Allied Market Research published a report, titled, “Cooling Fabrics Market by Type (Synthetic and Natural), Textile Type (Woven, Nonwoven, Knitted, and Others), and Application (Sports Apparel, Lifestyle, Protective Wearing, and Others): Global Opportunity Analysis and Industry Forecast 2020–2027.” According to the report, the global cooling fabrics market was estimated at $1.9 billion in 2019, and is anticipated to hit $3.2 billion by 2027, registering a CAGR of 8.6% from 2020 to 2027.
Drivers, restraints, and opportunities-
Increase in demand for sportswear and protective wear and growing popularity of cooling fabrics drive the global cooling fabrics market. On the other hand, high product cost restrains growth to some extent. However, surge in demand for medical and defense applications is expected to create new opportunities in the next few years.
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The knitted segment to retain its dominance by 2027-
By textile type, the knitted segment contributed to more than two-fifths of the global cooling fabric market revenue in 2019, and is expected to retain its dominance throughout the forecast period. The fact that knitted fabrics are more comfortable to the wearer due to its properties, such as better breathability and the ability to fit the shape of the body in the best possible way drives the segment growth. Simultaneously, the woven segment would witness the fastest CAGR of 9.2% from 2020 to 2027, due to their superior functionality and excellent physical and chemical properties.
The sports apparel segment to rule the roost-
By application, the sports apparel segment accounted for more than half of the global cooling fabrics market share in 2019, and is expected to lead the trail by the end of 2027. The cooling fabrics absorb the heat in the form of sweat from the human body and give a cooling effect to the person wearing it. This factor propels the growth of the segment. At the same time, the lifestyle segment is projected to manifest the fastest CAGR of 9.1% by 2027. Collaborations among major market players for superior technological advancements in lifestyle offerings are expected to fuel the segment growth.
North America garnered the major share in 2019-
By region, North America held the largest share in 2019, generating more than two-fifths of the global cooling fabrics market. Increase in technological advancement, R&D investments, and the presence of a wide range of end-use application market propels the North America cooling fabrics market. The Asia-Pacific region, on the other hand, would showcase the fastest CAGR of 9.2% from 2020 to 2027. The transitioning consumer trend toward fitness and health consciousness coupled with government support drives the market growth.
Frontrunners in the industry-
- Asahi Kasei Corporation
- Coolcore LLC
- Formosa Taffeta Co., Ltd.
- Burlington
- Hexarmor
- Nan Ya Plastics Corporation
- Polartec
- Nilit
- Tex-Ray Industrial Co., Ltd.
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