The growing use of textile packaging requiring the development of an effective waste management system is expected to promote market growth.
Covid-19 Impact & Market Status
COVID-19 has the potential to impact the global economy in three ways: directly impacting production and demand, causing supply chain and market disruption, and having a financial impact on enterprises and financial markets.
Covid-19 outbreak has been affecting multiple businesses and industries leading to interrupted travel, lockdown, social distancing and the like. These have restricted normal functioning of the businesses and resulted in supply chain anomalies, lack of business co-ordination across vendors and the like.
Industrial Segment has Accounted for Highest Revenue during the Prediction Period
The global textile waste management market from the industry accounted for 44% during the forecast period. The development of membrane technology is one of the key factors in market growth. Membrane technology plays an important role in purifying wastewater by meeting the conditions of sustainability such as environmental impact, ease of use, land use, flexibility, and adaptability. Other advances in membrane technology are the release of salt in the water, the recycling of wastewater, and the reuse and use of various membranes. In addition, the development of membrane technology helps industries adhere to strict environmental laws for using more clean water in the production process. The global textile waste management market is driven primarily by factors such as the development of membrane technology; the growing need for nanofiltration processes and the development of waste management solutions. Wastewater treatment players applying membrane reactors and desalination by RO is another technology already used in industry on a large scale. The textile industry is broadly divided into two parts. The first part is the informal industry which includes handloom, handicrafts and sericulture, etc. The second part is the formal industry which includes spinning, clothing, etc. It absorbs a lot of water and thus produces a lot of dirty water. In many countries, the textile industry is very important when it comes to employment levels, GDP etc.
Improvements in Landfill Solutions to Accelerate the Growth
A number of experts recommend waste disposal sites as an effective waste disposal facility. This feature, coupled with the availability of advanced recycling solutions, has given impetus to the growth of the waste management market in the global textile industry. Fabric manufacturers have gone through the challenges of social workers because of their reluctance to dump waste water. As the government increases the level of processing of textile manufacturers, the need for proper waste disposal will not be forgotten. Therefore, the global textile waste management market will grow as textile manufacturers make sincere efforts to dispose of industrial waste.
Asia Pacific Region to Hold the Highest Revenues during the Predicted Period
Geographically, APAC led the global textile waste management market in 2019 and is expected to continue to dominate the forecast period. Things like the upcoming new projects and government plans to set up integrated textile parks in India drive market growth in the region. In addition, increased exports of textiles to countries such as the US and Europe and the presence of important textile countries such as China, India, Bangladesh, and Vietnam also increase the potential for market growth. In addition, in 2020, wastewater treatment plants dominated part of the textile waste management market and are expected to continue their dominance over the next four years. The growing need to address environmental concerns related to water scarcity and the increasing depletion of clean water resources worldwide, is driving the growth of this market segment.
The global market for textile waste management has reached a lucrative base. Several opportunities to make money are currently rife in this market. This is due to the negative impact of waste disposal produced by textile manufacturers and sewing mills. In addition, the increasing use of textile packaging makes it necessary to develop an appropriate waste management system. Despite being considered one of the most sustainable forms of packaging, textile bags make a significant contribution to unburned waste. Therefore, the waste management industry in the textile industry is expected to attract huge revenues in the coming years.
The recycling of textile waste has as a significant attention for industries. Companies working in the textile industry are turning to textile recycling to meet the growing demand. In addition, textile waste management helps these companies to reduce costs. There are many opportunities for new textile waste management strategies to be developed in the coming years. This assumption is based on the determination of national governments to invest in sustainable technology. Membrane technology and nanofiltration filtration procedures are commonly used to control waste in the textile industry.
The global Textile waste management market is projected to be around USD 3,235.89 million by 2028, at a CAGR of 11 % during the prediction period.
Furthermore, technological advancements and increased investment in this sector are likely to boost the global textile waste management market ahead throughout the forecast period.
The market is fragmented due to the growing number of consumer industries that use recycled textile to facilitate the production of other products. High demand from end users has posed a serious rivalry in the market, leading to industrial fragmentation.
The need for improved waste management has created new opportunities for global markets. The Infinited Fiber Company (IFC) has been in the textile recycling business with great zeal. The company recently received support from well-known manufacturers to improve its recycling technology., H&M Group, RGE Pte Ltd, Virala, and Singapore-based Fortum are investing in the company's recycling technology.
Market players in the global textile waste management market are expected to invest in new technologies. Moreover, the success of these vendors depends largely on their willingness to embrace raw production. Some of the major manufacturers in the industry are General Electric, Pall Corporation, Lenntech, Aquatech, Veolia, Aries Chemical, and others
Key Findings in the Global Textile waste management market: a Snapshot
- Key players working in the textile waste management market are producers and suppliers of tier I and tier II. The production and distribution centers of these players are spread across various countries in Asia Pacific, Europe, North America, Latin America, and the Middle East and Africa.
- Increasing demand for more productivity is attracting international players to invest more in the supply of their products. Manufacturing companies are focused on expanding their businesses in the undeveloped Latin American markets.
- The outbreak of COVID-19 undermines the need for additional production of recycled textile waste in many systems. Governments around the world have pushed for the closure of the door to control the spread of the disease. This has resulted in a decline in the production and production capacity, restrictions on supply and transportation, and a decline in infrastructure. Subsequently, this has led to a reduction in the demand for recycled textile waste production worldwide
This market research study was created by compiling data from primary and secondary sources. Secondary research was conducted using a variety of sources, including (but not limited to) SEC filings, company websites, technical journals, paid data sources, financial reports, and other industry publications. In addition, to acquire first-hand data, the research methodologies perform comprehensive primary research with important industry players. Industry specialists then examine and validate the data.
Textile Waste Management Market Scope
|Forecast Unit||Value (USD)|
|Revenue forecast in 2028||USD 3,235.89 million|
|Growth Rate||CAGR of 11% during 2021-2028|
|Segment Covered||Product Type, Service Type, End-User Type, Regions|
|Regions Covered||North America, Europe, Asia Pacific, South America, The Middle East & Africa|
|Key Players Profiled||H&M Group, RGE Pte Ltd, Virala, and Singapore-based Fortum are investing in the company's recycling technology, General Electric, Pall Corporation, Lenntech, Aquatech, Veolia, Aries Chemical, and others|
Key Segments of the Global Textile waste management market
Product Type Overview, 2018-2028 (USD Million)
Service Type Overview, 2018-2028 (USD Million)
End-User Type Overview, 2018-2028 (USD Million)
Regional Overview, 2018-2028 (USD Million)
- Rest of Europe
- Rest of Asia Pacific
- Rest of South America
The Middle East and South Africa
- Saudi Arabia
- Rest of MEA