Portland, OR, March 05, 2021 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global cooling fabrics market generated $1.9 billion in 2019, and is projected to garner $3.2 billion by 2027, manifesting a CAGR of 8.6% from 2020 to 2027. The report provides a detailed analysis of changing market dynamics, key segments, major investment pockets, competitive landscape, value chain, and regional scenario.
Rise in demand for sportswear and protective wear and growing popularity of cooling fabrics drive the global cooling fabrics market. However, high cost of product restrains the market growth. Contrarily, growth in demand for medical and defense applications create new opportunities in the next few years.
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Covid-19 Scenario:
- Manufacturing activities of cooling fabrics have been slowed down due to lockdown. In addition, the supply chain was also disrupted to curb the spread of coronavirus.
- The demand for cooling fabrics witnessed a sudden decline due to stoppage of manufacturing activities. However, the demand is expected to surge gradually as the industry is revitalizing.
The global market is segmented on the basis of type, textile type, applications, and region. By textile type, the knitted segment accounted for the highest share, holding more than two-fifths of the total market share in 2019, and is projected to maintain its leadership status throughout the forecast period. On the other hand, the woven segment would witness the fastest CAGR of 9.2% from 2020 to 2027.
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By application, the sports apparel segment accounted for the largest market share in 2019, contributing to more than half of the global cooling fabrics market, and is projected to maintain its dominant share in terms of revenue during the forecast period. On the other hand, the lifestyle segment is estimated to witness the fastest CAGR of 9.1% from 2020 to 2027.
By region, North America generated the highest market share in 2019, holding more than two-fifths of the total market share, and is projected to maintain its lead position by 2027. On the other hand, the Asia-Pacific region is projected to witness the highest CAGR of 9.2% during the forecast period. The report also analyzes regions including Europe, and LAMEA.
Leading players of the global cooling fabrics market analyzed in the research include Ahlstrom-Munksjö, Asahi Kasei Corporation, Burlington, Coolcore LLC, Formosa Taffeta Co., Ltd., Hexarmor, Nan Ya Plastics Corporation, Nilit, Polartec, and Tex-Ray Industrial Co., Ltd.
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