Wearable Materials Market

Market Overview:

Wearable materials can be defined as materials which are being used in various wearable devices such as smart watches, smart clothes and smart glasses among others.  Wearable devices can be worn easily on the body as an accessory or clothing material. The global wearable materials market was valued at around USD 1.4 billion in 2020 and is expected to register a CAGR of 14.6% during the review period to reach to around USD 4.1 billion by end of 2028.

Wearable Materials Market Report Scope

Market Segmentation:

By type, the global wearable materials market has been segmented into silicones, polyurethanes, fluoroelastomers, and others. The silicones segment accounted for the largest market share in 2020 and is expected to register significant growth during the review period. The segment growth can be attributed to widespread product use in the end-use industries due to its superior properties which includes chemical resistance, dielectric and abrasion resistance among others.  It is being widely used in the wearable which requires soft elastomer.  The polyurethane segment is expected to register significant growth during the review period on account of surging demand for thin and flexible materials.

By application, the global wearable materials market has been segmented into fitness trackers, smart glass, smart clothes, wearable camera, and other. The fitness trackers segment accounted for the largest market share in 2020 and is expected to grow at a significant CAGR during the review period. The segment growth can be attributed to growing popularity of smart devices such as smartwatch, ear-worn device, ring, medical device and bracelet.  Growing digitalization coupled with easy access to internet connectivity are the key factors supporting the demand for fitness trackers. In addition to this, changing fashion trends coupled with rising per capita disposable income are also flourishing the segment growth. The wearable camera segment is expected to grow at a considerable CAGR during the review period on account of its increasing use in various applications including security, healthcare, and sports & adventure among others.

By end-use, the global wearable materials market has been segmented into consumer electronics, medical, industrial, and others. The consumer electronics segment accounted for the largest market share in 2020 and is expected to grow at a significant CAGR during the review period. The segment growth can be attributed to increasing demand for smart watches, rings and bracelets among others. The medical segment is expected to grow at a healthy CAGR during the review period on account of increasing adoption of smart medical devices across the geographies.

Market Dynamics and Factors:

The growth of the global wearable materials market is primarily driven by growth of the consumer electronics industry with increasing demand for fitness trackers across the geographies. Rising health consciousness among consumers owing to increasing incidences of lifestyle diseases has resulted in increased demand for fitness trackers. Growing medical industry with rising demand for wearable medical devices to continuously monitor human health is another important factor supporting the global wearable materials market growth.

Expanding growth of the consumer electronics and medical industries in the developing countries coupled with growing urbanization and rising per capita disposable income is projected to offer lucrative growth opportunities to the market players.

However, high cost involved with the manufacturing of wearable devices is likely to hamper the global wearable materials market growth during the review period.

Geographical Analysis:

By geography, the global wearable materials market has been segmented into North America, Europe, Asia-Pacific, Latin America and the Middle East & Africa. The market in Asia-Pacific accounted for the largest share in 2018 and is expected to grow at a significant CAGR during the review period. The market growth can be attributed to the expanding growth of the electrical & electronics industry with increased spending on consumer electronics. China was the key revenue generating country in the region in 2020. The country growth can be attributed to strong presence of the consumer electronics industry. Growing popularity of advanced technologies such as internet of things and artificial intelligence in the developing countries is expected to bolster the global wearable materials market growth in the region.

The market growth in North America is driven by the established presence of the end-use industries including electrical & electronics and medical among others. High adoption rate of advanced technologies in the region is the key factor driving the wearable materials market growth in the region. The presence of key market players such as Momentive (US) and DuPont (US) is another key factor supporting the regional market growth.

The European market is expected to grow at a considerable CAGR on account of increasing demand for fitness trackers such as smart watches, medical devices, and ear-worn devices coupled with widespread adoption of advanced technologies.

The market in Latin America and the Middle East & Africa is expected to be driven by the growth of the key end-use industries including electrical & electronics and medical among others.

Key Market Segmentation

Global Wearable Materials Market, By Type

o    Silicones

o    Polyurethanes

o    Fluoroelastomers

o    Others

Global Wearable Materials Market, By Application

o    Fitness Trackers

o    Smart Glass

o    Smart Clothes

o    Wearable Camera

o    Other

Global Wearable Materials Market, By End-Use

o    Consumer Electronics

o    Medical

o    Industrial

o    Others

Global Wearable Materials Market, By Region

North America

o    US

o    Canada

o    Mexico

Europe

o    Germany

o    UK

o    France

o    Italy

o    Spain

o    Rest of Europe

Asia-Pacific

o    China

o    India

o    Japan

o    South Korea

o    Rest of Asia-Pacific

Middle East and Africa

South America