Recycled Polyester Segment to Dominate Asia Pacific Recycled Textile Market during 2020–2027
According to The Insight Partners market research study on “Asia Pacific Recycled Textile Market Forecast to 2027 – COVID-19 Impact and Regional Analysis and Forecast by Type, and End- user Industry,” is expected to reach US$ 3081.10 million by 2027 from US$ 1954.48 million in 2019. The market is estimated to grow at a CAGR of 6.0% from 2020 to 2027. The report provides trends prevailing in the Asia Pacific recycled textile market along with the drivers and restraints pertaining to the market growth. Growing concerns related to disposal of textile waste are the major factor driving the growth of the Asia Pacific recycled textile market. However, issues associated with the high production cost and poor quality of recycled textile hinder the growth of Asia Pacific recycled textile market.
The Asia Pacific market for recycled textile market is segmented into type, end-user industry, and country. Based on type, the market is segmented into recycled cotton, recycled wool, recycled polyester, recycled nylon, and others. In 2019, the recycled polyester segment held the largest share Asia Pacific recycled textile market. Based on end- user industry, the recycled textile market is divided into automotive, retail, mining, and others. Retail is expected to be the fastest growing segment over the forecast period.
The COVID-19 is anticipated to cause a loss of more than 3 Billion in the Asia Pacific region. The consequence and impact can be even worse and totally depends on the spread of the virus. The government of Asia Pacific is taking possible steps to reduce its effects by announcing lockdown, and thus, impact the revenue generated by the market. The Airports Council International (ACI) Asia-Pacific warned that the prolonged duration of the COVID-19 would drastically impact the region’s airports’ connectivity and economic sustainability, significantly restricting them from achieving previously forecasted growth prospects. Such closures are anticipated to negatively impact market growth in the coming period. Till now, India has the highest number of COVID -19 confirmed cases.
Chindi, Khaloom Textile India Pvt. Ltd., Kishco Group, Usha Yarns Limited, Anandi Enterprises,Hyosung Corporation, Leign Fibers Inc., Martex Fiber Southern Corporation, Renewcell AB, and Boer Group are among the leading companies in the Asia Pacific Recycled Textile market. The companies are focused on adopting organic growth strategies such as product launches and expansions to sustain their position in the dynamic market. For instance, in January, 2018 Leigh Fiber Inc. has announced signing a letter of intent to acquire JE Herndon Company, Kings Mountain, North California. The firm reprocesses textile fibers and byproducts primarily connected to the cotton industry. The acquisition complements the overall service and product offerings by adding to the capacity and country presence.
The Report Segments the Asia Pacific Recycled Textile market as Follows:
Asia Pacific Recycled Textile Market – By Type
- Recycled Cotton
- Recycled Wool
- Recycled Polyester
- Recycled Nylon
- Others
Asia Pacific Recycled Textile Market – By End- user Industry
- Automotive
- Retail
- Mining
- Others
Asia Pacific Recycled Textile Market – By Country
- China
- Japan
- India
- Australia
- South Korea
- Rest of APAC
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