Recycled Textile refers to reprocessing waste materials and products into new materials and objects. It involves collecting and processing discarded fabrics and turning them back into fibres that can be re-spun into new yarns. The recycled textiles are then used to produce clothing, home textiles and industrial products. With rising environmental concerns, there is a growing demand for sustainable fabrics made from recycled or repurposed materials. This has boosted the recycled textile market. The global recycled textile Market is estimated to be valued at US$ 5.61 Bn in 2023 and is expected to exhibit a CAGR of 5.3% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
Growth in Environmental Concerns: The rising environmental concerns regarding sustainable fashion and improper textile waste disposal has propelled the recycled textile market. People are becoming more aware of the negative environmental impacts of linear “take-make-dispose” economic models. There is a shift towards opting for eco-friendly fabrics made from recycled materials to curb pollution and reduce virgin resource consumption.
Government Support: Several governments across regions are implementing standards and regulations to promote recycling of post-industrial and post-consumer textile waste. They are providing subsidies, launching awareness campaigns and establishing textile recycling facilities to create a circular economy. This is positively impacting the recycled textile industry.
Segment Analysis
The recycled textile market can be segmented into pre-consumer and post-consumer segments on the basis of source. Pre-consumer textiles comprise the waste generated during manufacturing processes such as defects or unsold items in the market. The post-consumer segment is dominating as it accounts for over 60% of the market share. The major waste contributors in post-consumer segment are apparel and home furnishing textiles where the volumes are significantly high.
PEST Analysis
Political: Stringent government regulations regarding recycling and environment protection are driving demand for recycled textiles. For instance, several countries have imposed strict regulations on disposal of non-biodegradable textile waste.
Economic: Rising population and increasing disposable incomes globally are boosting apparel and home furnishings sectors, simultaneously generating higher volumes of post-consumer textiles. Moreover, lower cost of recycled textiles compared to virgin materials also supports market growth.
Social: Increasing awareness about environmental protection and sustainability is encouraging adoption of recycled textiles among both business and individual customers. Social media trends around opting for eco-friendly products are further propelling the market.
Technological: Advancements in recycling techniques such as mechanical recycling, chemical recycling and emerging technologies like plasma gasification are helping enhance recycling efficiency and yield better quality recycled fibers. This is attracting more end-use industries to use recycled textiles.
Key Takeaways
The Global Recycled Textile Market Size is expected to witness high growth over the forecast period.
Regional Analysis: Asia Pacific currently holds over 35% of the global recycled textile market share led by countries like China, India and Indonesia. This can be attributed to huge population base in these countries resulting in large volumes of post-consumer textiles from areas. Additionally, initiatives by governments in the region to promote recycling are propelling demand from end-use industries.
Key players operating in the recycled textile market are LiNA medical, Blue endo, Johnson and Johnson, Hangzhou kangji medical instruments, WISAP medical technology, Zhejiang geyi medical instrument, Karl storz GmbH, Medtronic, Richard wolf GmbH, Lumenis (Boston Scientific Corporation), Nouvag AG, RUDOLF Medical GmbH, and Olympus Corporation. Key players are focusing on facilitating collection of higher waste volumes by partnering with textile manufacturers as well as individual customers. They are also investing in R&D to develop advanced recycling technologies.
*Note:
1.Source: Coherent Market Insights, Public sources, Desk research
2.We have leveraged AI tools to mine information and compile it
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