The global textile recycling market size was valued at USD 5.76 billion in 2023. The market is expected to expand from USD 6.08 billion in 2024 to USD 8.49 billion by 2032, exhibiting a CAGR of 4.3% over the study period.

Textile recycling incorporates discarded or used clothing, apparel, and fibrous material from eco-friendly and reusable products. The increase in the utilization of recycled fiber blends in end-use applications is accelerating market growth. Newly invented recycling processes, including recycled fiber blends and closed-loop recycling, have been opted for by textile recycling companies to reduce the pressure on waste management.

Fortune Business Insights™ provides this information in its research report, titled “Textile Recycling Market, 2024-2032”.

Source: https://www.fortunebusinessinsights.com/textile-recycling-market-109273

Segmentation:

Polyester & Polyester Fiber Segment Dominated Due to Ease of Recycling

With respect to material type, the market is categorized into nylon & nylon fibers, cotton, polyester & polyester fiber, wool, and others. The polyester & polyester fiber segment registered the largest market share in 2023. The recycling of polyester is easy and it can be used in combination with other materials to produce yarn. This factor is bolstering the polyester & polyester fiber segment growth.

Report Coverage

The competitive strategies deployed by prominent companies to boost their share have been mentioned in the report. Besides this, the report provides a comprehensive coverage of the major factors affecting the market growth. It further highlights the latest trends, COVID-19 pandemic impact, the key industry developments, and restraining factors poised to impede the market growth during the forecast period.

Drivers and Restraints:

Surging Demand for Recycled Textile from End-use Industries to Drive Market Growth

A rise in the demand for recycled textiles from end-use industries drives the textile recycling market growth. The market is observing a gradual surge in the demand for these textiles from construction, fashion, automotive, and other industries. They demonstrate attributes similar to virgin textile fibers, including flexibility, lightweight, and strength.

Regional Insights:

Asia Pacific Dominated Due to Surging Number of Textile Recycling Projects

Asia Pacific captured the largest share in 2023 on the back of the increasing number of textile recycling projects in the region due to the substantial amount of waste generated by China and India.