Textile recycling boom predicted

The New York office of India-based Straits Research Pvt. Ltd. says a predicted rise the global recycled textile market is driven by an increase in recycling operations and an increase in demand from various industries, such as the retail sector, the automotive industry and the building and construction industry.

The company’s newly released report predicts more recyclable textiles will be harvested from the municipal solid waste (MSW) stream, plus more carpet, furniture fabric, footwear and “nondurable items such as sheets and towels” will be collected.

Straits Research’s study predicts the global recycled textile market size will reach $7.56 billion by 2030, growing at a compound annual growth rate (CAGR) of 3.6 percent. The research house says the global recycled textile market size was valued at $5.5 billion in 2021. “North America is anticipated to grow with the highest CAGR of 4.5 percent during the forecast period,” the firm adds.

“Environmental and economic benefits of recycled textiles include a reduction in the demand for virgin materials such as wool and cotton, pollution, and water and energy use,” Straits Research says. “Through recycling, businesses can increase their profits by avoiding the costs of dumping in landfills while simultaneously contributing to the value and quality of the environment, jobs for marginally employable laborers, charitable donations and disaster relief, and the transport of used clothing to regions of the world in need."

Straits Research lists several textile recycling firms poised to grow in the next 10 years, including India-based Khaloom Textiles Pvt. Ltd.; South Korea-based Kisco Group; India-based Anandi Enterprises; India-based Usha Yarns Ltd.; Sweden-based Renewcell AB; South Korea-based Hyosung TNC Co. Ltd.; South Carolina-based Martex Fiber Southern Corp.; Germany-based Otto Garn; South Carolina-based Leigh Fibers Inc.; and Germany-based Gebrueder Otto GmbH & Co. KG.

Based on type, the global recycled textile market is segmented by Straits Research into Recycled Cotton, Recycled Wool, Recycled Polyester, Recycled Nylon, and Others. Recycled Polyester is expected to command the largest market share during the forecast period, growing at a CAGR of 3.7 percent.

Straits Research separates end markets for the global recycled textile sector into Automotive, Retail, Mining, Building & Construction and Others categories. Retail is expected to own the largest market share, growing at a CAGR of 3.7 percent during the forecast period.