upcycle

to process (used goods or waste material) so as to produce something that is often better than the original: I upcycled a stained tablecloth into curtains.: Compare downcycle (def. 2).

to process goods or material so as to produce something that is often better than the original: Several new companies whose purpose is to upcycle have sprung up recently.

Economics. a period or cycle during which business activity or profitability is at a high point: The whole industry has entered an upcycle.