Textile recycling market Size, Share, Growth Analysis, By Material(Cotton, Polyester, Wool, Polyamide), By Sources(Apparel Waste, Home Furnishing Waste, Automotive Waste, and Other.), By Process(Mechanical and Chemical), By Region - Industry Forecast 2024-2031

Textile Recycling Market size was valued at USD 5.73 billion in 2021 and is poised to grow from USD 6.10 billion in 2022 to USD 11.33 billion by 2030, growing at a CAGR of 6.4% in the forecast period (2023-2030).

The textile recycling market had a vibrant and ever-changing competitive landscape, with numerous companies and organizations actively involved in this sector, providing diverse solutions and services. These entities were dedicated to textile recycling and played a crucial role in offering innovative approaches to tackle the challenges of textile waste. Here are some key players and entities that were prominent in the textile recycling market: 'Worn again technologies', 'Lenzing Group', 'Birla Cellulose', 'BLS Ecotech', 'The Woolmark Company', 'iinouiio Ltd', 'Ecotex Group', 'The Boer Group', 'Unifi, Inc.', 'Textile Recycling International', 'Hyosung Group', 'Martex Fiber', 'RenewCell', 'Pistoni S.r.l.', 'RE-TEXTIL Deutschland GmbH.'

Growing awareness of environmental issues, such as the depletion of natural resources, pollution, and waste generation, has increased the demand for sustainable practices. Textile recycling helps reduce the environmental impact of the fashion industry by diverting textiles from landfills and conserving resources.

Rising Environmental Concern about Textile Waste Production: The textile recycling market is expected to experience significant growth due to the rising social awareness of textile waste and increasing environmental concerns associated with textile manufacturing. According to the Environmental Protection Agency (EPA), textile waste currently occupies around 5% of landfill space. In the United States alone, approximately 25 billion pounds of textiles are produced annually, averaging 82 pounds per person. This escalating concern for textile waste is projected to drive the demand for textile recycling over the foreseeable future. One of the key recycling strategies gaining traction is "upcycling," which focuses on maximizing the efficient use of energy, raw materials, and water, while minimizing adverse environmental impacts. By promoting recycling and upcycling of textiles, the industry can significantly contribute to environmental sustainability. Compared to landfill disposal and textile incineration, recycling textiles has a substantially lower environmental impact. The process of resource recovery from textile waste can lead to noteworthy environmental benefits, as it reduces the reliance on primary resources and the associated ecological consequences.

As of 2022, Europe emerged as the leading region in the textile recycling industry. The European market is expected to experience substantial growth in the coming years, supported by government initiatives and increasing focus on recycling efforts. The Waste and Resources Action Program (WRAP), operational across Europe with the UK's registration and collaboration with local governments and private firms, plays a crucial role in promoting textile waste recycling in the region.