by The global recycled textile market is estimated to be valued at US$ 5.61 Bn or Billion in 2023 and is expected to exhibit a CAGR of 5.8% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Recycled textiles are used textiles or clothing materials that are collected and then reprocessed into new materials for use in apparel, home goods and industrial products. They are produced from pre- and post-consumer materials such as post-industrial or post-consumer textiles. The recycled textiles have applications in various end-use markets like home furnishing, industrial, fashion, and other industrial uses such as automotive, construction and more. Recycled textile materials have advantages over virgin fibers as they reduce textile waste, save precious resources and energy, and lower greenhouse emissions. Production of recycled fibers also supports sustainability goals.
Market key trends:
The growing awareness about sustainability and environmental concerns among consumers and stringent regulations on waste disposal are key factors driving the recycled textile market growth. Many textile brands and fashion retailers are adopting recycling programs and using recycled materials in their products to meet consumer demand for sustainable fashion. Technological advancements in recycling processes such as mechanical and chemical recycling are enabling production of high-quality recycled fibers from difficult to process post-consumer textile waste. Recycled polyester and cotton derived from plastic bottles and fabric scraps respectively are gaining popularity due to their versatility and comparable performance with virgin fibers. Ongoing research & development in fiber-to-fiber and chemical recycling is expanding raw material sources and applications of recycled fibers.
Porter’s Analysis
Threat of new entrants: The threat of new entrants is moderate in the recycled textile market as it requires significant investment in developing collection and recycling facilities. However, growing demand for sustainable textiles is encouraging new players to enter the market.
Bargaining power of buyers: The bargaining power of buyers is high due to the presence of a large number of recycled textile manufacturers. Buyers can negotiate lower prices by playing one manufacturer against another.
Bargaining power of suppliers: The bargaining power of suppliers is moderate as collection and sorting of post-consumer recycled textiles is a fragmented process involving a large number of small suppliers. However, established suppliers can negotiate better prices.
Threat of new substitutes: The threat of new substitutes is low as there are limited substitutes that can provide the same functional and environmental benefits as recycled textiles. Alternative sustainable materials like bamboo fibers have limited ability to substitute cotton or polyester recycled fibers.
Competitive rivalry: The competitive rivalry is high due to presence of number of recycled textile manufacturers globally. Companies compete on pricing, quality, and sustainable practices to gain market share.
Key Takeaways
Market size related content: The global Recycled Textile Market Share is expected to witness high growth, exhibiting CAGR of 5.8% over the forecast period 2023 to 2030, due to increasing concerns regarding plastic pollution and rapid rise in textile waste streams. The market size for recycled textiles was valued at US$ 5.61 Bn in 2023.
Regional analysis related content: North America dominated the recycled textile market in 2023 with market share of around 35%, followed by Europe with 30% share. High recycling rates of post-consumer textile waste and presence of leading recycled textile manufacturers drive the market in these regions. However, Asia Pacific is expected to witness fastest growth during the forecast period with CAGR of over 7%, attributed to growing textile industries and rising awareness regarding sustainability.
Key players related content: Key players operating in the recycled textile market are Unifi, Martex Fiber, I:CO, Renewcell, Lone Star Textiles, Retex Textiles, Leigh Fibers, Prokotex, Santanderina Group, Kirklees Wools. Major players are focusing on advanced recycling technologies to recover high-grade fibers from complex waste streams for new applications.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
