According to ASD Reports, the global recycled textile market was valued at US$ 5,855.39 million in 2019 and is projected to reach US$ 9,365.04 million by 2027; it is expected to grow at a CAGR of 6.2% during the forecast period 2020–2027.
Recycled textile is obtained by converting old and unused clothing textile into new garments or other products such as bags and carpets, by the application of chemicals. Textile is formed by knitting, weaving, knitting, tatting, felting or braiding. The surge in demand for recycled textile is attributed to the rising environmental concerns towards the detrimental impact of waste incineration, massive industrial discharges from textile mills and depletion of raw materials including silk and wool.
Textile and apparel retail industries are considered to be one of the fastest-growing industries, which significantly contribute toward the growth of the economy. The move toward global retailing or remote shopping has driven the growth of fashion, textile and apparel industries, enabling customers to demand for recycled textile products.
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