Functional Workwear Apparel Market Insights and Assessment of Growth Factors Analyzed until the End
The market is estimated to increase to 2.6% CAGR during the forecast period 2017-2026. The market is also projected to bring in US$ 749.3 million revenue by the end of 2026.
[UKPRwire, Tue Jul 16 2019] According to the latest report by Fact.MR, the global functional workwear apparel market is expected to witness sluggish growth. The market is estimated to increase to 2.6% CAGR during the forecast period 2017-2026. The market is also projected to bring in US$ 749.3 million revenue by the end of 2026. Owing to the rise in industrial and service sector, companies are moving towards providing workwear apparel offering safety, comfortability, thereby enhancing functionality. Manufacturers are also focusing on providing stylish business formals and casuals as a part of corporate workwear. Following insights show how the global functional workwear apparel market will perform during the forecast period.
With the rapid growth in industrial, manufacturing, and service sector, the workforce is also increasing. Hence, increasing number of companies have set the rules in terms of workwear depending on the nature of the business. Manufacturers are offering a specialized set of clothes including basic and protective workwear. Basic workwear is worn across industries such as food, healthcare, defense, hospitality, industrial sector, etc. Whereas, protective workwear consists of protective clothing such as bacterial resistant, fire resistant, water resistant, etc. These type of protective workwear is being largely used across manufacturing units, steel, fire services, mining, pharmaceuticals, etc.
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Technological advancements are also leading to the production of smart and high-tech workwear apparel. These clothes are equipped with sensors that help in maintaining body temperature. They are also made using technically advanced fabrics that provides protection against UV rays and harmful radiation. Manufacturers are also focusing on producing light-weight workwear apparel, along with design to make it comfortable and stylish. However, the high cost of functional workwear apparel and lack of awareness about the use of protective workwear are likely to hamper the growth of the market.
5 Forecast Highlights on Global Functional Workwear Apparel Market
Asia Pacific Excluding Japan (APEJ) is expected to emerge as the largest region in the global functional workwear apparel market. Owing to the growth in manufacturing sector, the rise in the new employment opportunities and growth in the service sector are some of the factors driving the functional workwear apparel market in APEJ.
Europe is also expected to witness growth in the functional workwear apparel. Manufacturers are focusing are increasingly investing in the research and development in terms of fabric innovation and using advanced materials, enabling functionalities such as water resistance, durability, and maintaining body temperature.
Uniforms are expected to be one of the top-selling functional workwear apparel during the forecast period 2017-2026. Uniforms are estimated to bring in more than US$ 300 million revenue by the end of 2026.
Compared to the natural fiber, synthetic fiber is expected to account for maximum revenue share by the end of 2017. Synthetic fiber is projected to bring in nearly US$ 600 million revenue by 2026 end.
The service sector is expected to emerge as one of the largest buyers of the functional workwear apparel. By the end of 2026, the service sector is estimated to exceed US$ 300 million revenue.
Leading market players operating in the global functional workwear apparel market include Fristads Kansas AB, V.F. Corporation, Rentokil Initial Plc, Aramark, Ansell Limited, Engelbert Strauss GmbH & Co. KG, Sioen Industries NV, Carhartt, In, Delta Plus Group, Lakeland Industries, Inc, Duluth Holdings Inc., Delta Plus Group, Mascot International A/S, Superior Uniform Group, Inc, Alsico NV and Jonsson Workwear (Pty) Ltd.
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