Textile Recycling Market To Reach USD 11.9 Billion By 2032, Says DataHorizzon Research
The textile recycling market size valued at USD 6.8 Billion in 2022 and is anticipated to reach USD 11.9 Billion by 2032 at a CAGR of 5.9%.
Fort Collins, Colorado, May 01, 2024 (GLOBE NEWSWIRE) --*Demand for fast fashion propels the textile recycling industry.*
The rising emphasis on sustainability is a pivotal driver propelling market expansion. The detrimental effects of fast fashion trends and disposable clothing on the environment are profound. As highlighted by the UN Environmental Programme, the prevalence of fast fashion has led to garments being worn fewer than three times before disposal, resulting in a staggering accumulation of textile waste that urgently necessitates recycling for environmental preservation.
Furthermore, the adverse environmental impacts stemming from apparel production, including land and water pollution and CO2 emissions, are fueling the growing demand for sustainable alternatives. Earth.org reports that the United States generates approximately 37kg of textile waste per capita annually, underscoring the magnitude of the issue.
A significant driver behind the growth of the *textile recycling market* is the mounting volume of textile waste, alongside a growing imperative for sustainability. Textile recycling involves retrieving fibers and yarn from discarded textiles to repurpose them into valuable products. Governments worldwide are taking proactive measures, including textile recycling initiatives, to address the escalating challenges of waste accumulation. An illustrative example is the implementation of blue bins for textile waste collection at Residential Drop-off Centers in Baltimore City, a move initiated in September 2023.
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*Segmentation Overview:*
*The textile recycling market has been segmented into material, textile waste sources, recycling process, end-use, and region.*
*Apparel accounted for a significant market share in 2023.*
· Based on end-use, the textile recycling market has been segmented as apparel, home furnishings, and industrial & institutional. The apparel segment accounted for the greater market share in 2023. A massive amount of fashion waste is generated annually and in landfills.
*Cotton is the leading material for 2023 in the textile recycling industry.*
· Based on material, the textile recycling market segmentation includes cotton, polyester & polyester fiber, wool, and nylon & nylon fiber. The cotton segment held the largest market share in 2023. Cotton is the most commonly used fiber for apparel, homeware, and industrial products.
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*Textile Recycling Market Report Highlights:*
· The textile recycling market growth is anticipated at a* CAGR of 5.9% by 2032.*
· Growing demand for fast fashion and accessories drives the industry development.
· Asia Pacific is likely to account for a significant market share in the forthcoming years owing to the high share of this region in worldwide clothing exports. According to the Office of Textiles and Apparel, the U.S. imported 73% of its apparel from Asia to satisfy domestic demand. Besides, there is a growing focus on developing recycling schemes in Asia towards cutting waste and collecting, recycling, and reusing the same raw material for new production.
· Some prominent players in the textile recycling market report include Worn Again Technologies, Lenzing Group, Birla Cellulose, Prokotex, BLS Ecotech, The Woolmark Company, iinouiio Ltd, Patagonia, Ecotex Group, Pure Waste Textiles, The Boer Group, Unifi, Inc., Textile Recycling International, Hyosung Group, and Martex Fiber.
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*About DataHorizzon Research:*
DataHorizzon is a market research and advisory company that assists organizations across the globe in formulating growth strategies for changing business dynamics. Its offerings include consulting services across enterprises and business insights to make actionable decisions. DHR’s comprehensive research methodology for predicting long-term and sustainable trends in the market facilitates complex decisions for organizations.
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