Textile recycling market to reach US $ 8.5 billion by 2032, says study

The market for recycled textiles was worth more than US $ 5.5 billion in 2022, and it is projected that from 2023 to 2032, it would expand at a CAGR of more than 4 per cent.

According to a research analysis by Global Market Insights Inc., the value of the textile recycling market is anticipated to cross US $ 8.5 billion by 2032. One of the main factors influencing the textile recycling industry trends is the rising public awareness of the importance of recycling old clothing. People now prefer recycled clothing as a result of the high rate of textile waste and the global growth of fast fashion.

According to estimates from the Circular Apparel Innovation Factory, India has 1.5–4 million waste workers who gather, fix, and resell unwanted clothing from homes and companies, processing about US $ 2 billion worth of waste annually.

By 2032, the textile recycling market from the apparel end-use segment is expected to reach a value of around US $ 4.5 billion, driven by worldwide trade activities and improvements in garment production technology everywhere.

The strategic landscape of the textile recycling industry is anticipated to see a number of organic alliances and strategic partnerships amongst participants in the sector.