Recycled Synthetics Market Size, Share, Growth, And Industry Analysis, By Type (Recycled Polypropylene Fibers, Recycled Acrylics Fibers and Recycled Spandex Fibers), By Application (Apparel, Household, Industrial and Others), Regional Forecast To 2031

Recycled Synthetics Market Report Overview

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The global recycled synthetics market size was USD 117.41 million in 2021 & the market is expected to reach USD 1,185.66 million in 2031, exhibiting a CAGR of 27.34% during the forecast period.

The global COVID-19 pandemic has been unprecedented and staggering, with the recycled synthetics market experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels.  The sudden rise in CAGR is attributable to the market's growth and demand returning to pre-pandemic levels once the pandemic is over.

The term "synthetic fabric" refers to inorganically created man-made fabrics that are manufactured from synthetic fibers. Synthetic fiber waste from pre-or post-consumer sources can be used to create recycled synthetics. Recycled nylon polyamide and polyester are the two most popular types of recycled synthetic materials. Over the projected period, it is anticipated that the market for synthetic fabric would increase due to its better chemical and physical qualities, including strength, flexibility, and durability. Recycled synthetic fabrics are more cost-effective and stain- and water-resistant than natural fabrics like cotton and silk. They are also more durable.

It is also predicted that the expansion of the synthetics market would be fueled by the growing market for recycled synthetic textiles like spandex and others for the manufacture of clothing in the apparel and textile sectors. Additionally, during the projected period, factors such as the digitalization of manufacturing plants and the expanding textile industry in emerging nations are anticipated to fuel market growth.

COVID-19 Impact: Domestic Sales and Export of Numerous Textile Items were Halted due to the COVID-19 Outbreak

Over the course of 2020, the COVID-19 pandemic had a significant impact on the clothing, transportation, and other industries. Due to the non-operation of the production facilities brought on by the widespread lockdown, the production of various items in these industries decreased. The global garment market took a big hit. During the COVID-19 outbreak, both domestic sales and exports of numerous textile items came to a halt. Hence influencing the industry's overall growth for recycled synthetics. Even the business community had to deal with a number of problems like a labor shortage, supply chain disruptions, and many others.

Latest Trends

"New Fiber Created to Curb the Problem of Waste Collection and Lessen its Impact on the Environment"

On May 4, 2022 - Aditya Birla Group's Thai Acrylic Fibre Co. Ltd (TAF), which produces recycled acrylic fiber, has introduced it. The new material, known by the brand name Regel, is created by recycling acrylic waste and has already attained Global Recycled Standards (GRS) certification. Due to the rising demand for eco-friendly fashion items from customers, companies, and retailers around the world, TAF created this fiber. Recycling pre-consumer, postconsumer, and in-process trash to create new products is one of the most popular and common strategies to lessen the impact on the environment. Waste collection and its treatment is one of the industry's major sustainability concerns.

Recycled Synthetics Market Segmentation

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• By Type Analysis

According to type, the market can be segmented into Recycled Polypropylene Fibers, Recycled Acrylics Fibers and Recycled Spandex Fibers

• By Application Analysis

Based on application, the market can be divided into Apparel, Household, Industrial and Others

 Driving Factors

"Booming Apparel Manufacturing Segment Promotes the Recycling Market’s Expansion"

In the market for recycled synthetics in 2020, the textile and apparel manufacturing segment held the biggest market share and is anticipated to expand quickly over the coming years. The rising demand for apparel created from these recycled fabrics is expected to have a favorable effect on the segment over the forecast period throughout the projected period and propel the market's expansion. The clothing sector is expanding at an unprecedented rate as a result of developments in the garment business, which is benefiting the apparel industry. Therefore, it is predicted that throughout the course of the projection period, the market for synthetics would increase in tandem with the garment industry's rising expansion.

"Growing Utilization in the Transportation Industry Aids in Expanding the Synthetics Market as well"

Automotive, aircraft, and maritime are the main sectors of the transportation industry. In these transportation industries, synthetic materials are being employed more and more in products like seat covers, belts, and other items. Additionally, there is a growing market for these synthetic materials in fabrics for airplane walls and other products, which has increased the need for synthetic fabrics. The good expansion of the industry in recent years has been mostly attributed to the increased production of transportation vehicles like cars and airplanes.

Restraining Factors

"Different Issues Related to Synthetic Fibers Could Potentially Hinder the Market Broadening"

The market's expansion is constrained by synthetic fibers' inability to biodegrade. Synthetics are also not very skin-friendly, which renders them difficult to wear for extended periods of time. Certain people have allergies to these fibers, which in some situations may cause the individuals to end up in hospitals as a result of extreme body reactions. Thus, during the projected period, all of these issues may pose a possible threat to worldwide recycled synthetics market growth.

Recycled Synthetics Market Regional Insights

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"Major consumers and Providers Presence in Asia Pacific helped the Region Dominate the Market"

The recycled synthetics market share in the year 2020 was controlled by the Asia-Pacific area. China and India are the two main consumers and providers of synthetic materials, making this area one of the world's top producers of man-made or synthetic fabrics. The expansion of this market has been boosted by the escalating growth of numerous end-use sectors, including textile and apparel, transportation, and others.

The U.S.'s expanding product demand is the main driver of recycled synthetics in North America. The rise of the end-use industries, especially the automotive and home furnishings sectors, is anticipated to be fueled by strong consumer spending power in the United States. During the forecast period, the market for recycled synthetics is anticipated to be driven by the substantial demand for active wear and sportswear for recreational activities in the area.

Key Industry Players

"Major Competitors of the Market are Involved in Mergers and R&D Activities to Gain Access to Grow their Market Share "

Important businesses are merging and working together to increase production capacity and advance their market share through research expansion. Furthermore, the players are spending in R&D to address environmental difficulties because technological advances in synthetic fiber recycling do not provide a panacea for all environmental problems. In order to gain access to a larger market, rivals further engage in technical releases, product advancements, and developments.

LIST OF TOP RECYCLED SYNTHETICS COMPANIES

• Jilin Chemical Fiber Group (China)
• Procotex Corporation (Belgium)
• Aksa Akrilik Kimya Sanayii A.S. (Turkey)
• Sheico (Taiwan)
• Asahi Kasei (Japan)
• Hyosung TNC (South Korea)
• The LYCRA Company (U.S.)

Report Coverage

This report covers the recycled synthetics market. The CAGR expected to be in during the forecast period, and also the USD value in 2021 and what it is expected to be in 2027. The effect COVID-19 had on the market in the beginning of the pandemic. The latest trends taking place in this industry. The factors that are driving this market as well as the factors that are restraining the growth of industry. The segmentation of this market based on type and applications. The region leading in the industry and why they will continue to do so during the forecast period. Further, the key market players, what all is being done by them to stay ahead of their competition as well as retain their market positions. All these details are covered in the report.