Wearable Materials Market

Wearable Materials Market Size (2023-2028):

The Wearable Materials Market size was valued at close to USD 4.1 billion at the end of 2022 and is estimated to rise at a CAGR of around 18.1% to reach about USD 6.8 billion by the year 2028.

Wearable devices are smart electronic equipment assimilated with the clothing or worn on the individual as accessories or grafts. They are made up of bio-compatible materials and have characteristics like durability, flexibility, stiffness, firmness, lightness of weight, color stability, chemical and stain resistance, sweat resistance, and resistance to cracking. Materials employed in the manufacture of wearable devices are Fluor elastomers, polyurethanes, and silicones. Wearable materials are explained as the flexible materials which are employed for making the sensors, batteries, and other electrical equipment that are employed in wearable equipment. There has been an expansion in wearable technology that will further contribute to creating the requirement for materials withholding the wear and tear of day-to-day life. Wearable technology is no more the life of the future. It's the life of the present and flexible materials are playing a major part in the wearable technology industry. From smartwatches that can take phone calls and texts and run apps to fitness or emotional wellness devices that are made to track total health, wearable devices can accomplish incredible things, mainly thanks to the role of flexible materials in their employment. Present advances in wearable technology have been making flexible materials highly significant. 

Wearable Materials Market Drivers and Restraints:

The rise in the fame of the Internet of Things (IoT) and connected devices is estimated to be another major factor estimated to boost the global wearable materials market during the outlook period. Changes in prices of raw materials and constant up down in supply and demand are expected to be a constraint for the wearable materials market. The wearable materials market is estimated to expand at a high rate in the future years, owing to the rising call for low-cost wearable devices and increasing disposable income in growing economies across the world. The global wearable materials market has been developing owing to the increase in disposable income in developing economies and the rise in the call for low-price wearables. The call for wearable materials is mainly driven by the rising popularity of the IoT and digitalization on a global level. The elevating call for fitness equipment to monitor health on the basis of escalating health consciousness in consumers is driving worldwide industry development. In the several uses of wearable materials, smartwatches are the most popular wearable devices in the region. A rise in customers’ preference for advanced wearable equipment with better functionality is estimated to drive market expansion.

More Production prices and a lack of enduring and good materials are among the factors that may hinder the call for wearable materials and restrain the expansion of the target market during the prediction period. The high cost of making wearable materials along with lacking long-lasting and production materials can hamper the complete market at a global level.

Opportunities in the Wearable Materials Market:

Customer preference for sophisticated wearable devices and the rising popularity of connected devices is estimated to provide more expansion opportunities for the players working in the wearable materials market. Furthermore, the increasing popularity of IoT and digitalization together with the technological developments in wearable technology are estimated to boost market expansion.

WEARABLE MATERIALS MARKET REPORT COVERAGE:

Wearable Materials Market Segmentation Analysis as per the research report until 2028.

Wearable Materials Market - By Type:

• Silicones

• Polyurethanes

• Fluor elastomers

The silicone wearable Based on the material used the wearable materials market is segmented into constituting the majority of the market share in terms of revenue generated.

Wearable Materials Market - By Application:

• Medical

• Industrial

• Consumer Electronics

The medical sector has a leading role in expanding the global wearable materials market, followed by consumer electronics. The wide range of uses, such as adhesives and wound dressings (band-aids and bandages), orthopedic prosthetics, and supporters, in the medical sector is the reason for its high revenue generation.

Wearable Materials Market – By Region:

• North America 

• Europe 

• Asia Pacific 

• Latin America 

• Middle East & Africa 

The Asia-Pacific market is known to have a key share in the global wearable materials market in 2019. The rising electronics business collaborated with a fast increase in disposable income in the region is driving the wearable materials industry in the region. China is the biggest market for wearable materials in the region and is estimated to keep the expansion momentum in the foreseen period. Developing economies like India and Vietnam are also estimated to have a contribution substantially to the wearable materials market. North America is a key region of the global wearable materials market. The wearable materials technology in the U.S. is quickly gaining popularity due to the rise in the call for wrist-wear, fitness wear, and health and wellness monitoring applications. Expansion in the popularity of wearable equipment in the U.S. is expected to drive the global wearable materials industry

Recent Developments:

• Covestro an adhesive manufacturing company introduced new material combinations for medical wound healer wearable patches. The company's fixation material combines a gentle adhesive made of polyurethane and a breathable film.

• The industry suppliers are developing more skin-sensitive processes and materials for all kinds of medical wearable materials. 

• Dow Corning is focusing more on silicone adhesives for both wound dressings and wearable monitoring devices. The company launched a new set of four silicone pressure-sensitive e-wearables. 

Wearable Materials Market Key Market Players:

BASF, DowDuPont, Wacker Chemie, DSM, Arkema, Eastman Corporation, Shin-Etsu., Elkem, Momentive performance materials, Lubrizol, Analog Devices, Broadcom Corporation, Freescale Semiconductor Inc., Infineon Technologies AG, InvenSense Inc., Panasonic Corporation and NXP Semiconductors N.V. are the leading shareholders of the Global Wearable Materials Market among other key players.