New York, U.S., Nov. 17, 2022 (GLOBE NEWSWIRE) — The Global Textile Recycling Market Size to grow from USD 4.35 billion in 2021 to USD 6.13 billion by 2030, at a compound annual growth rate (CAGR) of 3.9% over the forecast period. Growing environmental concern over waste generation and growing public awareness of textile recycling are expected to increase the development of the textile recycling market.
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The cotton segment will account for the largest market size during the forecast period.
On the basis of material, the global textile recycling market is categorized into cotton, polyamide, polyester, wool, and others. The cotton segment will account for the largest market size during the forecast period. Cotton is one of the major contributors to textile waste due to its high demand and use in clothing and other textiles. A significant portion of non-renewable textiles collected to recycle cotton is also included.
The mechanical segment will maintain a higher CAGR during the forecast period.
Based on the process, the global textile recycling market is classified into mechanical and chemical. The mechanical segment will maintain a higher CAGR during the forecast period. The mechanical recycling market is developed in the textile recycling sector. The majority of major players mechanically recycle different textiles. Cotton is primarily recycled by shredding and re-spinning without the use of chemicals. Additionally, the majority of recycled polyester and wool is mechanically recycled rather than chemically. Due to the lack of interaction with chemicals, it is in high demand in the market.
Analysis and impact of COVID-19
The COVID-19 pandemic has had a negative impact on credit portfolios. There has been an unprecedented rise in unemployment and disruptions to economic activity, putting a strain on the creditworthiness of customers and businesses. Central banks have taken a proactive approach by injecting liquidity into the market through lower interest rates and asset purchase programs. Managing and monitoring credit, market, liquidity, and operational risk in financial markets was difficult enough with ongoing geopolitical tensions, international trade wars, and occasional hurricanes and earthquakes. The current pandemic situation has forced risk managers and their teams to recalibrate old assumptions and models used to manage and monitor risk. The global impact of COVID-19 has shown that interdependence plays an important role in international cooperation. As a result, many governments have started to rush to identify, evaluate, and acquire reliable AI-powered solutions.
Browse key industry information spread across 199 pages with 135 market data tables and The figures & graphics of the report”Global Textile Recycling Market Size, Share, and COVID-19 impact analysis by material (cotton, polyester, wool, polyamide and others), by source (clothing waste, furniture waste, automotive waste and others), by process (mechanical and chemical) and by region (North America, Europe, Asia-Pacific, Latin America, Middle East and Africa), Analysis and forecast 2021 – 2030”, in detail with the table of contents.
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The Apparel segment is expected to maintain a higher CAGR during the forecast period.
Based on source, the global textile recycling market is categorized into furniture waste, automotive waste, apparel waste, and others. The Apparel segment is expected to maintain a higher CAGR during the forecast period. The typical lifespan of a new garment has decreased dramatically over the past 20 years, increasing the amount of waste produced by the garment industry. Clothing waste consists of pieces of clothing, shoes, damaged clothing and excess fabric left after manufacturing. The clothing market is fueling the growth of the global recycled textile market.
Some of the key developments:
- In June 2020 – Through one of its companies, Indorama Ventures Public Company Limited purchased the PET recycling plant from AG Resinas Ltda. The company acquired a 100% equity stake in the company that recycles PET into PET flakes and granules in Juiz de Fora, Brazil.
- As of June 2022- As a result of the activities of the Brazilian Association of Cleaning and Waste Companies, ABRELPE, the solid waste recycling rate is currently around 4%. In order to raise public awareness of collection, separation, recycling and reuse, June 5 has been designated as National Recycling Day.
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Europe is estimated to account for the highest market share in 2021.
The global textile recycling market has been segmented into five major regions: North America, Europe, Asia-Pacific, South America, Middle East and Africa. Europe is estimated to account for the highest market share in 2022. European nations tend to have higher living standards and spend more money on clothing and fashion, which begs the question waste management. According to World Bank data on trends in solid waste management, the rate of waste collection is higher in European countries. Asia-Pacific to maintain a higher CAGR during the forecast period.
Key companies and recent developments: The report also provides elaborate analysis focusing on current business news and developments, including product development, innovations, joint ventures, partnerships, mergers and acquisitions, strategic alliances, and others. This helps to assess the overall competition in the market. Key vendors in the global textile recycling market include Worn again technologies, Lenzing Group, Birla Cellulose, BLS Ecotech, The Woolmark Company, iinouiio Ltd, Ecotex Group, The Boer Group, Unifi, Inc. and Textile Recycling International and more than 20 prominent key players that we added in the final report. Global Economy: Analysis of the rising risk of recession and the impact of the war between Russia and Ukraine that we have added in the report.
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