Cooling Fabrics Market Size, Share & COVID-19 Impact Analysis, By Type (Natural, and Synthetic), By Application (Sports Apparel, Lifestyle, Protective wear, and Others) and Regional Forecasts, 2021-2028

The global cooling fabrics market size was USD 1.86 billion in 2020 and 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. The rise in CAGR is attributable to this market’s demand and growth, returning to pre-pandemic levels once the pandemic is over. The global impact of COVID-19 has been unprecedented and staggering, with the product witnessing a negative demand shock across all regions amid the pandemic. Based on our analysis, the global market exhibited a decline of -2.4% in 2020 as compared to the average year-on-year growth during 2017-2019.

The rising demand for cooling fabrics from sportswear manufacturers is driving market growth. The ability of the fabric to regulate temperature, resist perspiration, and provide a cooling effect are the prominent factors propelling the demand for the product. In addition, increasing the incorporation of the product in defense and healthcare industries will further boost the demand. Furthermore, the cooling fabrics market growth is owed to the rise in defense expenditure. Amidst the COVID-19 pandemic, the market witnessed a significant decline owing to disruptions in the supply chain. A slight increase in demand for fabric from the healthcare industry during the pandemic decelerated the impact on the market.

The Shutdown of Manufacturing Facilities amid COVID-19 Pandemic to Obstruct the Market

The onset of the pandemic in 2020 caused by the COVID-19 virus resulted in a global lockdown. The manufacturers were forced to shut down their activities to curb the transmission of the virus. Transportation of man and material was restricted, and only essential activities and products were exempted from the regulations. Major sporting events were canceled indefinitely, which significantly decreased the demand for cooling fabrics.

The lockdown also forced people to limit their outdoor sports and leisure activities, thereby reducing the sales of sportswear and the fabric. According to the University of Oregon, sales of sportswear in the U.S. accounted for USD 119.4 billion in 2020, compared to USD 130.8 billion in 2019, a decline of 8.7%. However, the demand for cooling fabrics increased for healthcare applications. The Healthcare industry started incorporating the fabrics in personal protective equipment to provide relief to hospital staff working in exhaustive and high-temperature conditions.

LATEST TRENDS

Increasing Adoption of the Product for Medical & Defense Applications is a Vital Trend

Medical and defense personnel are exposed to several work hazards. One of them includes excessive heat. Due to high heat stress, the working efficiency of the person declines, therefore increasing the possibility of causing accidents and mishaps. The defense industry is increasingly adopting cooling fabrics owing to their properties, such as protection from excess heat exposure, resistance to ultraviolet rays, and temperature regulation. The cooling effect provided by the fabric will contribute to the performance of the user.

Furthermore, fabrics are also gaining traction in the healthcare industry. The working conditions of hospital staff shifted dramatically from the onset of COVID-19, as the workers were required to wear personal protective equipment (PPE) to avoid virus transmission. The personnel using PPE kits throughout the day experienced heat stress, exhaustion, and immoderate sweating, which affected their health. Owing to these factors, the healthcare industry is increasingly incorporating cooling fabrics in hospital clothing. According to the Centers for Medicare & Medicaid Services, the national health expenditure of the U.S. is projected to grow at 1.1% points faster than GDP per year for the 2019-2028 period. The health sector’s share of the economy is estimated to rise from 17.7% in 2018 to 19.7% in 2028.

DRIVING FACTORS

Rising Demand from Sportswear Manufacturers to Fuel Market Growth

The product is witnessing increasing demand from sportswear manufacturers as it is evolving to be an intelligent and smart fabric. Cooling fabric protects the wearer’s body from heat stress and keeps it cool by regulating the variables such as moisture, heat, and perspiration. The distinctive advantages offered by the fabric are anticipated to propel the growth of the market. The demand for heat-regulating fabric is increasing globally as it helps the sportsperson to remain dry, thereby improving performance during a sports event. The rising awareness amongst consumers about health, coupled with the increasing number of sporting events around the world to positively influences the market. According to Statista, the sports and activewear industry in the U.S. is estimated to generate US$ 95 billion by the end of 2025.

RESTRAINING FACTORS

Expensive Nature of the Fabric to Pose a Threat to the Market

The high cost of the cooling fabrics is estimated to act as a restraint for the market. The expensiveness of the product makes it subjective to the preference of consumers and makes them unaffordable to the middle-class economic group. The high price of the product is primarily due to its extensive research and development. Factors such as the use of superior quality of raw materials and the requirement of advanced infrastructure for manufacturing also raise the final product cost. Additionally, less awareness amongst consumers about functional and advanced textiles will significantly affect the market growth.

SEGMENTATION

By Type Analysis

Synthetic Segment Dominated in 2020 Owing to High Consumption in Sportswear

Based on the type, the market is segmented into synthetic and natural. The synthetic cooling fabrics segment held the dominant cooling fabrics market share in 2020. The dominance of the segment is associated with the advantages provided by the product, such as resistance to UV rays, lightweight, sweat resistance, and smooth feel. This type of fabric is preferred for high-performing sports, which need regulation of body temperatures and effective evaporative characteristics. The increasing demand from sportswear manufacturers will fuel the segment growth.

The natural segment is estimated to be the fastest-growing during the forecast period owing to the rising demand from consumers for sustainable, breathable, and biodegradable fabrics. These fabrics inherently incorporate ventilation characteristics but are expensive compared to woven fabrics and other alternatives. However, rising concerns of consumers towards the environment are likely to boost the segment growth.

By Application Analysis

Sports Apparel Segment Occupied the Largest Share of Market in 2020

Based on the type application, the market for cooling fabrics is segmented into sports apparel, lifestyle, protective wear, and others. The sports apparel segment accounts for the largest share in the market in 2020. The growth of the segment is characterized by rising demand from sportswear manufacturers owing to the favorable attributes of fabric such as heat regulation, cooling effect, and increased breathability. These properties are advantageous in a sports person’s performance, thereby boosting the market.

The growth of the protective wear segment is characterized by increasing demand for cooling fabrics from military & defense and healthcare applications. The people working in the military, mining facilities, and refineries are continuously exposed to extreme temperatures and heat conditions, which makes the use of temperature regulating fabric a necessity.

The lifestyle segment is expected to grow at a significant CAGR during the forecast period. The growth of the segment is associated with increasing disposable income and changing the lifestyle choices of consumers. The growth of the others segment is characterized by technological advancements and increasing research & development activities associated with fabrics.

REGIONAL INSIGHTS

The market size in North America stood at USD 0.74 billion in 2020. The region occupied the largest share of the market in 2020. The growth of the region is attributed to the technological advancements in the region and the presence of prominent end-users. The increasing demand for cooling fabrics for defense applications is projected to fuel the market growth.

The market in Europe is growing at a substantial rate owing to the rising demand from sportswear and fashion apparel industries. Increasing preference of consumers towards functional clothing, coupled with rising influencer culture, is estimated to positively affect the market in Europe.  A rise in per capita expenditure on products by consumers and a surge in the young population demographic will increase the growth rate of the market in Asia Pacific. Additionally, India, and China being the largest textile manufacturing countries, will support the market growth in the region.

The growth of the market in Latin America is associated with increasing disposable income and changing temperature conditions, thereby driving the market growth. In the Middle East & Africa, rising demand for the product from protective wear manufacturers will accelerate the market.

KEY INDUSTRY PLAYERS

Partnerships with Sportswear Manufacturers Will Augment the Presence of Key Players

The competitive landscape of the market is fragmented. Companies are adopting strategies such as acquisitions and joint ventures to increase their customer base. Key players are partnering with regional sportswear and protective wear manufacturers to establish a regional presence. Furthermore, leading players are focusing on offering sustainable solutions to diversify their product range.

LIST OF KEY COMPANIES PROFILED:

• 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

KEY INDUSTRY DEVELOPMENTS:

• June 2019: Nike, Inc. launched a new proprietary material named Nike AeroAdapt. The material is designed to help keep athletes at their optimal temperature. Nike AeroAdapt will debut with five garments in Nike Training and two Nike Football garments, therefore expanding Nike’s adaptive product platform to apparel.

REPORT COVERAGE

The global cooling fabrics market research report provides a detailed analysis of the market and focuses on key aspects, such as profiles of leading companies, types, and leading applications of the product. Besides this, it offers insights into the current market trends, dynamics and highlights key industry developments. In addition to the aforementioned factors, the report encompasses several factors that have contributed to the growth of the advanced market over recent years.

Report Scope & Segmentation