The cooling fabrics market was valued at US$ 1.92 Bn in 2017 and is anticipated to expand at a CAGR of 10.5% during the forecast period, according to a new report titled ‘Cooling Fabrics Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2018–2026’ published by Transparency Market Research (TMR) Cooling fabric is a new and innovative product in the textile industry that offers cool, comfortable, and soft texture next to the skin. These fabrics are made of natural as well as synthetic textiles. They can even be worn by those sensitive to synthetic materials.
Advancements in Textile Industry to Drive Market
Technical textiles account for 27.0% share of the global textile
industry. The share of these textiles stands at up to 50% in some developed
economies. However, it is less than 20% in India. The global textile and
apparel industry is estimated to expand at a rapid pace due to innovation and
technological developments. Key factors driving the global textile market are
post-recession economic revival; rise in demand for non-woven disposable
textile products; increase in demand for textiles in developing regions,
particularly in several countries in Asia Pacific; and growth in demand for
environment-friendly fibers.
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Research and development of new technologies is one of the major factors
boosting the textile industry. Positive economic conditions enable foreign
investments. This provides the means for research and development and also
increases the purchasing power of consumers. Labor and manufacturing costs are
low in developing countries. Therefore, final products are also cheaper
compared to that in developed regions. Currently, production facilities of
large players in the cooling fabrics market are located throughout Europe,
North America, and Asia Pacific. There is little to no presence in Latin
America and Middle East & Africa. However, these regions have the presence
of established distribution networks. Demand for cooling fabrics is high in
developed regions such as Europe and North America; however, increase in demand
in developing economies is expected to provide further impetus to the global
cooling fabrics market.
Rise in Per Capita Expenditure on Apparel in
Developing Economies
The global population has been increasing steadily. According to
statistics from the UN, population growth is especially high in urban areas.
Consumers are exposed to new technologies through advertisements and
promotions. Increase in spending power on luxury items such as designer clothing,
branded apparel, and technical textiles is a key factor driving the global
textile market. Demand for textiles and apparel is increasing due to factors
such as improvement in lifestyle of consumers, rise in urbanization, growth in
trend of branded clothing, and increase in awareness about high-end technology.
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Rise in standard of living, high demand for technological advancements
in the sports sector, and growth in per capita expenditure on apparel are some
of the factors propelling the demand for cooling fabrics. Increase in consumer
demand for smart textiles is primarily driven by developed regions such as the
EU-28, the U.S., Japan, and Australia. In Europe, countries such as Germany,
Norway, Ireland, Sweden, the U.K., Denmark, and Belgium are leading consumers
of smart apparel and cooling fabrics. However, countries such as China, India,
Russia, and Brazil are emerging as apparel retail markets. These countries are
expected to provide lucrative opportunities to the cooling fabrics market in
the near future.
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Limitation in Technologies and Shifting Consumer
Trends to Hamper Market
Technological innovations leading to the production of cooling fabrics
are primarily carried out in North America and Europe. These regions produce
different types of fabrics. North America and Europe also procure raw materials
(fibers, textile coatings, etc.) required for the production of cooling fabrics
from other regions. Furthermore, leading players in the market operate their
production facilities in North America and Europe. As a result, the production
of cooling fabrics has been localized to these regions.
Asia Pacific, a major hub of textile manufacturing, is currently lagging
in terms of production and consumption of cooling fabrics. Several players
offer textile services such as weaving, dyeing, and wicking – these are used in
the process of manufacture of cooling fabrics – in the region. However, many of
these players lack proper technology and technical expertise. Therefore, these
players offer fabric products or specialty fibers (used as raw materials in the
making of cooling fabrics) to other leading players and brands.
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Currently, majority of cooling fabrics are made of synthetic textiles.
However, consumer preference is shifting toward the usage of natural textiles
such as cotton. Combination of cooling technologies such as polymer coatings,
use of specialty fabrics, etc. with different knitting techniques and
structures allows manufacturers ease of production of cooling fabrics, in case
of pure- and blended-synthetic textiles. However, the same cannot be achieved
with natural textiles without difficulty. Thus, manufacturers are constantly
innovating their products based on consumer demand. However, rapidly changing
consumer preferences and trends, need for manufacturers to cater to consumer
demand, and lack of proper technologies in developing regions are estimated to
negatively impact the cooling fabrics market.
High Competition Expected among Global Players
The global cooling fabrics market is moderately consolidated, with a few
large companies holding significant market share. Small players pose little
threat to established players. Companies with an integrated business structure
have the advantage of carrying out production as per requirements. Furthermore,
there are chances of new players entering the market in the near future. Thus,
the degree of competition is expected to remain high.
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