Textile Recycling Market Poised for Growth, Driven by Sustainability and Improved Technologies
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Textile recycling market size expected to reach $6.8 billion by 2032, growing at a CAGR of 3.8% from 2023-2032. Main drivers are environmental sustainability awareness and advancing recycling technologies.
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Asia Pacific leads the market in 2022 due to large manufacturing base and regulatory support. Europe expected to see fastest growth rate due to strict regulations and circular economy focus.
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Cotton holds the largest market share for now due to dominance and consumer demand for sustainability. Polyester expected to grow the fastest fueled by popularity, durability, affordability and rising recycled polyester demand.
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Mechanical recycling dominates currently for simplicity and lower environmental impact. Chemical recycling expected to see rapid adoption thanks to handling more materials including blends.
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Main challenges are inadequate collection infrastructure with textiles still ending up in landfills, along with quality degradation and prevalence of downcycling.