Sep 18, 2020   SOURCE: BusinessWire

Insights on the Recycled Textile Global Market to 2027 - by Type, End-user Industry and Geography - ResearchAndMarkets.com

The "Recycled Textile Market Forecast to 2027 - COVID-19 Impact and Global Analysis by Type, End-user Industry and Geography" report has been added to ResearchAndMarkets.com's offering.

According to this report the market was valued at US$ 5,855.39million in 2019 and is projected to reach US$ 9,365.04millionby 2027; it is expected to grow at a CAGR of 6.2% from 2020 to 2027.The report highlights key factors driving the market growth and prominent players along with their developments in the market.

Recycled textile are old clothing or other unused textile that can be recovered for reuse with the help of various recycling techniques. Recycling of textile is done to treat textile waste and reuse the reclaimed fibre across diversified industrial base, which helps to save natural resources and contribute to environment sustainability. In current era, they have significantly contributed to the growth of the textile recycling industry. Recycling of textile is taken to be an environmentally friendly practice. The recycled textile is available at lower costs to the customers as they require comparatively less raw materials for their conversion into significant fibres.

Now-a-days, sustainability is considered to be at the forefront of major strategies, initiatives, and planning in the textile industry. The importance of sustainability is not just understood from ecological point of view, but also from economical aspect. In the current era, every stage in textile industry starting from fiber production to shipping is suitably aligned keeping sustainability as focal point. The increased focus over ecological balance has driven the concept of the sustainable development. The future of sustainable textile is based upon its ability to minimize the use of natural resources and mobilizing the concept of reusing and recycling of products to minimize overall waste. The companies in textile industry are adopting an eco-friendly and sustainable production approach by investing in better R&D activities so as to optimize resource consumption and promote environmental benefits.

Several manufacturers are producing textile fibres by recycling used textile. For instance, Eco-fi is involved in manufacturing textile from 100% recycled PET fibers, which finds its use in various application bases such as furnishings, home textile, and car interiors. Companies such as K-sorb (Eco-sorb international) produces regenerated form of textile widely used in industries such as sludge stabilization and various environmental remediation programme. Further, companies such as Barnhardt, which is considered to be very old recycling company, is involved in supplying regenerated, reclaimed, and recycled cotton as homogenous blends with virgin cotton.

Further, the recycled form of fibers is extensively used in production of clothing lines of Marks & Spencer, Armani Jeans, and Eco-simple, among others. There are a few more companies that are launching their labels using PET bottle recycling. Levi Strauss uses eight plastic bottles to make one air of Denim pant. Also, following the trend, Nike has undertaken initiatives to collect the extra clothing from public in order to recycling it to make new apparels and footwear. Therefore, the shift toward sustainable future coupled with eco-friendly taken by initiatives by manufacturers is altogether expected to provide opportunity for the market growth.

Chindi, Khaloom Textile India Pvt. Ltd., Kishco Group, Usha Yarns Limited, Anandi Enterprises, Hyosung Corporation, Leign Fibers Inc., Martex Fiber Southern Corporation, Renewcell AB, and Boer Group are among the well-established players in the global recycled textile market.

Impact of COVID-19 Pandemic on Recycled Textile Market

The COVID-19 pandemic first began in Wuhan (China) during December 2019, and since then, it has spread around the globe at a fast pace. The COVID-19 pandemic has affected economies and industries due to imposed lockdowns, travel bans, and business shutdowns. Chemicals and materials is one of the world's major industries suffering serious disruptions such as supply chain breaks, technology events cancellations, and office shutdowns as a result of this outbreak. This is further projected to impact the demand for recycled textile products globally.

Reasons to Buy:

  • Highlights key business priorities in order to assist companies to realign their business strategies.
  • The key findings and recommendations highlight crucial progressive industry trends in the global recycled textile market, thereby allowing players to develop effective long-term strategies.
  • Develop/modify business expansion plans by using substantial growth offering developed and emerging markets.
  • Scrutinize in-depth the market trends and outlook coupled with the factors driving the market, as well as those hindering it.
  • Enhance the decision-making process by understanding the strategies that underpin commercial interest with respect to products, segmentation and industry verticals.

Market Dynamics

Drivers

  • Rising Concerns Related to Disposal of Textile Waste
  • Rapid Growth of the Retail and Automotive Industry

Restraints

  • High Processing Cost and Lower Quality of Recycled Textile

Opportunities

  • Shift Towards Sustainability along with Eco-friendly Initiatives by Manufacturers

Future Trends

  • Technological Advancements in Recycling Process

Companies Mentioned

  • Chindi
  • Khaloom Textile India Pvt. Ltd
  • Kishco Group
  • Usha Yarns Limited
  • Anandi Enterprise
  • Boer Group
  • Hyosong Corporation
  • Leigh Fibers Inc.
  • Martex Fiber Southern Corporation
  • Renewcell AB

For more information about this report visit https://www.researchandmarkets.com/r/a5xwcn