By 2027, the wearable materials market is expected to grow at a CAGR of roughly 14.5 percent, surpassing USD 3.5 billion.
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 manufacturing of wearable medical devices is regulated by the US Food and Drug Administration’s (FDA) center for devices and radiological health aimed at ensuring the safety and effectiveness of the devices.
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.
Digitalization and increasing popularity of the Internet of Things are the prime factors supporting the growth of the wearable devices market and thus, wearable materials market. The sale of wearable devices reached to over 175 million units from that of around 27 million units shipped in 2015.
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.
Mar 2022 Researchers in the United Kingdom has invented a new energy-harvesting technology that will allow wearable devices to be constructed solely of recycled waste materials and driven exclusively by human activity. The prototype wrist device broadcast Morse code and was fashioned out of paper wipes and plastic cups. Scientists at the Advanced Technology Institute at the University of Surrey have announced that the technology is being translated into smartwatches. According to the team, the prototype is self-powered thanks to materials that have become electrically charged when they interact. The materials, known as triboelectric nanogenerators, capture energy through movement by using static charges.
|Market Size||2030: USD 3.5 Billion|
|Historical Data||2019 & 2020|
|Forecast Units||Value (USD Billion)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Type, Application, Region|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||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)|
|Key Market Opportunities||High cost involved with the manufacturing of devices|
|Key Market Drivers||
The global wearable materials market is expected to rise to a valuation of more than USD 3.5 billion by 2025.
The global wearable materials market is expected to exhibit a strong 14.5% CAGR over the forecast period.
The wearable materials market is mainly driven by the growing demand for wearable devices for health and fitness tracking.
Asia Pacific is the leading regional market for wearable materials, driven by the growing demand for wearable medical devices and the growing electronics industry in countries such as China, Japan, South Korea, and India.
Leading players in the wearable materials market include Elkem Silicones, Solvay, BASF, Wacker Chemie, DuPont, and Daikin, among others.