The global recycled yarn market is on a rapid ascent, with a projected valuation of US$6.5 billion by the end of 2023 and a remarkable compound annual growth rate (CAGR) of 7% anticipated during the period from 2023 to 2030, according to a recent market analysis.
The surging demand for eco-friendly products and an increasing public consciousness about environmental issues are driving the adoption of recycled yarn. As consumers become more environmentally aware, they are seeking products that reduce waste and support circular economy principles. Recycled yarn, derived from post-consumer or post-industrial waste, offers a practical solution by reducing the reliance on virgin resources and preventing textile waste from ending up in landfills.
Key Report Findings:
- The recycled yarn market is poised for significant revenue expansion from 2023 to 2030.
- Recycled yarn empowers companies to produce environmentally appealing products, demonstrating their commitment to ethical manufacturing.
- Cotton yarn dominates the market with over 50% market share, while polyester yarn is expected to exhibit the fastest growth.
- Textile manufacturing holds a substantial market share, accounting for approximately 28% of revenue.
- Asia Pacific leads as the largest and fastest-growing market, with over 50% of the market share, followed by Europe with a sales share of about 25%.
Growth Drivers:
The increasing focus on environmental sustainability and the shift towards a circular economy are major factors propelling the recycled yarn market. Consumers, corporations, and governments are attaching greater importance to sustainable practices that mitigate the impact of industrial activities on the environment. Recycled yarn, by reusing textile waste, reduces the demand for virgin materials, conserves energy, and keeps textiles out of landfills, aligning with the principles of a circular economy.
Changing consumer preferences and the rise of ethical consumption are also driving the adoption of recycled yarn. Consumers are seeking products that reflect their values, and recycled yarn offers a compelling story of ethical manufacturing, resonating with environmentally conscious consumers.
Challenges:
One notable challenge facing the market is the variability in quality and performance due to the diverse sources of recycled materials. Different post-consumer or post-industrial waste products, such as textiles and plastics, can result in variations in the physical and mechanical characteristics of recycled yarn. Manufacturers may face difficulties in meeting industry standards and customer expectations due to this variability.
Overview of Key Segments:
Cotton yarn remains a sought-after choice due to its sustainability and preservation of natural properties. PET yarn, derived from recycled plastic bottles, is experiencing explosive growth as the need to reduce single-use plastics and combat plastic pollution intensifies.
Growth Opportunities Across Regions:
Asia Pacific leads the market due to its large population, significant textile production, and rising consumer awareness of environmental issues. Europe is experiencing rapid growth, driven by a long-standing commitment to environmental sustainability and strict regulations.
Competitive Landscape:
Key players in the recycled yarn market include Amerex Ecological Textiles, Unifi Manufacturing, Inc., Hyosung TNC, APM Industries, LIBOLON, Martex Fiber, Patagonia, NILIT, Patrick Yarn Mill, Inc., and Haksa Tekstil.
As the global recycled yarn market continues to expand, it presents a promising future for businesses and consumers seeking sustainable and ethical alternatives in the textile industry.
Global Recycled Yarn Industry Analysis, Size, Share, Growth, Trends, Regional Outlook, and Forecast 2023-2030 (By Type Coverage, By Application Coverage, By Geographic Coverage and Leading Companies) https://www.fairfieldmarketresearch.com/report/recycled-yarn-market
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This press release first seen on Brilad
COMTEX_440910073/2840/2023-09-25T13:12:26
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