The global recycled textile market was valued at US$ 5,855. 39 million in 2019 and is projected to reach US$ 9,365. 04 million by 2027; it is expected to grow at a CAGR of 6. 2% during the forecast period 2020-2027.
New York, Sept. 15, 2020 (GLOBE NEWSWIRE) — Reportlinker.com announces the release of the report “Recycled Textile Market Forecast to 2027 – COVID-19 Impact and Global Analysis by Type, End-user Industry and Geography” – https://www.reportlinker.com/p05967904/?utm_source=GNW
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.
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.
The yarn is wounded up in spools. The fiber is then made to pass through a crimping machine for the creation of fully woolly texture. The yarn is finally baled, dyed, and knitted into polyester fabric. The process of converting PET into recycled polyester requires less energy compared to normal polyester. The use of recycled polyester reduced the dependence on petroleum as a raw material used in the production of fabric. The garments manufactured from recycled polyester can be reprocessed multiple times with no degradation in quality, thus minimizing the wastage. At present, the closed-loop manufacturing processes are being adopted by various manufacturers, who refine old polyester into raw material for garments.
Geographically, the recycled textile market is segmented into North America, Europe, AsiaPacific (APAC), South America, and Middle East and Africa (MEA).In 2019, Asia Pacific held the largest share of the global recycled textile market, followed by North America and Europe.
Adoption of western culture in developing countries of Asia Pacific region is anticipated to propel the growth of textile market during the forecast period.Additionally, increasing awareness about the comfort and benefits of the stylish home textile will also contribute to the market growth.
China’s huge population coupled with rising textile and clothing consumption per capita offers a lucrative opportunity for the recycled textile market.The top goods exported to China mainly contain of yarns and fiber.
Shanghai, Guangdong Province, Zhejiang Province, Nantong in Jiangsu Province, and Shandong province are the major industrial clusters in China, where the manufacturers are focused on manufacturing and recycling of the textile materials. Moreover, several other potential application areas such as automotive, healthcare, and sport are also generating tremendous demand for recycled textile materials.
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. COVID-19 has affected economies and undertakings due to lockdowns, travel bans, and business shutdowns. The global chemicals and materialsindustry 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.
Anandi Enterprises, Chindi, Khaloom Textile India Pvt. Ltd., Kishco Group, Usha Yarns Limited, Hyosung Corporation, Leigh Fibers Inc., Martex Fiber Southern Corporation, Renewcell AB, and Boer Group are among the major players in the global recycled textile market.
The overall global recycled textile market size has been derived in accordance with to both primary and secondary sources.To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market.
Also, multiple primary interviews have been conducted with industry participants and commentators to validate the data, as well as to gain more analytical insights into the topic. The participants typically involved in this process include industry experts such as VPs, business development managers, market intelligence managers, and national sales managers along with external consultants such as valuation experts, research analysts, and key opinion leaders specializing in the global recycled textile market.
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