Wearable Materials Market is projected to register 14.5% CAGR and reach around USD 3.5 Billion by 2025.
The demand for wearables materials is primarily driven by the growing popularity of the Internet of Things and digitalization worldwide. The increasing demand for fitness devices to monitor health on account of rising health consciousness among consumers is driving the global market growth. Among the various applications of wearable materials, smartwatches are the most popular wearable devices across geographies.
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
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.
By Type: By type, the global wearable materials market can primarily be categorized into pure MDI, polymeric MDI, and modified MDI.
Silicone—The silicone segment accounted for the largest share of the global wearable materials market in 2018 and is expected to register significant growth during the review period. Silicone is widely preferred in medical devices owing to its selective adhesion property. Additionally, silicone possesses superior binding properties and is soft, which makes it suitable for use in smart clothing.
Polyurethanes—Polyurethanes are used in medical devices worn by the consumers as they enhance the level of comfort when worn. The increasing demand for thin and flexible wearable materials is expected to drive the growth of the segment.
Fluoroelastomers—Fluoroelastomers are dense and resistant to chemicals and extreme temperature. These materials are durable, comfortable, and luxurious look and thus, are mostly commonly used in applications such as wristbands and smartwatches. The superior properties of fluoroelastomers such as color stability, abrasion resistance, ozone resistance to cracking, and colorability make them the preferred choice of material for premium wearables.
By Application: Based on application, the wearable materials market has been segmented into rigid foam; flexible foam; coatings, adhesives, sealants, & elastomers; and others
Fitness Trackers—The fitness trackers segment accounted for the largest share of the global wearable materials market in 2018. Some of the well-known fitness trackers include smartwatches, wristbands, ear wear, and medical devices. The growing demand for smartwatches in the developing markets is likely to drive the segment’s growth. Factors such as the growing popularity of the Internet of Things and increased spending on fashion products are also contributing to the segment’s growth. The increasing demand for medical devices to monitor health particularly in the developed markets is another important factor propelling the demand for wearable materials. Furthermore, the surge in the demand for ear wear device is expected to create lucrative opportunities for the players operating in the global wearable materials market.
Smart Glass—Smart wearable glasses are devices that can display the information on the glass lenses. These technologically advanced smart glasses can also communicate with systems such as voice, finger sweeps, or signs. Samsung and Google are the top manufacturers of smart glasses. The demand for smart glasses is likely to increase to manage field service & assembly, navigation & map services, and security solutions.
Smart Clothes—The cloth manufacturers such as OMsignal and Nadi X are incorporating devices in the sports clothing to track fitness metrics of distance, calorie burn, fatigue levels, and heart rate. In addition, the companies manufacturing fashionable clothes are collaborating with IT companies to incorporate chips in clothes. For instance, Levi’s collaborated with Google to produce denim jackets which can be connected to smartphones via Bluetooth.
Wearable Camera—The adoption of wearable cameras across residential and commercial applications is increasing owing to advantages, e.g., handsfree operations. In addition, the increasing tendency to upload photographs on social media platforms coupled with easy accessibility of the internet and high-speed data networks has resulted in increased demand for wearable cameras and thus, wearable materials.
Other—The others segment covers smart jewelry and wearable data collection devices. Although the others segment accounted for the least market share in 2018, the growing popularity of wearable devices in these applications is likely to propel the growth of the segment at a healthy CAGR in the coming years.
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Rishab Gupta Joined: November 25th, 2019 Articles Posted: 303