Wearable Materials Market size is USD 3.4 billion in 2021 it will grow at a CAGR of 14.6% by 2029 : GreyViews

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Wearable Materials Market Size by Type (Polyurethanes, Silicones and Fluoroelastomers), By Function (Sensing, Warming, Harvesting, Cooling, Thermoelectricity and Others), By Application (Industrial, Healthcare, Consumer Electronics and Others), Regions, Segmentation, and forecast till 2029.

Pune India, Dec. 29, 2022 (GLOBE NEWSWIRE) — The market has been studied for the below mentioned-segmentation and regional analysis for North America, Europe, Asia, South America, and the Middle East and Africa. These are the key regions where the wearable materials market is operating currently and is predicted to expand in the near future. The manufacturers and suppliers involved in the wearable materials market are present across various countries in the above-mentioned regions.

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The report provides a detailed understanding of the market segments which have been formed by combining different prospects such as the type, application, vehicle and regions. Apart from this, the key driving factors, restraints, potential growth opportunities and market challenges are also discussed in the below paragraphs. 

The significant players operating in the global wearable materials market are Momentive Performance Materials, DSM, BASF SE, Shin-Etsu Chemical Co., Ltd., The Lubrizol Corporation, Elkem Silicones, Eastman Corporation, Wacker Chemie, Arkema, DuPont, Koninklijke DSM N.V., Solvay among others. To achieve a substantial market share in the worldwide wearable materials market and strengthen their position, manufacturers are pursuing expansion methods such as current developments, mergers and acquisitions, product innovations, collaborations, and partnerships, joint ventures.

Wearable materials are smart electronic devices that are embedded in clothing or worn as accessories or implants. They are biocompatible and possess excellent characteristics such as durability, flexibility, strength, stiffness, toughness, lightweight, colour stability, chemical and stain resistance, sweat resistance, UV resistance, and crack resistance etc. As technology and digitalization advance, more and more wearable gadgets are being developed, including smartwatches, fitness bands, and trackers that record every movement an individual makes. In addition, wearable materials come with Bluetooth connectivity features which makes them more demandable among consumers because with the help of Bluetooth one can connect their laptops and mobile phones with wearable devices.  In the future, wearable materials demand will most definitely increase with the increase in wearable device demand. Global wearable materials market growth is further anticipated to be fueled by the rise of connected devices and the Internet of Things. Wearable materials with enhanced functionality are becoming increasingly popular as consumer electronics become more sophisticated due to their lightweight and comfortable qualities. The demand for wearable materials is therefore likely to continue to increase due to the increasing demand for wearable devices, as well as the introduction of new and advanced products that will add more value to the growth of the market.

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Scope of Wearable Materials Market Report:

Report Metric Information
Study Period 2021-2029
Base Year              2021
Forecast Period 2022-2029
Market Share Unit USD Billion
Segments Covered Type, Function, Application and Regions.

 

Regions Covered North America, Europe, Asia-Pacific, South America, and Middle-East and Africa
Major Players Momentive Performance Materials, DSM, BASF SE, Shin-Etsu Chemical Co., Ltd., The Lubrizol Corporation, Elkem Silicones, Eastman Corporation, Wacker Chemie, Arkema, DuPont, Koninklijke DSM N.V., Solvay among others.

Segmentation Analysis

The silicones segment is expected to be the fastest-growing segment in 2021. 

The component segment includes polyurethanes, silicones and fluoroelastomers. The silicones segment is expected to witness the highest growth rate during the forecast period. Its biocompatible properties make silicone an ideal material for a wide range of skin care applications, including peel-and-stick skin care products and wearable medical devices constructed from biomedical silicones. The wearable material market is expected to grow during the forecast period due to the increasing demand for silicones.

Sensing is expected to be the fastest-growing segment in 2021. 

The application segment includes sensing, warming, harvesting, cooling, thermoelectricity and others. The sensing segment is expected to witness the highest growth rate during the forecast period. When it comes to wearables, there are a number of options available, including shirts, shoes, watches, headbands, necklaces, eyeglasses, etc. All of these materials contain sensors that collect raw data and store it in a database, which is boosting the growth of the market.

Consumer electronics is expected to be the fastest-growing segment in 2021. 

The application segment includes industrial, healthcare, consumer electronics and others. The consumer electronics segment is expected to witness the highest growth rate during the forecast period. Increasing reliance on fitness and wellness trackers is fueling the demand for wearable materials in consumer electronics, which will drive the growth of the wearable materials market.

Regional Analysis           

The regional analysis provides a detailed perception of the key regions and the countries. Some of the key countries analyzed for Automotive Sensors include the US, Canada, Mexico, Germany, France, the U.K., Italy, Spain, Russia, China, Japan, India, Brazil, Peru, UAE, South Africa, and Saudi Arabia.

  • The Asia Pacific region witnessed a major share. Technological advancements have led to the development of new wearable gadgets such as fitness trackers, fitness bands and smartwatches. As the wearable electronics and smart fabrics market grows, companies are now focusing on designing printed materials to meet cost and versatility requirements which accounts for the overall growth of the market in the region.

Country Analysis

  • Germany

Germany’s wearable materials market size was valued at USD 0.21 billion in 2021 and is expected to reach USD 0.62 billion by 2029, at a CAGR of 14.7% from 2022 to 2029.  In addition to smart wearables and connected devices, the consumer electronics market is growing technologically, remote working is on the rise, and health monitoring is also becoming increasingly popular among consumers, which will propel the country’s market growth.

  • China

China’s wearable materials market size was valued at USD 0.34 billion in 2021 and is expected to reach USD 1.03 billion by 2029, at a CAGR of 14.9% from 2022 to 2029.  As smartphones’ prices fall even further, wearable technology demand in China will also increase. In addition, manufacturers are able to lower product prices by increasing production volumes, which will benefit the market growth because of the growing demand from various target customer groups.

  • India

India’s wearable materials market size was valued at USD 0.26 billion in 2021 and is expected to reach USD 0.78 billion by 2029, at a CAGR of 14.8% from 2022 to 2029. Several major key players are developing wearable products in the country, focusing on new technological advancements that will continue to boost the growth of the market.
Covid-19 Impact
Covid-19 had a major impact on almost all industries, such as electronics, semiconductors, manufacturing, automobile, etc. However, several companies operating in the technology sector have seen increased revenue due to significant changes in consumer preferences toward technological services. In addition, the pandemic has led to significant growth in technology across developing and developed countries.

Furthermore, the growth of this market is mainly driven owing to the increasing demand from the consumer electronics segment across countries.

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GreyViews
Pune India
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