Global Recycled Plastic Fabric Market: Overview
Recycled plastic fabric is broadly defined as collection of waste plastic fabrics that are recycled, processed with various technologies, and finally treated with chemicals and additives to produce a newer plastic fabric. Most companies create fabrics from plastic waste from oceans. This fabric is known as Oceania plastic fabric. It is finally converted into fibers by utilizing zero-waste 3D printing technology. Adidas, G-Star Raw, and Patagonia are some of the leading brands that produce fabrics from recycled wool and recycled polyester, which is made from fiber created from used plastic bottles, unusable manufacturing waste, and worn-out garments. For instance, Adidas AG, a leading manufacturer of shoes, clothing, and accessories, formed a partnership with Parley for the Oceans, an environmental organization, to produce running shoes made from 95% recycled ocean plastic, typically recycled polyester. In 2017, Adidas AG announced the production of one million pair of footwear using recycled plastic from coastal areas.
Global Recycled Plastic Fabric Market: Key Segments
The global recycled plastic fabric market can be segmented based on product and application. In terms of product, the global recycled plastic fabric market can be categorized into polyester terephthalate (PET), polyurethane, HDPE, LDPE, polypropylene, nylon, and others. Recycled polyester-based fabrics are ten times stronger than normal polyester fabrics and can resist the growth of fungi, mold, and bacteria. Based on application, the market can be classified into clothing, industrial, medical, and household & furnishing. Clothing is a leading application segment of the global recycled plastic fabric market. Rapid expansion of the textile industry across the globe and shift in demand toward sustainable products manufactured by leading companies such as Nike, Patagonia, and Otto Group to reduce energy and carbon emissions are expected to boost the segment during the forecast period. Medical application of recycled plastic fabrics is also expected to gain popularity due to rise in geriatric population and increase in demand for antimicrobial textiles.
Increase in pollution and global warming due to rise in accumulation of plastics near coastal areas is anticipated to drive the recycled plastic fabric market during the forecast period. Utilization of recycled plastics for manufacturing fabrics aids in significant reduction in energy and carbon dioxide emissions. Recycling of plastic into fabrics is an expensive process as it contains harmful chemicals that may require further processing, making the process expensive and labor intensive. This is expected to restrain the market.
Global Recycled Plastic Fabric Market: Regional Outlook
In terms of geography, the recycled plastic fabric market can be segmented into North America, Asia Pacific, Europe, Latin America, and Middle East & Africa. In terms of consumption, North America and Europe are expected to lead the market during the forecast period. Rise in awareness regarding sustainable textile production is propelling demand for recycled plastics for textile production. Many companies in the U.S., Italy, Germany, etc. are joining hands with environmental organizations to recycle waste plastic bottles in order to create sustainable products. In addition, many fashion designers are also coming forward to adopt sustainable clothing to support the environment. The market in Asia Pacific is expected to expand at a rapid pace in the near future. Rise in population and rapid expansion in the textile industries in emerging economies such as India, China, etc. are some of the factors expected to fuel the market during the forecast period. Latin America and Middle East & Africa are less mature region of the market compared to other regions due to low product awareness. However, product awareness through brand promotion and capacity expansion by various textile producers is likely to boost sales in the regions during the forecast period.
Global Recycled Plastic Fabric Market: Key Players
Key players operating in the recycled plastic fabric market are Lenzing AG, Teijin Ltd, Foss Performance Materials, and Vivify Textiles.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
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- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
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4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
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