Textile Recycling Market Expected to Reach $9.4 Billion by 2027, with a CAGR of 6.4%
The global Textile Recycling Market size is projected to reach USD 9.4 billion by 2027 from USD 6.9 billion in 2022, at a CAGR of 6.4% during the forecast period. The major drivers for textile recycling market are increasing textile waste due to decreased garment life, high emissions of greenhouse gases, and increase in consumption of energy and water.
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The process of reclaiming fibre, yarn, or fabric and reprocessing it to create new, useable goods is known as textile recycling. In order to categorise textile waste into five different groups based on a pyramid model, textile waste is divided into pre-consumer and post-consumer trash. The key players in the textile recycling market include Lenzing AG (Austria), Birla Cellulose (India), HYOSUNG TNC (South Korea), Unifi, Inc. (US), and Patagonia, Inc. (US) among others. The textile recycling market analyzes the key growth strategies, such as new product launches, investments & expansions, joint ventures, agreements, partnerships, and mergers & acquisitions adopted by the leading market players between 2019 and 2022.
Lenzing AG is one of the global leaders in the manufacturing and distribution of fiber for textiles, nonwovens, and industrial application. The company has organized its operation through three segments: division fiber, division pulp, and others. Lenzing AG offers textile recycling under its division pulp segment. The division pulp produces and procures dissolving pulp, which is the necessary primary and intermediate product for fiber production. To address the enormous textile waste challenges of industry and society, Lenzing has developed a unique upcycling technology branded REFIBRA™. This technology utilizes pre-consumer cotton scraps and post-consumer garments, cotton scraps are transformed into cotton pulp from the textile value chain as raw materials. In October 2022, Lenzing AG partnered with CISUTAC (Circular and Sustainable Textile and Clothing) a project co-founded by EU. By this partnership, Lenzing AG is focusing on scaling up the production of recycling textile waste.
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HYOSUNG TNC is one of the global leaders in the manufacturing and distribution of fiber. It produces and supply nylon, polyester yarn, textiles, and dyed, processed fabric products. The company has organized its operation through two segments: Textile and Trading. It offers textile recycling under its textile segment. HYOSUNG has a product portfolio of recycled yarns of major synthetic fibers, ranging from polyester to nylon and to spandex. The company textile recycling is done by regen technology and pre-consumer recycling textile waste is used to makes yarn with by-products generated during manufacturing processes. In March 2022, HYOSUNG TNC signed an agreement with TOPTEN, to work together for the development of good-quality eco-friendly products. HYOSUNG TNC will supply diverse eco-friendly material using Regen and TOPTEN will introduce a collection of cost-effective, eco-friendly clothes using it, including activewear like Balance.
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