The global recycled textile market is projected to reach USD 10.37 billion by 2028, at a CAGR of 6.74% during the forecast period 2021-2028. Increasing demand for recycled textile products, growing awareness regarding environment-friendly products, and increasing trend of sustainability are some of the major factors driving the growth of the global recycled textile market. Moreover, the introduction of advanced technologies and rising investments by major players to develop eco-friendly products are further expected to boost the growth of the market.
The recycled textile market is segmented based on product type, end-user, and geography. Based on product type, the market is divided into recycled cotton, recycled polyester, and other product types. The recycled cotton segment is expected to dominate the market in terms of revenue during the forecast period. This can be attributed to the increasing demand for recycled cotton products from the apparel and home furnishing industry. Furthermore, the recycled polyester segment is expected to witness significant growth during the forecast period due to growing awareness regarding the environmental benefits of recycled polyester products.
In terms of end users, the market is divided into apparel, home furnishing, and industrial. The apparel segment is expected to dominate the market in terms of revenue during the forecast period. This can be attributed to the increasing demand for recycled textile products from the apparel industry. Furthermore, the home furnishing segment is expected to witness significant growth during the forecast period due to the growing demand for eco-friendly home furnishing products.
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Geographically, the market is segmented into North America, Europe, Asia Pacific, and the Rest of the World. Asia Pacific Recycled Textile Market Share in 2020 was 45.65%. The Asia Pacific region is estimated to dominate the global recycled textile market in terms of revenue during the forecast period. This can be attributed to the increasing demand for recycled textile products from the apparel and home furnishing industry in the region. Moreover, the Europe region is anticipated to grow at the highest CAGR of 7.5% over the forecast period.
Some of the major players in the global recycled textile market are Unifi Inc., Recover Textiles, Worn Again Technologies, Aquafil S.p.A, and Global Recycled Standard. The key strategies adopted by the players include product launches, mergers & acquisitions, collaborations & partnerships, and expansions.