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The cooling fabrics market size has seen considerable growth in recent years and is set to continue on an upward trajectory. The market size will expand from $2.99 billion in 2023 to $3.29 billion in 2024 at a compound annual growth rate CAGR of 10.3%. This growth in the historic period can be attributed to the increased popularity of sports and outdoor activities, an enhanced focus on health and comfort needs, a commitment to environmental sustainability, compliance with regulations, and significant investment in research and development.
So, what is the cooling fabrics market size projected to be in 2024 and what growth rate can we expect?
The cooling fabrics market is set to experience substantial growth in the coming years. It will burgeon to $4.98 billion in 2028 at a compound annual growth rate CAGR of 10.9%. Growth in the forecast period can be attributed to a rising emphasis on apparel and fashion trends, urban development and heat islands, adaptation to climate change, an increase in the application of cooling fabrics in the medical and healthcare industries, as well as the burgeoning e-commerce and online retail sectors. Major trends in the forecast period include sustainable and eco-friendly fabrics, trends in apparel and fashion, innovative research and development, and groundbreaking technological solutions.
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What factors are driving the growth in the cooling fabrics market?
A key growth driver is the surging demand for sports apparel. Sportswear is clothing designed to be worn during strenuous athletic tasks such as exercising or participating in sports. Athletes often wear clothing made from cooling fabrics to keep dry while on the field, enabling the wearer to be more comfortable, potentially aiding in their success. For instance, global sports apparel industry revenue is projected to rise from $181 billion in 2019 to $208 billion by 2025. Consequently, the rising demand for sports apparel is a significant catalyst for the growth of the cooling fabrics market.
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Who are the key players in the cooling fabrics market?
Prominent companies operating in the cooling fabrics market include Coolcore LLC, Ahlstrom-Munksjö Holding, Polartec LLC, Formosa Taffeta Co Ltd., Hong Li Textile Co Ltd, National Institute of Electronics & Information Technology, Tex-Ray Industrial Co Ltd., Asahi Kasei Corporation, Hexarmor, Invista, Adidas AG, Sun Dream Enterprise Co Ltd., Everest Textile Co Ltd., Nanotex LLC, Singtex Industrial Co Ltd., Nike Inc., Nan Ya Plastics Corporation, Balavigna Weaving Mills Pvt Ltd., Burlington Stores Inc., Columbia Sportswear Company, Heiq Materials AG, Lee Yaw Textile Co Ltd., Libolon, Marcel Liebaert Nv, Patagonia Inc., Technical Absorbents Ltd., Tehrani Industrial Group, VF Corporation, Ventex Co Ltd., Wilson Fabrics, Virul International Pvt Ltd.
What are the emerging trends in the cooling fabrics industry?
Major firms in the cooling fabrics market are focusing on the development of technologically advanced cooling fabrics. For instance, HeiQ, a UK-based chemicals company, launched HeiQ Cool in January 2022. This unique textile technology offers both instant contact and continuous evaporative cooling. By absorbing melting energy for immediate cooling even before sweating begins, followed by vaporizing energy, the fabrics are designed to mimic the skin's natural cooling process for prolonged comfort. It utilizes a biobased thermo-functional polymer that captures heat, providing an immediate cool feeling.
How has the cooling fabrics market been segmented?
The cooling fabrics market discussed in the report is segmented in the following manner:
1 By Type: Synthetic, Natural
2 By Textile Type: Woven, Nonwoven, Knitted, Other Textile Types
3 By Application: Sports Apparel, Lifestyle, Protective Wearing, Other Applications
What does the regional landscape look like for the cooling fabrics market?
North America was the largest region in the cooling fabrics market in 2023. However, Asia-Pacific is expected to register the fastest growth over the forecast period. The regions covered in this report include Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
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