Key factors driving the growth of the global recycled textiles market include the reduction of CO2 emissions and water and energy consumption.
WILMINGTON, DELAWARE, UNITED STATES, February 22, 2024 /EINPresswire.com/ — According to a report by Allied Market Research, the global market for recycled textiles is estimated to have been $5.6 billion in 2019, and is expected to reach $7.6 billion by 2027, growing at a CAGR of 3.6% from 2020 to 2027. The report provides detailed analysis on areas such as investment opportunities, winning strategies, market drivers, and the competitive landscape.
Key factors driving the growth of the global recycled textiles market include the reduction of CO2 emissions and water and energy consumption, as well as increased awareness among consumers and manufacturers. However, factors such as high processing costs and lower quality of recycled textiles are hindering market growth to some extent. Technological advancements in the recycling process are expected to create lucrative opportunities in the industry.
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The COVID-19 pandemic initially disrupted international trade and resulted in worldwide lockdowns, affecting the global recycled textiles market. However, with relaxations on existing regulations and government support, the market is expected to recover soon.
The report also highlights that the recycled polyester segment accounted for nearly half of the total market revenue in 2019 and is projected to dominate the market by 2027. The recycled nylon segment is expected to witness the fastest growth with a CAGR of 4.0% during the forecast period.
In terms of end-user industries, the retail segment accounted for over two-fifths of the total market share in 2019 and is expected to maintain its lead by 2027. The automotive segment is projected to have the fastest CAGR of 5.7% during the forecast period.
Geographically, Asia-Pacific held the largest share in 2019, accounting for over one-third of the global recycled textiles market. North America is expected to have the fastest CAGR of 4.1% from 2020 to 2027.
Key players in the global recycled textiles market include Chindi, Kishco Group, Leigh Fibers Inc., Anandi Enterprises, Khaloom, Usha Yarns Ltd., Hyosung TNC Co. Ltd., Martex Fiber, Otto Garne, and Renewcell AB. These companies have adopted various strategies such as partnerships, expansions, collaborations, and joint ventures to strengthen their position in the market.
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of “Market Research Reports” and “Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
Pawan Kumar, the CEO of Allied Market Research, is leading the organization toward providing high-quality data and insights. We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
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