The global Wearable Materials Market is projected to be worth USD 3.5 Billion by 2027 at a CAGR of 14.5% over the forecast period of 2022-2027.
The increasing popularity of wearable devices, especially fitness tracking and health monitoring devices is fueling the demand for wearable materials. Some of the generally used wearable materials include silicones, polyurethane and fluoroelastomer. The wearable devices can be integrated into clothing skin as tattoos, pacemakers & defibrillators; watches; glasses; and jewelry. The increasing embracement of wearable devices in the healthcare industry is anticipated to drive the demand for wearable materials at an eloquent rate. The increased application of wearable devices in the healthcare industry is likely to escalate the demand for wearable materials at a significant rate.
The wearable materials industry is herded by increased demand for low-cost wearables and rising disposable income in emerging economies. The world wearable materials market has been rearing as emerging husbandry’ disposable incomes have boosted demand for low-cost wearables. Another revealing factor projected to enhance the wearable materials market during the forecast period is the growing frequency of the Internet of Things (IoT) and connected devices. The wearable materials market is anticipated to be constrained by raw material price volatility and supply and demand inconstancies. Multiple fitness firms have begun to supply smart running socks that can track the wearing person’s running data, similar to velocity, distance, and time.
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Regional Analysis
The global Wearable Materials Market based on regions is segmented into four main geographies such as Asia- Pacific, Europe, North America, and the Rest of the World.
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. Approximately 14 million units of wearable devices were shipped in China in the third quarter of 2018.
The growth of the North American wearable materials market is pushed by the expanding electrical & electronics industry. Smart-watches are the most popular wearable device in the US accounting for around 30% market share.
The European market for wearable materials is hoped to register a moderate CAGR during the review period. The growing demand for ear wearable devices is expected to drive market growth in the region.
Although basic wearable devices with no third-party applications dominate the wearable devices market in the Middle East & Africa, digitalization and an increase in purchasing power are factors expected to fuel the demand for smart wearable materials.
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Market Segmentation
The Global Wearable Materials Market has been segmented into following types;
By Type
By Application
Key Players
The Global Wearable Materials Market’s major key players are Elkem Silicones (Bluesil) (France), Momentive (Silopren LSR), (US), The Lubrizol Corporation (Estane), (US), Solvay (Tecnoflon), (Belgium), BASF SE (Germany), DuPont (US), WackerChemie 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)
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