Future Market Insights has walked through these facts with future prospects in its latest market study entitled ‘Textile Recycling Market’. It has its team of analysts and consultants to look through a 360-degree approach in its primary, secondary, and tertiary modes of research.
The textile recycling market is worth US$ 4.8 Billion as of now and is expected to reach US$ 6.6 Billion by 2033 at a CAGR of 3.2% between 2023 and 2033.
Tyton Biosciences has its water-based hydrothermal solution for recycling garments made from polyester, cotton, and polycotton blends. Cotton thus gets segregated from polyester by having it disassembled into monomer components; thereby letting it get re-assembled into a brand new polyester. Tree pulp could also be replaced with MMCFs (Man Made Cellulosic Fibers).
It has been observed that recycled polyamide, as compared to virgin polyamide/nylon, gives lower emissions of carbon dioxide. Patagonia makes use of recycled polyamide in more than 80% of the apparel created by them.
At the same time, the fact that different materials need specialized handling methods can’t be ignored. This factor could restrain the textile recycling market.
Get an overview of market drivers and challenges affecting this industry! https://www.futuremarketinsights.com/reports/sample/rep-gb-17916
“The Government of the US has decided upon increasing awareness amongst consumers regarding recycling of textiles. It did launch an initiative for achieving zero waste by the year 2037 under guidance of the Council of Textile Recycling (CTR)”, says an analyst from Future Market Insights.
Key Takeaways from the Textile Recycling Market
- North America holds the largest market share with the US being subject to growing awareness regarding impact of textile waste on the environment. Various public awareness campaigns are being conducted regarding textile recycling.
- Europe holds the second-largest market share with Germany, France, and the UK opting for something like Sustainable Clothing Action Plan. The government of the UK has put forth the Textile 2030 initiative.
- The Asia-Pacific is expected to grow at a rapid pace in the textile recycling market with South Korea, Japan, and China leading from the front. This is evident from the fact that Hyosung, in May 2021, collaborated with various municipal governments to manufacture nylon fabrics made out of recycled fishing nets. Vegan Tiger has come up with several textiles made out of materials like stickers, gift wraps, and paper.
Competitive Textile Recycling
- Birla Cellulose, in May 2023, entered into collaboration with TextileGenesisTM to provide transparency and traceability solutions in the garments vertical. The orchestrators include Fashion for Good, Canopy, and Circular Fashion Partnership for scaling the circular business model.
- Lenzing Group, in 2023, did announce launching LENZINGTM ECOVERO abreast with REFIBRATM technology that would help it in transiting toward circular economy in textile vertical.
- Circ, in April 2023, entered into collaboration with Zara to launch a womenswear collection made from recycled polyester and Lyocell separated from the mixed residue in the form of textile waste.
- Indorama Ventures Public Company, in June 2020, completed the acquisition of AG Resinas Ltda’s PET recycling facility.
- TRI Group, in May 2022, completed the acquisition of Soex UK to strengthen its presence in Europe.
- Saint-Gobain, in April 2022, announced planning to spend US$ 32 Million toward the upgradation of CertainTeed’s Chowchilla glass wool plant based out of California. It estimates that this upgrade would be curtailing emissions of carbon dioxide by 4000t/yr.
- HYOSUNG TNC, in March 2022, did ink an agreement with TOPTEN to work together to develop high-class eco-friendly products.
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What does the Report state?
- The research study is based on material (cotton, polyester, wool, polyamide, and likewise), source (apparel waste, home furnishing waste, automotive waste, and likewise), and process (mechanical and chemical).
- The textile recycling market is expected to grow with the objective of doing away with the accumulation of textile waste in landfill space.
Segmentation Analysis of the Textile Recycling Market
Material:
- Cotton
- Polyester
- Wool
- Polyamide
- Others
Source:
- Apparel Waste
- Home Furnishing Waste
- Automotive Waste
- Others
Process:
- Mechanical
- Chemical
Region:
- North America
- Latin America
- Western Europe
- Eastern Europe
- South Asia & Pacific
- East Asia
- The Middle East & Africa
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Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5,000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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