Recycle Yarn Market size is forecast to reach $5 billion by 2025, after growing at a CAGR of 6.5% during 2020-2025. The recycled yarn is a continuous length of synthetic fibers fabricated from the unused or waste products generated by textile industries. Recycling the yarn helps in waste management and makes the world, a better place to live. An increase in demand for a high-quality apparel with good durability and strength across various applications like automotive, building, and other industries is driving the growth of recycle yarn market globally. Moreover, government awareness programs and steps towards sustainability such as buyback schemes for PET bottles is also contributing to the growth of recycle yarn market size.
North America followed by Europe has shown significant growth in the recycle yarn market in 2019 because of its increasing demand from applications such as automotive and textile chemical industries.
Increasing environmental concerns and fewer use of natural resources to reduce the burden on the environment are the major factors driving the growth of recycle yarn market.
Volatility in prices of raw materials acts as a restraint for the growth of market.
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Geography- Segment Analysis
APAC dominated the recycle yarn market with a share of more than 35% in 2019, followed by North America and Europe. Rapid industrialization and increasing construction activities have driven the growth of recycle yarn market in these regions. According to International Energy Agency (IEA), global floor area in buildings expected to double to more than 415 billion square meters by 2050 which in turn boosts the demand for carpets, curtains, bedding, and other decorative items. Emerging economic nations like China, India & Malaysia have shown significant growth in recycle yarn market due to the exponential growth of population and increase in disposable income. According to the Indian Brand Equity Foundation (IBEF), the textile and apparel industry in India is valued at around US$ 137 billion in 2016 and is expected to increase to US$ 223 billion by 2021, further fueling the growth of recycle yarn in the Indian market.
Drivers – Recycle Yarn Market
Cost effectiveness & ease in processing
Sustainability and rising environmental concerns
Major players in the recycle yarn market are Martex Fiber Southern Corporation, Patagonia Inc., Coats Group plc, Ecological Textiles, Haksa Tekstil, APM Industries Ltd., Nilit Ltd., Unifi Manufacturing Inc., HYOSUNG TNC. Corporation, LIBOLON, Radici Partecipazioni SpA, Far Eastern New Century Corporation, among others.
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