The global market for cooling fabrics is set to reach an impressive value of US$3.22bn by the year 2024, according to a new study conducted by Grand View Research.
The projected figure for 2024 is based on calculations from the 2016 global market value of cooling fabrics, which stood at US$1.25bn, and the projected compound annual growth rate (CAGR) of 11.1% over the forecast period.
The dramatic rise in market value over the years is being attributed to global technological advancements combined with a rising awareness of cooling fabrics in the consumer sphere. Meanwhile, changing consumer trends and preferences, together with increasing R&D activities, are expected to drive the growth of the cooling fabrics market over the forecast period.
According to the report, product demand is witnessing growth “as it is evolving as a smart and intelligent fabric for garments,” helping to keep the wearer’s body cool. The fabrics also help to evaporate sweat and provide protection against heat stress.
Due to this range of benefits, the growing popularity of cooling fabrics is set to propel market demand over the next eight years. Among their specific garment applications, cooling fabrics see boosted popularity in sportswear and leisurewear, and as these two market areas are also growing in regions such as North America, Europe and Asia-Pacific, the market is set to grow even further.
Fabric categories
The report states that synthetic cooling fabrics currently dominate the market, with the trend expected to continue throughout the forecast period. Synthetic fabrics offer a wide range of benefits when compared to rival materials.
Some of the synthetic materials mentioned in the report include polyester, nylon, rayon and spandex, which are not only breathable, but also allow effective ventilation. These fabrics are also easily acquired for manufacturing, which also drives market growth.
Enhanced cooling and moisture management is one of the key benefits, particularly with regards to the sports and athleisurewear market. In addition, synthetic fabrics also provide higher strength and durability, meaning that they can be used for a wider variety of applications. The segment is expected to account for a large share of the overall market during the forecast period.
Some of the key attributes of cooling fabrics, including temperature regulation, wrinkle-free texture, moisture wicking and quick drying capabilities, are also expected to drive the market. Major players in the cooling fabrics market are continuously working to incorporate innovative new features and technological advancements in their products in an attempt to manufacture quality products and increase efficiency.
Although each of the synthetic fabrics mentioned has a range of benefits, polyester and nylon are often preferred in cooling garments due to their lightweight, smooth feel and resistance to perspiration and UV rays.
Meanwhile, the future of the natural cooling fabrics market is also looking bright, and is expected to witness significant growth through to the year 2025 and beyond. In 2016, the segment was valued at US$364.1m, but it is likely to experience strong demand over the forecast period due to impressive qualities such as breathability and biodegradability.
“Natural fabrics comprise inherent ventilation properties but are costly and less durable than the synthetic counterparts,” states the report. The natural segment held a relatively small share of the market in 2016, but growing environmental concerns are set to increase their demand.
Application areas
As previously mentioned, the sports apparel segment held the majority share of the global cooling fabrics market, in part due to the increasing use of this wearable technology which negates perspiration during physical activity.
The inherent features of these wearables, such as temperature regulation and moisture wicking, is of great value to athletes and sports participants as it is highly effective. Due to this, the sports and athleisure segment “is likely to be the fastest-growing application segment over the period of forecast.”
Some of the less prevalent application areas for these fabrics include the military, healthcare and industrial use, which are all expected to help shape the market. Cooling fabrics have the ability to reduce the heat stress caused by excessive exposure particularly in industrial applications, and as such, cooling fabrics are expected to find more uses in the protectivewear market.
Regional demand
According to the report, the US market accounted for 82.8% of North American market revenue in 2016, largely due to growing demand from the sports industry, as well as the advancement in the technologies used.
The demand for cooling fabric in North America in 2016 was valued at US$557.7m, with the figure largely being attributed to extensive R&D conducted in order to manufacture high-tech cooling wearables that are not only comfortable, but also contribute to energy conservation. North America is anticipated to be the largest market from 2017 to 2024.
Consumers opting to participate more in health and fitness-related activities, together with growing governmental support, is having a positive impact on the growth of the Asia-Pacific market.
Despite there being a significant number of positives for the future of the cooling fabrics industry, there are also concerns that threaten to limit or restrict future growth. The high price of the fabrics themselves make them unaffordable for the majority of the middle-class segment, according to the report.
These high prices can be attributed “to the extensive research and development, along with the use of high-end materials, such as nanomaterials and nanoporous polyethylene, for manufacturing cooling garments.”
A low level of awareness among consumers regarding cooling fabrics is also anticipated to pose a challenge for market growth. Meanwhile, manufacturers are required to conform to a number of standards and regulations set by authorities in different regions.
Some of the main players operating within the global cooling fabrics industry include Adidas AG, Ahlstrom Corporation, Coolcore LLC, Invista, Kraton Corporation and Nike. In 2014, Ahlstrom launched its VaporCool, a cooling fabric which offers a cooling effect, or acts as an insulating layer depending on the body temperature.
With more and more time, money and effort being invested in R&D for cooling fabrics, both to create new innovations and enhance the quality of the products currently on the market, the future of the industry in the next few years and beyond looks very exciting.
Source: www.wtin.com