Global Recycled Textile Market to Grow at a CAGR of 2.8% During 2024-2032, Aided by Growing Demand for Recycled Textile in the Retail Sector

The market is being aided by the growing utilisation of recycled textiles in the retail sector owing to the surging focus on sustainability. As the rising popularity of fast fashion is significantly surging textile waste, various leading retailers such as H&M and M&S, among others, are utilising recycled textiles to meet evolving consumer demands for sustainable apparel. Moreover, the introduction of favourable initiatives by governments and organisations to boost the use of recycled textiles in various end-use sectors is fuelling the market growth. For instance, in March 2022, Niti Aayog had started reviewing policies and regulations in the textile and apparel industry to encourage the move towards circular economy in India. This move is aligned with EU’s new Circular Economy Action Plan, 2020, which has textiles as part of the core product value chains, and is expected to address several sustainability challenges. Further, the development of innovative facilities for sustainable and carbon-efficient manufacturing of recycled textiles is also anticipated to drive the growth of the market.

With the growing issue of post-consumer textile waste, leading companies are increasingly initiating research activities to develop innovative methods for recycling of post-consumer textiles, which is likely to provide lucrative growth opportunities to the market in the forecast period. The development of innovative recycled textiles by the leading companies is significantly contributing to the growth of the market. For instance, Hyosung Corporation (KRX: 004800), one of the major companies in the market, collaborated with Busan Metropolitan Government and Netspa in May 2021. Under this, the company would produce recycled nylon fibre “Mipan Regan Ocean” from fishing nets. The agreement also paves the way for stabilised production of recycled nylon fibre by resolving issues with the collection of waste fishing nets. Moreover, the company expanded its investment in depolymerisation facilities to improve the purity of raw materials. This would also increase its production of nylon fibre to 150 tonnes per month.

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Market Analysis by Type, End Use, and Region:

• The market, on the basis of type, can be divided into recycled cotton, recycled wool, recycled polyester, and recycled nylon, among others.

• By end use, the market is classified into automotive, retail, mining, and building and construction, among others.

• The regional markets for recycled textile include North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

Key Findings of the Report:

• The growing awareness regarding extensive waste generation from virgin textiles is boosting the demand for recycled textiles, hence driving the growth of the market.

• The market is being fuelled by the growing cost-effectiveness of recycled textiles, which, in turn, is increasing their utilisation in various end-use sectors.

• The rising use of recycled textiles in the automotive sector to boost the aesthetic appearance of automobiles is augmenting the growth of the market.

• The development of innovative methods to manufacture recycled textiles with enhanced properties is providing impetus to the market.

Key Offerings of the Report:

• The EMR report gives an overview of the global market for recycled textile for the periods (2018-2023) and (2024-2032).

• The report also offers the historical (2018-2023) and forecast (2024-2032) markets for the types, end uses, and major regions of recycled textile.

• The report analyses the market dynamics, covering the key demand and price indicators in the market, along with an assessment of the SWOT and Porter’s Five Forces models.

The major players in the global recycled textile market are Leigh Fibers Inc., Evrnu Technologies, Martex Fiber, Re:NewCell AB, Boer Group, and Khaloom Textiles India Pvt. Ltd., among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.

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