Pune, India, Aug. 30, 2021 (GLOBE NEWSWIRE) -- The global cooling fabrics market size was USD 1.86 billion in 2020. The market is projected to grow from USD 1.90 billion in 2021 to USD 2.67 billion in 2028 at a CAGR of 4.9% during the 2021-2028 period. This information is published by Fortune Business Insights™ in its report titled, “Cooling Fabrics Market, 2021-2028.” As per our analysts, the rising demand for the fabrics from sportswear manufacturers is driving the market growth. The capability of the fabric to adjust the temperature, avoid perspiration, and deliver a cooling effect is the substantial factor thrusting the demand for the product.
For example, renowned athlete sportswear brand such as Adidas offers Climacool® and Climalite®, which are sportswear that is infused with cooling fabrics technology for their users to stay sweat-free during workouts and heavy physical activities. People are heavily rooting for such products in order to avoid skin conditions caused by sweat. This is expected to boost cooling fabrics market growth during the forecast period.
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List of Key Players Covered in this Cooling Fabrics Market Report
- Coolcore LLC (U.S.)
- Ahlstrom-Munksjö (Finland)
- Asahi Kasei Advanced Corporation (Japan)
- Formosa Taffeta Co. Ltd. (Taiwan)
- Tex-Ray Industrial Co. Ltd. (Taiwan)
- Nan Ya Plastics Corporation (Taiwan)
- Polartec (U.S.)
- NILIT Ltd. (Israel)
- Hexarmor (U.S.)
- Nanostitch (Belgium)
- Other Players
Closure of Production Operations during COVID-19 Pandemic to Hinder Market Growth
The beginning of the pandemic in 2020 caused by the COVID-19 virus led to a global lockdown. The producers and manufacturing companies were forced to shut down their plants and units in order to restrain the spread of the virus. Travelling and transportation of goods were constrained, leaving only vital events and products were excused from the guidelines. Chief sporting occasions were negated indeterminately, and that considerably reduced the demand for these fabrics. The pandemic norms also mandated the population to decline their outdoor athletic and leisure actions, thereby dipping the sales of sportswear and also the fabric.
As per a study by the University of Oregon, sales of sportswear in the U.S. were responsible for an income generation of USD 119.4 billion in 2020, in comparison with USD 130.8 billion in 2019, which means a deterioration of 8.7%. Nevertheless, the demand for cooling fabrics augmented for healthcare applications. The Healthcare industry started combining the fabrics in PPE kits to offer help to the medical staff working in meticulous and high-temperature circumstances.
Report Coverage
We have performed an exclusive research technique that comprises data triangulation centred on the popular bottom-up and top-down approaches. Our research team has carefully conducted thorough primary research as well as secondary research to authenticate the estimated size of this market. The data applied to represent the shares for multiple segments at the national, regional, and global levels is extracted from wide-ranging interviews with numerous experts. Our analysts have also mined information from financed databases, industry journals, SEC filings, and many other corresponding resources.
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Segmentation
On the basis of type, the global market is segregated into synthetic and natural. Synthetic cooling fabrics held the leading share in the market in 2020. The dominance of the segment is connected to the benefits provided by the product, such as protection from UV rays, lightweight, sweat resistance, and smooth feel.
By application, the market is categorized into sports apparel, lifestyle, protective wear, and others. In terms of region, the market is further classified into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
Drivers and Restraints
Increasing Demand of the Fabric from Sportswear Producers to Spur Market Growth
The product is reported to be observing cumulative demand from sportswear manufacturers as it is developing to be a smart and intelligent fabric. Cooling fabric guards the consumer’s body against excess heat strain and maintains the cool temperature by modifying the factors such as moisture, heat, and sweat. The unique benefits presented by the fabric are projected to thrust the growth of the market.
Moreover, the demand for the heat controlling fabric is getting high across the world owing to its characteristics of maintaining dryness for the user, thus enhancing performance during a game. The escalating consciousness between users regarding health, combined with the growing number of sporting events across the globe, is set to positively influence the market. As per statistics data published by Statista, the sports and activewear industry in the U.S. is assessed to produce USD 95 billion by 2025.
Regional Insights
North America to Ace the Market Backed by Presence of Substantial End-users
North America held the maximum cooling fabrics market shares and was valued at USD 0.74 billion as of 2020. The growth of the region is credited to the technological developments in the region coupled with the presence of significant end-users. Additionally, the rising demand for these fabrics for defence utilization is likely to bolster the market growth.
Europe is expected to witness a significant growth rate on account of the surging demand from the sportswear and clothing industries. Amplifying the inclination of customers towards functional apparel, along with growing influencer trends, is set to certainly impact the market in Europe positively.
The growth of the market in Latin America is related to the growing disposable income and varying temperature conditions, thus fuelling the market growth.
Competitive Landscape
Key Players Focus on Innovative Product Launches to Meet Consumers’ Demand
Key players present in the market are constantly looking out for opportunities to extend their business and expand territories. Companies apply numerous strategies in order to achieve that goal. One such significant strategy is to launch innovative and advanced products that suffice the demand and requirement of consumers. For example, Nike introduced a new cooling technology under the name AeroAdapt in June 2019. Their products are infused with this technology and help users to stay cool and perspiration free during heavy physical activities such as workouts, sports, and others.
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Detailed Table of Content:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Key Market Trends in the Global Market
- Key Developments: Mergers, Acquisition, Partnership, etc. .
- Latest Technological Advancement
- Insights on Regulatory Scenario
- Porters Five Forces Analysis
- Qualitative Insights Impact of COVID 19 on Global Cooling Fabrics Market
- Supply Chain Challenges
- Steps taken by Government/Companies to overcome this impact
- Potential opportunities due to COVID-19 outbreak
- Global Cooling Fabrics Market Analysis, Insights and Forecast, 2017-2028
- Key Findings / Summary
- Market Size Estimates and Forecast
- By Type (Value)
- Synthetic
- Natural
- By Application (Value)
- Sports Apparel
- Lifestyle
- Protective Wear
- Others
- By Region (Value)
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
- By Type (Value)
TOC Continued…!
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Have a Look at Related Research Insights:
Sportswear Market Size, Share & Industry Analysis, By Product (Shoes, Clothes), By Distribution Channel (Online, Offline), By End-User (Men, Women, Children)and Regional Forecast, 2021-2028
Functional Apparel Market Size, Share & Industry Analysis, By Product ( Sportswear, Protective Wear, Active Wear ), , By Sales Channel ( Supermarket/Hypermarket, Specialty Stores, Online Stores ) and regional forecast 2021-2028
Coated Fabric Market Size, Share and Industry Analysis, By Product (Polymer Coated Fabric, Rubber Coated Fabric, and Fabric Backed Wall Coverings), By Application (Protective Clothing, Transportation, Furniture, Industrial, and Others) and Regional Forecast, 2019-2026
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