Cooling Fabrics Market Size Was USD 1.86 Billion In 2020 | How the Russia-Ukraine Conflict is Affecting the Cooling Fabrics Industry
The global cooling fabrics market size was USD 1.86 billion in 2020. The market 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. This information is published by Fortune Business Insights™
The global cooling fabrics market size was USD 1.86 billion in 2020. The market 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. This information is published by Fortune Business Insights™ in its report titled, “Cooling Fabrics Market, 2021-2028.”According to our report, the rising amalgamation of the fabric in defense and hospital industries shall further lift the demand. Additionally, the market is anticipated to grow on account of the upsurge in defense spending. This is foreseen to boost the market growth during the forecast period.
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Russia-Ukraine War Implication
The Russia-Ukraine war could change the Cooling Fabrics Market dynamics of Europe forever. The standoff has revived the predicament situation of the Cold War and pushed Europe to the brink of a major military conflict. The Russian aggression in Ukraine has redefined the global landscape in terms of business. As the global Cooling Fabrics Market was recuperating from the havoc wreaked by the COVID-19 pandemic, the Russia-Ukraine war has made several industry stakeholders skeptical.
Demand for Cool PPE Kits in Hospitals to Magnify Market Growth amid COVID-19 Pandemic
The commencement of pandemic in 2020 led by the COVID-19 virus resulted in worldwide lockdown. The manufacturers were compelled to force shut their productions to limit the transmission of this dreadful virus. Transportation of man and material was restricted, and only essential activities and products were exempted from the regulations. The lockdown norms majorly affected the utilization of the fabric in the sporting apparel sector as the activities were cut short. Nonetheless, considering the pandemic circumstances, the usage of PPE kits has surged. PPE kits can be very uncomfortable due to their inability to ventilation. Therefore, people are getting innovative in order to overcome this inability and help the users be comfortable as well as safe. For instance, in May 2021, an engineering student from Mumbai, India, developed a cool PPE kit called Cov-Tech Ventilation System to help frontline users get rid of the body trapped heat and sweat.
The report provides a methodical study of the market segments and a comprehensive analysis of the market overview. A profound assessment of the existing market trends as well as the impending opportunities are offered in the report. It further shares an in-depth study of the regional insights and how they form the global market growth. The COVID-19 impacts have been added to the report to help stakeholders, and corporate owners apprehend the risks better. It further focuses on the leading players and their noteworthy tactics to stay in the dominating position.
By type, the global cooling fabrics market is separated into synthetic and natural. Synthetic cooling fabrics held the leading share in the market in 2020. The dominance of the segment is associated with the benefits provided by the product, such as protection from UV rays, lightweight, sweat resistance, and smooth feel.
On the basis of application, this market is divided into sports apparel, lifestyle, protective wear, and others. In terms of region, the market is further classified into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
Drivers and Restraints
High Adoption of Fabric in Healthcare and Defense Sectors to Spur Demand
Medical as well as defense employees are open to numerous work risks such as exposure to extreme heat. On the basis of high heat pressure, the working proficiency of the employee drops, thereby surging the likelihood of encountering mishaps and casualties. The defense industry is actively embracing cooling fabrics on account of their characteristics, such as safety from surplus heat contact, protection from ultraviolet rays, and temperature maintenance.
Besides, the fabrics are also gathering popularity from the medical sector. The working circumstances of the hospital team changed radically since the beginning of the COVID-19 virus, as the employees are mandated to make use of personal protective equipment (PPE) kits to evade the coronavirus infection. The staff member using PPE kits during the day noticed heat anxiety, fatigue, and extreme perspiration, which impacted their health. Due to these factors, the healthcare industry is progressive, including cooling fabrics in hospital apparel.
For instance, as per data provided by Centres for Medicare & Medicaid Services, nation-wide health spending of the U.S. is estimated to grow at 1.1% points quicker than the GDP per annum during the 2019-2028 period.
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Presence of Prominent End-users to Help North America Dominate
North America held the maximum cooling fabrics market shares and stood at USD 0.74 billion as of 2020. The growth of the region is credited to the technological developments in the region coupled with the presence of noteworthy end-users. Additionally, the rising demand for cooling fabrics for defense utilization is likely to reinforce the market growth.
Europe is expected to witness a significant growth rate on account of the surging demand from the sportswear and clothing industries. Amplifying the disposition of customers towards functional apparel, combined with rising influencer trends, is likely to affect the market in Europe positively.
The growth of the market in Latin America is associated with the growing disposable income and fluctuating temperature conditions, thus stimulating the market growth.
Partnerships with Sportswear Producers to Amplify the Presence of Prominent Players
The competitive landscape of this market is patchy. Corporations are embracing tactics such as acquisitions and collaborations to augment their customer base. Leading players are associating with regional sportswear brands and protective wear producers to institute regional presence. Additionally, key players are concentrating on delivering viable solutions to expand their product range.
List of Key Players Covered in this Market Report
- 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
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