The Recycled Fabric Market is projected to achieve a value of USD 11.67 Billion in 2023, with a linear behavior in the market growth it is forecasted to achieve a value of USD 26.35 Billion by 2033 with a CAGR of 4.1% during the forecast period 2023-2033.
Recycled fabric, also known as eco-friendly fabric or sustainable fabric, is textile material created by processing and reusing discarded or post-consumer textile products to reduce waste and minimize the environmental impact of the textile industry. Recycled fabric can be made from various sources, including old clothing, textile waste, and post-industrial textile scraps.
Consumers are increasingly aware of the environmental impact of the fashion industry. A 2023 survey by We Market Research found that 98% of Americans overestimate the actual amount of discarded textiles that are recycled. However, a majority of respondents (76%) believe it is very or extremely important that companies increase the amount of recycled materials they use to make clothing.
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Consumers are willing to pay more for clothes made from recycled materials. A 2023 Accenture survey found that more than half of consumers said they would pay more for sustainable products designed to be reused or recycled. Nearly two-thirds (66%) of respondents said they would be willing to pay more for clothes made from recycled polyester, these perception is set to bring a positive trend for the overall growth of recycled fabric market.
Consumers are interested in the ethical and sustainability practices of fashion brands. A 2023 Fashion Revolution survey found that the majority of people think it is important that fashion brands have ethical (72%) and sustainability (80%) certifications.
Market Dynamics
Advancements in recycling technologies are expected to drive the recycled fabric market in a number of ways. First, new technologies are making it possible to recycle a wider range of textile materials. This is expanding the supply of recycled fabrics and making them more accessible to fashion brands.
New technologies are improving the quality of recycled fabrics. In the past, recycled fabrics were often seen as being inferior to virgin fabrics in terms of quality and durability. However, new technologies are making it possible to produce high-quality recycled fabrics that are comparable to virgin fabrics in terms of performance.
New technologies are reducing the cost of recycled fabrics. In the past, recycled fabrics were often more expensive than virgin fabrics. However, new technologies are making it more efficient and cost-effective to recycle textiles. This is helping to make recycled fabrics more competitive with virgin fabrics.
Environmental awareness is playing a pivotal role in shaping consumer preferences and driving demand for sustainable products, including recycled fabric. As the global community becomes more conscious of the environmental impact of various industries, including fashion and textiles, the demand for recycled fabric market is expected to see significant growth in the forecast period.
The fashion industry is known for its significant environmental impact, including water consumption and greenhouse gas emissions. It’s estimated that the textile industry is responsible for 8-10% of global carbon emissions, which is more than international aviation and shipping combined.
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The concept of the circular economy, where products and materials are designed for reuse and recycling, is gaining momentum. It’s estimated that transitioning to a circular economy could save up to 99% of the materials used in the textile industry.
Eco-certifications, such as GOTS (Global Organic Textile Standard) and OEKO-TEX, provide assurance of the sustainability and safety of textile products, driving demand for certified recycled fabrics. Hence, the demand for recycled fabric is expected to grow during the forecast period due to increasing environmental awareness and a shift in consumer preferences.
Top Market Players
Fuzhou Texstar Textile, ARCH Textiles Manufacture Corp., 3PX (Hangzhou) Acetech Textiles, Changshu Sun-Land Textile, Shanghai Nextile Fiber Technology, Wuxi Kuanyang Textile Technology, Wujiang Bonheur Special Textile, Shaoxing King Fabric Textile, Unifi, Repreve, Teijin, Toray Industries, Asahi Kasei, Indorama Ventures, Reliance Industries
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