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)
- DAIKIN INDUSTRIES, 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.
Segmentation
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.
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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