Wearable Materials Market Overview
By 2027, the wearable materials market is expected to grow at a CAGR of roughly 14.5 percent, surpassing USD 3.5 billion. During the research period, the increased usage of wearable devices in the healthcare industry is likely to boost demand for wearable materials at a significant rate. In emerging countries, there is a growing demand for wearable electronics, which contributes to an increase in the usage of wearable materials. The wearable materials industry is driven by increased demand for low-cost wearables and rising disposable income in emerging economies. The global wearable materials market has been growing as emerging economies’ disposable income has increased and demand for low-cost wearables.
Another significant factor projected to enhance the wearable materials market during the forecast period is the rising prevalence of the Internet of Things (IoT) and connected devices. The wearable materials market is expected to be constrained by raw material price volatility and supply and demand fluctuations. Many fitness firms have begun to provide smart running socks that can track the wearer’s running data, such as velocity, distance, and time. The bulk of wearable materials is constructed of silicones, which are both durable and breathable and have additional features like greater adhesion, permeability, and transparency. Companies are currently focusing on creating printed materials for wearable electronics and smart fabrics to fulfill affordability and adaptability.
The growing popularity of wearable devices, particularly fitness tracking and health monitoring devices is fueling the demand for wearable materials. Some of the commonly used wearable materials include silicones, polyurethane, and fluoroelastomers.
The wearable devices can be incorporated into clothing; skin as tattoos, pacemakers defibrillators; watches; glasses; and jewelry. The growing adoption of wearable devices in the healthcare industry is expected to drive the demand for wearable materials at a significant rate during the review period.
The increasing application of wearable devices in clothing is projected to create lucrative opportunities for the players operating in the global wearable materials market in the coming years.
- Silicone: Silicone is the most widely used material in wearable devices accounting for the largest market share in 2018. Silicone possesses superior dielectric, chemical resistance, and abrasion resistance properties. Silicone is widely preferred in wearables that require super soft elastomers.
- Polyurethanes: The demand for nanocellulose polyurethane is likely to increase on account of increasing demand for thin and flexible materials.
- Fluoroelastomers: Fluoroelastomers offer comfort and broad chemical resistance in wearable applications.
- Fitness Trackers: The fitness trackers segment includes smartwatches, ring, ear-worn devices, bracelet, and medical devices. The growing popularity of fitness trackers due to the superior advantages offered coupled with digitalization is driving the growth of the wearable materials market. Fitness trackers were the major revenue-generating segment for the global wearable materials market in 2018 and is expected to continue its dominance during the review period.
- Smart Glass: Smart glass is a device with a computer screen, which reflects the data from background information system on the lens of glasses. In addition, advanced smart glasses can provide information regarding the product in hand as well as facial recognition. Advance smart glasses can also communicate with the voice, signs, or finger sweeps.
- Smart Clothing: Smart clothing depicts the incorporation of devices in clothes that monitor health, regulate body temperature, and heal the skin grazes.
- Wearable Camera: The increasing adoption of wearable cameras in various applications such as security, sports adventure, and healthcare is expected to fuel the demand for wearable materials.
- Other: The other segment includes smart jewelry and wearables as data collection devices.
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- Elkem Silicones (Bluesil), (France)
- Momentive (Silopren LSR), (US)
- The Lubrizol Corporation (Estane), (US)
- Solvay (Tecnoflon), (Belgium)
- BASF SE (Germany)
- DuPont (US)
- Wacker Chemie AG
- Koninklijke DSM N.V. (The Netherlands)
- Arkema S.A. (France)
- Eastman Chemical Company (US)
- Shin-Etsu Chemical Co., Ltd (Japan)
- DAIKIN INDUSTRIES, Ltd (Japan)
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