Increasing Popularity Of Water Sports Have Poised Wetsuit Demand

The global wetsuits market is anticipated to expand at an exponential rate over the forecast period due to a primary factor of growing indulgence in numerous water sports. Surfing, swimming, jet skiing, scuba diving, canoeing, water polo, cave driving, ice diving, etc. are posturing a demand for necessary apparels with functional characteristics like thermal padding and breathability. 

The market is also driven by other factors like increasing disposable income in developed countries and dual-income household in developing economies.  Surging tourism has favored the market growth.  Also, its widespread usage among divers, windsurfers, and triathletes is rendering improved traction in the industry. 

Petroleum-based synthetic rubber called neoprene is a commonly used raw material for wetsuit manufacturing. However, companies are keen on eliminating the use of nonrecyclable fabrics so as to reduce waste at the design phase. ELP is an emerging technique that has the capability to convert the suits into non-virgin crude oil and can be reused in plastics industry. Thus, significant advancements made in the technological development is boosting the market growth. According to the Broadcast, approximately every year 380 tonnes of discarded wetsuits end up in landfills in the UK alone. To combat this growing environmental hazard, the company in November 2017, partnered with the first ever full-time wetsuit recycler in the University of Exeter’s center for material re-engineering. Similar advances in the development of eco wetsuits has rendered the identification of complex raw material and is propelling the production of refurbished wetsuits.

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In terms of geography, the market can be categorized into North America, Asia Pacific, Europe, Latin America, and the Middle East & Africa. North America offered a significant market traction over the past few years and is further anticipated to dominate in terms of demand and consumption during the forecast timeframe. Asia Pacific is also projected to emerge as a key revenue generating region owing to the increasing wind-based & water sports popularity and other related activities in the region. Moreover, China and India are likely to showcase lucrative opportunities for the industry players due to the prevalence of favorable government initiatives that are supporting water sports.

The wetsuits market is driven by the presence of some of the key players such as Quiksilver, O'Neill, Billabong, Body Glove, Rip Curl, Aqua Lung, Hurley, TUSA, GUL, Patagonia, Osprey, Cressi, Scubapro, Poseidon, Mares, Typhoon, Spartan, TWF, C-Skins, and Saekodive. They are adopting several expansion strategies such as collaborations, partnerships, and mergers & acquisitions with their fellow contenders. Organizations such as Surfrider Foundation and Vissla are collaboratively raising awareness programs to create safety measures such as including hazmat mask as a part of the wetsuit so that the diver does not swallow any poisonous seawater.