Global Wearable Materials Market is estimated to register a CAGR of around 14.5% and cross USD 3.5 Billion by 2025.
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.
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.
- Growing demand for fitness tracking wearable devices
- Rising popularity of the Internet of Things (IoT)
- High cost involved with the manufacturing of devices
- 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.
- 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.
- 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)
Frequently Asked Questions (FAQ) :
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.