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.
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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.
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.
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Segmentation
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By Application
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Key Players
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