Reduction of carbon dioxide emissions, less water & energy consumption, and increase in awareness among manufacturers and consumers drive the growth.
PORTLAND, OREGON, UNITED STATES, October 1, 2020 /EINPresswire.com/ — Reduction of carbon dioxide emissions, less water & energy consumption, and increase in awareness among manufacturers and consumers drive the growth of the global recycled textile market. Contrarily, high processing cost and low quality hinder the market growth. On the other hand, technological advancements related to the recycling processes open new opportunities in coming years.
According to the report, the global recycled textile industry generated $5.3 billion in 2018, and is expected to garner $8.0 billion by 2026, witnessing a CAGR of 5.2% from 2019 to 2026.
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The recycled nylon segment to register the highest growth rate:
Based on type, the recycled nylon segment is expected to witness the largest CAGR of 5.7% from 2019 to 2026, owing to its properties including high strength, high moisture regaining capability, high elasticity, and wrinkle-resistance. However, the recycled polyester segment contributed to the highest market share in 2018, holding nearly half of the global recycled textile market, and is expected to contribute its dominant share during the forecast period. This is due to its characteristics including durability, chemical resistance, and ease in dying.
The retail segment to maintain its lead position during the forecast period:
Based on end-user industry, the retail segment held more than two-fifths of the global recycled textile market in terms of revenue in 2018, and is estimated to maintain its lead position during the forecast period. This is due to the surge in demand for customized low-cost apparels. Contrarily, the automotive segment is expected to witness the highest CAGR of 5.7% from 2019 to 2026, owing to surge in penetration of recycled textiles to improve aesthetic appearance of interiors of vehicles.
North America to grow at the fastest CAGR:
Based on region, North America is estimated to witness the largest CAGR of 5.8% from 2019 to 2026. This is attributed to organizations active in collection of waste clothing and re-using or recycling them. However, Asia-Pacific held the highest market share in terms of revenue in 2018, accounting for more than one-third of the global recycled textile market, and is expected to maintain its lead status during the forecast period. This is due to demand for recycled textile products from developing nations such as India, South Korea, and Australia.
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Leading Market Players:
• Anandi Enterprises
• Kishco Group
• Renewcell AB
• Usha Yarns Ltd.
• Martex Fiber
• Hyosung TNC Co. Ltd.
• Leigh Fibers Inc.
• Otto Garne
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Source: EIN Presswire