The recycled textile market in Asia Pacific is expected to grow from US$ 1,954.48 million in 2019 to US$ 3,081.10 million by 2027; it is estimated to grow at a CAGR of 6.0% from 2020 to 2027.
Rapid growth of the retail and automotive industry will surge the demand of recycled textiles in the market. Textile and apparel retail industries are considered to be one of the fastest-growing industries, which significantly contribute to the economic growth. The move toward global retailing or remote shopping has driven the growth of fashion, textiles, and apparel industries, enabling customers to purchase textile products of their choice. For instance, since last 15 years, the production of clothing for retail purposes is attributed to a shift in consumer lifestyle coupled with increase in disposable income and rise in per capita sales in developing and developed economies. Further, the rise in foreign direct investments by leading manufacturers across emerging economies is also stipulating the demand for better quality textile products. Such factors have resulted in the growth of retail industry in clothing and textile sector, which generates ample amount of textile wastes; thereby, generating the demand for recycling of textile. Apart from clothing and apparel industries, automotive industry is also expected to positively influence the demand for recycled textile. The growth of the automotive industry along with increased focus toward aesthetics of passenger vehicle and increased consumer spending toward vehicle appeal are altogether generating the demand for automotive textile products such as seat belt, nylon tyre cord, upholstery, car seat and body covers, automotive carpets, sunvisors/sunblinds, and airbags. It has led to increased amount of automotive textile waste, which needs a process of recycling. Growing concerns regarding the disposal of textile waste is among the other factors expected to boost the demand for textile recycling across Asia Pacific during the forecast period.
Based on type, the recycled polyester segment led the Asia Pacific recycled textile market in 2019. Recycled polyester is made using recycled materials such as PET and polyester fabrics. These are the same materials that are used in clear plastic bottles, and recycling them to create fabrics prevents their disposal on landfills. The collected PET bottles are sterilized, dried, and crushed to form small chips. These small chips are then heated and passed through a spinneret to produce strings of yarn. The yarn is wounded up in spools. The fiber is then made to pass through a crimping machine to obtain a woolly texture. The yarn is finally baled, dyed, and knitted into polyester fabric. The process of converting PET into recycled polyester requires less energy compared to normal polyester. The use of recycled polyester reduces the dependence on petroleum as a raw material used in the production of fabric. The garments manufactured from recycled polyester can be reprocessed multiple times with no degradation in quality; thus, minimizing the wastage.
The COVID-19 is anticipated to cause a loss of more than 3 billion in the Asia Pacific region. The consequence and impact can be even worse and totally depends on the spread of the virus. The government of Asia Pacific is taking possible steps to reduce its effects by announcing lockdown; which, in turn negatively impacts the revenue generated by the market. Till now, India has the highest number of COVID -19 confirmed cases.
The overall Asia Pacific recycled textile market size has been derived using both primary and secondary sources. To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market. The process also serves the purpose of obtaining an overview and forecast for the Asia Pacific recycled textile market with respect to all the segments pertaining to the region. Also, multiple primary interviews have been conducted with industry participants and commentators to validate the data, as well as to gain more analytical insights into the topic. The participants of this process include industry experts such as VPs, business development managers, market intelligence managers, and national sales managers along with external consultants, such as valuation experts, research analysts, and key opinion leaders, specializing in the Asia Pacific recycled textile market. A few players operating in the market are Chindi, Khaloom Textile India Pvt. Ltd., Kishco Group, Usha Yarns Limited, Anandi Enterprises, Hyosung Corporation, Leign Fibers Inc., Martex Fiber Southern Corporation, Renewcell AB, and Boer Group.