Wearable Materials Market Share Analysis, Strategies, Revenue and Forecasts to 2027

Posted July 20, 2021 by sneha12345

Wearable Materials Market Share Analysis, Strategies, Revenue and Forecasts to 2027
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.
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.

Key Players
• 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)

Regulatory Analysis
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.

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Market Drivers
Growing demand for fitness tracking wearable devices
Rising popularity of the Internet of Things (IoT)

Market Restraints
High cost involved with the manufacturing of devices.

By Type
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.

By Application
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.

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By Region
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.
NOTE: Our Team of Researchers is Studying Covid19 and its Impact on Various Industry Verticals and wherever required we will be considering Covid19 Footprints for Better Analysis of Market and Industries. Cordially get in Touch for More Details.
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Issued By sneha
Country India
Categories Blogging
Last Updated July 20, 2021