or other products such as bags and carpets, by the application of chemicals. Textile is formed by knitting, weaving, knitting, tatting, felting, or braiding. Textile The surge in demand for recycled textile is attributed to the rising environmental concerns towards the detrimental impact of waste incineration, massive industrial discharges from textile mills, and depletion of raw materials including silk, and wool, among others. Textile and apparel retail industries are considered to be one of the fastest-growing industries, which significantly contribute toward the growth of the economy. The move toward global retailing or remote shopping has driven the growth of fashion, textile, and apparel industries, enabling customers to demand for recycled textile products. The growth of automotive industry along with increased focus toward aesthetics of passenger vehicle and increased consumer spending for vehicle appeal are generating the demand for automotive recycled textile products such as seat belt, nylon tyre cord, upholstery, car seat and body covers, automotive carpets, sunvisors/sunblinds, and airbags.
Impact of COVID-19 on Recycled Textile Market:
The COVID-19 pandemic started in Wuhan (China) during December 2019 and has spread across the world at an energetic pace. The US, Brazil, India, Russia, South Africa, Mexico, Spain, and the UKare among the most affected nations in accordance with the number of cases registered as of 24 August 2020.According to the WHO, there are ~23,586,641 affirmed cases and 812,537death cases worldwide. The global chemicals and materials industry is one of the major businesses enduring genuine agitating impacts due to the outbreak of COVID-19. These factors have unimaginably affected the global recycled textile market.
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Recycled Textile Market: Type
Based on type, the recycled textile market is segmented into recycled cotton, recycled wool, recycled polyester, recycled nylon and others. In 2019, the recycled polyester segment led the recycled textile market with the highest market share. Recycled polyester is made using recycled materials such as PET and polyester fabrics. These are the same materials that are used in clear plastic bottles, and recycling them to create fabrics prevents their disposal on landfills. The collected PET bottles are sterilized, dried and crushed to form small chips. These small chips are then heated and passed through a spinneret to produce strings of yarn.
Recycled Textile Market: Competitive Landscape and Key Developments
The major players operating in the global recycled textilesmarket include Anandi Enterprises, Chindi, Khaloom Textiles India Pvt. Ltd., Kishco Group, Usha Yarns Limited, Hyosung Corporation, Leigh Fibers Inc., Martex Fiber Southern Corporation, Renewcell AB and Boer Groupamong others. These key players in the market are focused on new and improved product offerings so that it could meet out the demand for specific end-use industries in the market, which is further expected to boost this market.
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