According to the "Textile Recycling Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027" report released by ResearchAndMarkets.com on February 25, the global textile recycling market reached a value of US$ 5.02 Billion in 2021. The report expects the market to reach US$ 5.86 Billion by 2027, with a CAGR of 2.6% during 2022-2027.

Textile recycling refers to the method of reprocessing and reusing old clothing and fibrous waste materials. Generally, these materials are recovered from discarded clothes, carpets, furniture, tires, footwear, and other non-durable goods, such as towels and sheets. Textile recycling brings several environmental and economic benefits including reduced land and water pollution, minimizing dependence on virgin fibers as well as optimum consumption of energy and water. 

The increasing demand for recycled textile is primarily driven by the rising environmental concerns towards the detrimental impact of waste incineration, heavy industrial discharges from textile mills, and depletion of raw materials, such as silk, wool, etc. Furthermore, the growing production of synthetic and polyester fabrics have led to the high emission levels of greenhouse gases, thereby fueling the need for recycled fabrics on a global level.