Wetsuits Market Growth Trends and Regional Outlook: Global Key Vendors - Xcel Brands, O'Neill, Billabong, Quiksilver, Patagonia, MUSTO, Helly Hansen
U.S. wetsuits market size was estimated at over USD 110 million in 2015, with the regional surfing industry valued at over 7 billion in the same year. U.S. triathlon market revenue was over USD 2.5 billion in 2014, which is expected to prove favourable for wetsuit sales.
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Global wetsuits market size is estimated to grow at a CAGR of over 4% from 2016 to 2023. Increasing demand for luxury sports is likely to boost the industry over the forecast period. Water sports need waterproof apparel with various characteristics such as breathability and thermal padding. Growing urbanization accompanied by dual-earning households is likely to increase disposable income and contribute to consumption.
Surging usage of the garment among triathletes, divers, surfers, windsurfers, and individuals engaged in other water sports is predicted to propel wetsuits market share from 2016 to 2023.
The suits are mainly used for thermal insulation when the user is immersed in water or frequently drenched with heavy spray. Activities such as sailing, underwater diving, river rafting, surfing, white-water kayaking, endurance swimming, and sea rescue operations are anticipated to fuel wetsuits market growth. Growing participation of women in water sports is also expected to boost demand.
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Numerous companies are now focusing on manufacturing eco-friendly wetsuits by using various earth-conscious materials as well as production techniques. This includes utilization of natural rubber as a substitute to neoprene, use of recycled plastic bottles, and use of water-based glue instead of solvent-based materials for lamination purposes. As these suits have minimum seams, tailored fit body lines, and are anatomically correct, they allow unhindered warmth and superior performance.
Heated suits are likely to gain prominence owing to their ability of keeping the user's body warm. These costumes are installed with specialized heating panels that are powered by integrated batteries.
Semi-dry suits are effective costumes with efficient seals at the neck, ankles & wrist and zipper. This seal prevents water from entering inside and the user remains comfortable in spite of getting wet. Furthermore, the trapped water does not affect the insulating ability. These are usually produced from thick neoprene that provides high thermal protection at low levels. However, it loses its buoyancy and thermal protection abilities as the gas bubbles compress at depth. These are most appropriate for use where the water temperature ranges from 50° F to 68° F.
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Key players accumulating major wetsuits market share include O'Neill, Billabong International, Quiksilver, and Patagonia. Other notable participants are Buell Wetsuits, Body Glove, C-Skins, Musto, Helly Hansen, Rip Curl, and Xcel Brands. Taiwan’s Sheico Group is a major exporter of wetsuits, and employs vertical integration as a key growth strategy.
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