Recycled Textile Market Size is projected to reach USD 7.56 billion by 2030, growing at a CAGR of 3.6%: Straits Research

The global recycled textile market size was valued at USD 5,502 million in 2021. It is expected to reach USD 7,564 million by 2030, growing at a CAGR of 3.6% during the forecast period (2022–2030). North America is anticipated to grow with the highest CAGR of 4.5% during the forecast period.

Recycled textile is obtained from recovering and recycling worn clothing and waste fiber materials. Textile recycling involves the reuse or reprocessing of used clothing, fibrous material, and leftovers of manufacture. The majority of recyclable textiles are derived from municipal waste, such as waste or worn-out garments, carpets, furniture, tires, footwear, and non-durable items such as sheets and towels. Recycling entails the transformation of worn clothing and materials into new products.

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. Utilizing existing fibers and textiles reduces the demand for newly manufactured fibers. This reduces pollution by conserving water, power, colors, and chemicals. 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.

The rise of 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 relatively low price of recycled materials compared to the price of new products is also projected to contribute to the rise of the recycled textile sector. However, the rise of the global recycled textiles market is predicted to be limited by growing processing costs and insufficient employment possibilities. During this time, it is estimated that the development of recycling technologies would afford the recycled textile business lucrative expansion opportunities.