The global wearable materials market was valued at US$ 1,732.67 million in 2019 and is projected to reach US$ 4,981.78 million by 2027; it is expected to grow at a CAGR of 14.5% from 2020 to 2027.
Wearable materials can be flexibly used in the production of wearable devices and their parts, such as sensors and batteries. These materials possess distinctive characteristic features, including permeability, transparency, adhesion, and processing, along with biocompatibility properties. Moreover, they are quite skin friendly. Increase in adoption of wearable technology has generated a significant amount of demand for materials, which could withstand the wear and tear due to daily usage. Further, such materials are comparatively lighter in weight and are perceived to be comfortable and flexible, thus they find applications across diversified application bases. Such materials are used in the production of fitness bands, smart watches, fitness trackers, and medical devices to gauge the actual body conditions.
Based on type, the wearable materials market is segmented into silicones, polyurethanes, fluoroelastomers, and others. In 2019, the silicones segment led the wearable materials market with the highest market share.Silicone is a versatile material and it is well known for its permeability, adhesion, peeling, transparency, and biocompatibility properties. Silicones are considered noncytotoxic. They are quite skin friendly with low interfacial bonding and greater flowability for stable adhesion. These materials can be modified according to specific requirements and are, therefore, considered as ideal materials to be used in skin care applications. Furthermore, compared to other organic polymers, silicones are much more breathable and comfortable to wear. Such materials are being used increasingly in the production of wearable medical and consumer electronics devices. These factors further propel the growth of the wearable materials market globally.
Geographically, the wearable materials market is segmented into North America, Europe, AsiaPacific (APAC), South America, and Middle East &Africa (MEA). In 2019, Asia Pacific held the largest share of the global wearable materials market, followed by North America and Europe. The largest market share of the region is primarily attributed to the rise in production and consumption of wearable materials in developed and developing economies of Asia Pacific. China is considered to be one of the largest markets where the demand and production of wearable materials is significantly high. The other economies following the growth pattern of wearable materials market include Japan, India, and South Korea. Asia Pacific significantly contributes to the growth of the wearable materials market owing to factors such as rapid urbanization, growing inclination toward technologically advanced products, and rising disposable income. Apart from this, the presence of major manufacturers in the region which is substantially driving the growth of wearable materials market in the region,
The COVID-19 pandemic first began in Wuhan, China, in December 2019, and since then, it has spread at a fast pace worldwide. As of September2020, the US, Brazil, India, Russia, South Africa, Mexico, and the UK are among some of the worst affected countries in terms of confirmed cases and reported deaths. The COVID-19 outbreak has been affecting economies and industries in various countries due to lockdowns, travel bans, and business shutdowns. Chemical and materials is one of the major industries suffering facing serious disruptions such as office and factory shutdown, and supply chain breaks, as a result of this outbreak.
Arkema, Momentive, The Lubrizol Corporation, Wacker Chemie AG, Covestro AG, DSM, Solvay S.A, Shin-Itsu, BASF SE, and Dupontare among the major players in the global wearable materials market.
The overall global wearable materials market size has been derived in accordance with both primary and secondary sources. To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market. Also, multiple primary interviews have been conducted with industry participants and commentators to validate the data, as well as to gain more analytical insights into the topic. The participants typically involved in this process include industry experts, such as VPs, business development managers, market intelligence managers, and national sales managers, along with external consultants, such as valuation experts, research analysts, and key opinion leaders specializing in the global wearable materials market.