The content of this report will be updated with the latest scenarios based on the global COVID-19 Pandemic
The global cooling fabrics market size is expected to be worth USD 3.24 billion by 2025, according to a new report by Grand View Research, Inc. Growing focus on fitness, sports, and leisure activities coupled with increasing health consciousness among the population all around the world is likely to propel market growth. The innumerable benefits offered by cooling garments such as moisture wicking, sweat evaporation, breathability, and ventilation have enhanced their use among the athletes.
The demand for cooling fabrics in military and industrial applications is increasing owing to their benefits such as temperature regulation, resistance from harmful UV rays and pollutants, as well as the protection they provide to the wearer in case of excessive heat exposure. The augmenting demand from healthcare and fashion industries is anticipated to accelerate the market growth.
Increasing research & development activities and various government incentives are projected to accelerate the production, thereby triggering the market demand. Various EU funded projects have drawn a large number of manufacturers toward the market for the development of innovative products in an attempt to stay competitive. Additionally, these fabrics also address sustainability issues by saving energy that is required to heat or cool the environment around the wearer.
Sports apparel segment is expected to account for 44.5% of the global market in 2025. The demand can be attributed to heat, moisture, and perspiration resistant, light weight, smart, and easy to carry wearables, which assist in regulating the wearer’s body temperature in line with the outside temperature. The technological advancements in the product to enhance the performance of garments are likely to fuel its demand the forecast period.
North America is the leading market for cooling fabrics owing to the early adoption and augmenting sports and outdoor activities in the region. Extensive research and development carried out by leading manufacturers in countries such as the U.S. and Canada is anticipated to propel market growth. Technological advancements and innovative product developments in the region are projected to augment the market demand. Countries such as Germany, the UK, China, India, and Japan in the European and Asia Pacific regions are also rapidly developing markets for cooling fabrics.
Further key findings from the report suggest:
- The market is expected to record a CAGR of 11.1% from 2017 to 2025 on account of increasing awareness as well as health and safety concerns among the consumers. In terms of revenue, sports apparel segment is expected to denote a CAGR of 11.8% from 2017 to 2025 owing to high product demand from developed as well as emerging countries.
- North America was valued at USD 557.7 million in 2016 and is expected to witness a significant development on account of rising demand in sports apparel as well asprotective wear applications
- Key market players include Coolcore LLC; Kraton Corporation; Invista; Ahlstrom Corporation; Nilit Ltd.; Polartec LLC; Nan Ya Plastics Corporation; Tex-Ray Industrial Co., Ltd.; Formosa Taffeta Co., Ltd.; HexArmor; Adidas AG; and Nike, Inc. The companies mainly focus on extensive innovation and increasing their production capacities to fulfill the worldwide product demand.