According to the latest research report by The Recycled Textile 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 2020to 2027.The report highlights key factors driving the market growth and prominent players along with their developmentsin the market.
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Strong Growth of Recycled Textile Industry in Developing Countries Drives Recycled Textile Market
Used textiles that can be recovered for reuse through a variety of recycling procedures are referred to as recycled textiles. Recycling textiles helps preserve natural resources and promotes environmental sustainability by treating textile waste and reusing recovered fibre across a variety of industries. They have made a substantial contribution to the development of the textile recycling sector in the modern period. Recycling textiles is considered to be a sustainable approach.
In the textile business nowadays, sustainability is regarded as being at the forefront of significant plans, efforts, and planning. Sustainability is significant from an economic as well as an ecological point of view, it is recognised. Every phase of the textile industry today, from the creation of the fibre through shipment, is carefully coordinated with sustainability in mind. The concept of sustainable development has been driven by the rising emphasis on ecological balance.
Impact of COVID-19 Pandemic on Recycled Textile Market
The COVID-19 pandemic initially appeared in Wuhan (China) in December 2019, and it has since quickly spread throughout the world. Because of the lockdowns, travel restrictions, and company closures imposed, the COVID-19 pandemic has had an impact on economies and industries. One of the world’s largest businesses, chemicals and materials, is experiencing severe disruptions as a result of this outbreak, including supply chain breakdowns, cancellation of technological events, and office closures. Additionally, this is anticipated to have an impact on the global market for recycled textile products.
The market for Recycled Textile Market is concentrated with some very well-established players. Some of the key players in the Recycled Textile Market include
- 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
Recycled Textile Market is Segmented by Region/Country: North America, Europe, Asia Pacific, Middle East & Africa, and Central & South America
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