Wearable Materials Market Information: By Type (Silicone, Polyurethanes, Fluoroelastomers), By Application (Fitness Trackers, Smart Glass, Smart Clothing, Wearable Camera, Other) - Forecast to 2030

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.

Regulatory Analysis

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.

Key Players

• 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)

Market Synopsis

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.

Recent Development

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 Drivers

• Growing demand for fitness tracking wearable devices


• Rising popularity of the Internet of Things (IoT)

Market Restraints

• High cost involved with the manufacturing of devices

Segmentation

By Type

• 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.

By Application

• 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.

By Region

• Asia-Pacific: Asia-Pacific was the largest and fastest-growing market for wearable materials in 2018. The market growth can be attributed to the increased spending on consumer electronics coupled with rising per capita disposable income. China was the major contributor to the growth of the Asia-Pacific wearable materials market. Around 14 million units of wearable devices were shipped in China in the third quarter of 2018.

• North America: The growth of the North American wearable materials market is driven by the expanding electrical & electronics industry. Smartwatches are the most popular wearable device in the US accounting for around 30% market share.

• Europe: The European market for wearable materials is likely to register a moderate CAGR during the review period. The growing demand for ear wearable devices is expected to drive the market growth in the region.

• Middle East & Africa: Although basic wearable devices with no third-party applications dominate the wearable devices market in the Middle East & Africa, digitalization and increase in purchasing power are factors expected to fuel the demand for smart wearables and thus wearable materials.

• Latin America: The growth of wearable materials market in Latin America particularly in Brazil and Mexico is driven by the increasing demand for fitness trackers particularly smartwatches.

Report Scope:

Report Attribute/Metric	Details
Market Size	2030: USD 3.5 Billion
CAGR	14.5% (2020-2027)
Base Year	2021
Forecast Period	2022-2030
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	Growing demand for fitness tracking wearable devices. Rising popularity of the Internet of Things (IoT)

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