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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Application – Segment Analysis
The apparel is the fastest growing segment in recycle yarn market and is projected to witness a CAGR of around 8% during the forecast period. An increase in demand for yarn to meet the clothing requirement of the population is driving the growth of recycle yarn. According to Environmental Protection Agency (EPA), 16.9 million tons of textile were generated in 2017.
The outbreak of novel coronavirus (COVID-19) has badly impacted various industry verticals such as the textile and automotive industry. Industries are being shuttered around the world resulting in the downfall and crisis of the economy. For instance, according to the China Passenger Car Association (CPCA), car sales in China fell 92% in the first half of February.
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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