The textile industry waste management market is poised to expand by US $ 2.07 billion between 2022 and 2027, with a growth rate of 12 per cent throughout the forecast period, according to a report by market research and advisory company, Technavio.
The report states that the market is driven by the growing awareness of sustainability and environmental protection, leading to increased adoption of eco-friendly materials like organic cotton, recycled polyester, and bamboo, which consume less water and energy during production.
Additionally, the adoption of green manufacturing processes, exemplified by innovations like Adidas’ DryDye technology, utilising pressurised carbon dioxide for dyeing instead of water, further propels the textile industry waste management market during the forecast period.
Key players in this market include Aditya Birla Management Corp. Pvt. Ltd., BLS Ecotech Ltd., Boer Group, Evrnu Inc., FABSCRAP, Fibershed, Genomatica Inc., Hyosung Corp., Infinited Fiber Co., Lenzing AG, Martex Fiber, Pistoni Srl, Pure Waste Textiles Oy, Re NewCell AB, RE TEXTIL Deutschland GmbH, Recover Textile Systems S.L, TEXAID Textilverwertungs AG, Veolia Environnement SA, SAAHAS WASTE MANAGEMENT Pvt Ltd., and Worn Again Technologies. The market exhibits a fragmented nature, with an expected 11.56 per cent year-on-year growth in 2023.
Addressing challenges, the report notes that the lack of proper disposal facilities hinders the growth of the textile industry waste management market. The textile industry generates substantial waste, and effective waste removal processes are lacking, posing significant challenges.
