Cooling Fabrics Market Overview
Cooling Fabrics Market size is projected to be worth USD 4.45 Billion by 2028, registering a CAGR of 9.37% during the forecast period (2021 - 2028), The market was valued at USD 2.15 Billion in 2020.
COVID 19 ANALYSIS
The world has been battling this virus since last year. Cooling fabrics market revenue of the whole world market has been hugely affected and especially in the areas of Germany, France, Italy, Spain, and some regions of the United Kingdom. Due to the nationwide lockdown, the cooling fabrics industry has experienced a large decline in its production and manufacture. The companies dealing with the production have faced serious issues regarding its production and its transportation. The key players are trying hard to strategize their business and remove the bad impact of COVID on the environment. After the unlock process in the nation, the cooling fabrics industry will regain all its losses during the upcoming period. This pandemic has caused an exceptional situation, widely increasing their demand for healthcare products and especially the medical products giving protection to the body.
The government has imposed certain rules like wearing masks and using sanitizers. Any person found violating it was punished.
DriversThe rise in demand for sports clothing, the new modern lifestyle, the protective wearing of the apparel, and many other applications act as a driving factor for the cooling fabrics market. Carrying out more research for wearing new and modernized cooling attire helps in driving the industry. Presence of well-established key players in the market and their per capita investment act as the driving force for the market. The adoption of l; lifestyle is the foremost mandatory factor helping in the growth of the cooling fabrics market size. OpportunitiesCooling sportswear clothes act as heat and perspiration resistance, are smart and lightweight, and control the body temperature as compared to external temperature. These fabrics are in huge demand as sports apparel because they keep them dry on the sports field. It makes them comfortable and helps them perform well during the events. Cooling fabrics are also used as protective attire. It is used by the people working in hot areas having adverse environments. These fabrics when worn creates a cool environment between the wearer and the environment and removes excess heat. Therefore the use of cooling fabrics for both of these fabrics is increasing the demand of the market.ChallengesA rise in the supply of crude oil pushes down the prices thereby bringing the market to an unstable state hampering the production of fabrics. The rise in crude oil price raises the input expenses of those intermediary goods which either transfer the costs to the users or simply lessen down the costs. Therefore the value supply chain becomes the major challenging factor affecting the growth. Growth in technology has led to the use of expensive advanced apparel. Competitors having high investing capabilities have entered the competition sectors where the return, in turn, is also high. Small and large scale manufacturers may not be able to invest certain funds in the initial stage so their entry becomes a barrier for the market.Cumulative growthThese cooling fabrics have been used as military applications where the fabrics help in regulating temperature, and act as a major absorber of UV rays, and give huge protection from heat. Market growth is also driven when these fabrics are largely used in the medical sector where it undergoes treatment of chronic illness, heart disease, and certain infections. In 2019, a spread in awareness took place in the United States of America, where the health conditions and the quality of the body have been improved which accelerated the expansion of the use of cool fabrics thus improving the cooling fabrics market value. RestraintsAvailability of raw materials at high prices harms the growth of the cooling fabrics industry. Shifting in the trading pattern globally and regionally, a rise in oil prices and user’s preferences hampers the market demand. If in the case of cooling fabrics market revenue has deteriorated or disruption in the volatility of raw material process restraints the market expansion and pushes down the profit of the market. The requirement of advanced infrastructure harms the market size. The rise in costs of the finished product also defects the market growth.
By typethe cooling fabrics are categorized into textile type, synthetic type, and application. Synthetic covers a major area of cooling fabrics market share in 2020. Synthetic acts as a raw material used for the synthesis of synthetic clothes. Synthetic fibers include polyester, nylon, and spandex. They are very much suitable for sports purposes as these fibers have good evaporation characteristics. Synthetic fibers have excellent strength, are extremely elastic, and have a smooth texture for which it is in high demand in the market during the forecast period. Based on textile type, the cooling fabric market is divided into knitted fabrics which covers a dominant share in the market. These cooling fabrics have great elasticity because of the looseness of the fabric. Knitted fibers being of good quality are more preferred upon as compared to woven fibers. The knitted fibers have proper breathability and are much able to fit the body. Based on application, the market is segmented to sports apparel which covers a major area of the market share.By technology Advanced technology increased the cooling fabrics market value. With its help, the fabrics were able to regulate temperature, were wrinkle-free, moisture absorbing, and had quick-drying characteristics. Technological advancement made the market strive for good quality and good efficiency clothes. The garments took the help of technology and manufactured light-weight and smooth feel garments. It has the property of high breathability and high biodegradability. These fabrics had high ventilation properties and were durable. Technology has made these clothes more trendy where they have been used for fashion and automotive segments.
North America covers a dominant share of the market before the European and the Asia Pacific regions. The rise of new technological advancement, R and D investment, and the presence of the end-use application segment acts as a driving force for the North American regions of the market. The United States in terms of value and volume occupies a dominant area within the North American region and was expected to project at high CAGR during the forecast period. Canada covers the second-largest share after the US.
Some of the major competitors operating in the market are
- Coolcore LLC of the United States
- Ahlstrom Miunksjo present in Finland
- NILIT Ltd of Israel
- Polartec present in the United States
- Nan Ya Plastics Corporation of Taiwan
- Nanotex LLC of the United States
- Tex-Ray Industrial Co Ltd present in Taiwan
- Everest Textile Co Ltd of Taiwan
- Formosa Taffeta Co Ltd of Taiwan
- Asahi Kasei Corporation of Japan
- Hexarmor of the United States
The strategies so planned by the key players helps in strengthening their portfolio and also helps in gaining profit. Their strategies include launching new products, development, building partnerships, and acquisitions.RECENT DEVELOPMENTS
- Coolcore LLC as per the cooling fabrics market trends in March 2019, developed a single strand yarnFiber X that has a heat regulation feature as that of the original fiber. This single strand fiber can be woven with other synthetic and natural fibers thus making the final product more trendy and strong. With this discovery, this new product Coolcore company could strengthen its portfolio as its invention was a huge miracle for the market.
- TexRay Industrial Co. ltd in December 2015, made a partnership with PHYSICLO manufacturers new and high-quality wearables for fitness for sports and leisure end-use industry.
- In June 2015, a partnership with INVISTA Americana in Sao Paulo of Brazil led to the production of Nylon 6.6. Their partnership helped them raise their presence and cover a huge market share in the areas of Brazil and some regions of the South American nylon market. Both these companies have fulfilled the demand of the Brazilian market.
The report gives an in-depth analysis of competitive benchmarking. It gives historical data about the factors enhancing the growth and development of the market. It analyzes the latest modernized trends and dynamics of the market scenario. It summarises the key players operating in the market and planning to occupy a good position in the market sector. It gives information about the market segmentation and the dynamics.