The global clothing recycling market is expected to be valued at US$ 5.8 million in 2022, according to Future Market Insights. However, the market is projected to grow at a compound annual growth rate (CAGR) of 10.7 per cent through 2032, reaching an anticipated valuation of US$ 16 billion.
Sustainability is a key trend driving the demand for clothing recycling, as consumers and companies alike become more aware of the environmental impact of fast fashion and the importance of circularity. As a result, companies in the clothing recycling industry are launching awareness campaigns to educate the public about the pollution and landfill waste caused by textile waste.
The retail sector is expected to remain a major revenue-generating channel for the clothing recycling market due to the heavy reliance on textiles within the sector. Additionally, the automotive industry is seen as a promising opportunity for recycled textiles, as aesthetics become a key driver for using recycled materials to reduce overhead costs.
The report also highlights that recycled polyester, known for its durability and strength, is likely to remain the preferred recycled clothing type during the forecast period. Asia Pacific is expected to be the fastest-growing region, while Europe clothing recycling market is likely to hold a share of 26 per cent, the largest at the global level.