Textile Recycling Market Latest Trends, Future Growth, Industry Analysis by 2027 | Lenzing AG, Birla Cellulose, HYOSUNG TNC & so on...

The Textile Recycling Market is poised for significant growth, driven by increasing environmental awareness and demand for sustainable practices. Innovations in recycling technologies, coupled with rising support for circular economies, present vast opportunities despite challenges like sorting complexities and material quality.
The global Textile Recycling Market size [https://www.marketsandmarkets.com/Market-Reports/textile-recycling-market-17543449.html?utm_source=abnewswire.com&utm_medium=referral&utm_campaign=textilerecycling] is projected to reach USD 9.4 billion by 2027 from USD 6.9 billion in 2022, at a CAGR of 6.4% during the forecast period. The major drivers for textile recycling market are increasing textile waste due to decreased garment life, high emissions of greenhouse gases, and increase in consumption of energy and water.

Textile Recycling Market Key Players

The process of reclaiming fibre, yarn, or fabric and reprocessing it to create new, useable goods is known as textile recycling. In order to categorise textile waste into five different groups based on a pyramid model, textile waste is divided into pre-consumer and post-consumer trash. The key players in the textile recycling market include Lenzing AG (Austria), Birla Cellulose (India), HYOSUNG TNC (South Korea), Unifi, Inc. (US), and Patagonia, Inc. (US) among others. The textile recycling market analyzes the key growth strategies, such as new product launches, investments & expansions, joint ventures, agreements, partnerships, and mergers & acquisitions adopted by the leading market players between 2019 and 2022.

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Lenzing AG is one of the global leaders in the manufacturing and distribution of fiber for textiles, nonwovens, and industrial application. The company has organized its operation through three segments: division fiber, division pulp, and others. Lenzing AG offers textile recycling under its division pulp segment. The division pulp produces and procures dissolving pulp, which is the necessary primary and intermediate product for fiber production. To address the enormous textile waste challenges of industry and society, Lenzing has developed a unique upcycling technology branded REFIBRA Trademark . This technology utilizes pre-consumer cotton scraps and post-consumer garments, cotton scraps are transformed into cotton pulp from the textile value chain as raw materials. In October 2022, Lenzing AG partnered with CISUTAC (Circular and Sustainable Textile and Clothing) a project co-founded by EU. By this partnership, Lenzing AG is focusing on scaling up the production of recycling textile waste.

HYOSUNG TNC is one of the global leaders in the manufacturing and distribution of fiber. It produces and supply nylon, polyester yarn, textiles, and dyed, processed fabric products. The company has organized its operation through two segments: Textile and Trading. It offers textile recycling under its textile segment. HYOSUNG has a product portfolio of recycled yarns of major synthetic fibers, ranging from polyester to nylon and to spandex. The company textile recycling is done by regen technology and pre-consumer recycling textile waste is used to makes yarn with by-products generated during manufacturing processes. In March 2022, HYOSUNG TNC signed an agreement with TOPTEN, to work together for the development of good-quality eco-friendly products. HYOSUNG TNC will supply diverse eco-friendly material using Regen and TOPTEN will introduce a collection of cost-effective, eco-friendly clothes using it, including activewear like Balance.

Based on material, cotton is projected to be the second largest market during the forecast period.

Cotton is the most widely used fabric for apparel globally, and its manufacture has a significant environmental impact, notably on water supplies. Cotton accounts for half of the world's natural fiber consumption due to its inherent strength, durability, and absorbency. Cotton fabric recycling can be broadly described as the process of converting cotton fabric into cotton fibers that can be used in textile products.

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Based on process, mechanical is projected to be the largest market during the forecast period.

The mechanical recycling market is developed in the textile recycling sector. The majority of the major players have been recycling different textiles mechanically. Cotton is primarily recycled without the use of chemicals through shredding and respinning. Additionally, the majority of the recycled polyester and wool is recycled mechanically rather than chemically.

Based on region, North America is estimated to be the second largest market for textile recycling in 2021.

North America accounted for the second largest share amongst other regions in the textile recycling market in 2021, in terms of value. The demand for textile recycling in North America is strong and steady due to the growth in the technical textile sector. The industry is growing due to the implementation of new techniques in textile sciences and stronger industry knowledge. Growth in technical textile is estimated to drive the market of textile recycling that are used in their fabrication. The car manufacturing industry is growing significantly in Mexico, which will directly impact the demand for industrial fabrics.

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