Global Wearable Materials Market Growing at A CAGR of 15.3% 2019-2026
The global wearable
materials market was valued at USD 1.5 billion in 2018 and is expected
to reach USD 3.2 billion in 2026, growing at a CAGR of 15.3%
during the forecast period.
Wearable materials are
bio-compatible materials which are used in the wound dressing and skin patches,
drug delivery devices, medical implants, and medical smart electronic devices.
Wearable materials are available in many forms such as silicones,
polyurethanes, fluoroe lastomers, polyaniline etc. These wearable materials
have characteristics such as flexibility,
durability, strength, chemical
resistance, UV resistance, and sweat resistance.
The growth of this
market is primarily driven by increasing disposable incomes, growing
technological innovation in healthcare and consumer goods industry, growing
popularity and availability of low-cost wearable devices. Also, increasing
initiative from the suppliers and manufacturers such as the development of
skin-sensitive would contribute to the market growth in the near future.
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However, fluctuation in
availability and prices of Materials and lack of awareness in developing
economies might hamper the growth of wearable materials market to some extent
during the forecast period The silicon material type segment expected to
dominate the market throughout the forecast period Based on material type, the
global wearable materials market has been segmented into silicones,
fluoroelastomers, polyurethanes, and others which includes PET, polyamide and
polyaniline. The silicones material type segment accounted for approximately
42% of the share in the global wearable materials market in 2018. The growth of
this market is attributed to its wide range of application in different
industries such as cosmetics and skincare, medical devices and smart wearable
devices.
Comparted to any other
polymer, silicone is more breathable, comfortable and user-friendly. The use of
silicones in peel and stick technology for wearable medical devices is likely
to boost in the near future, which would further drive the growth of this
segment during the forecast period. Based on application, the healthcare
application segment is expected to grow at a CAGR of around 16% throughout the
forecast period Based on application, the market has been segmented into
consumer electronics, healthcare, industrial and others. The consumer
electronics application segment accounts of the largest share in the market and
accounting 37% market share in 2018.
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While the healthcare
segment is expected to hold the highest CAGR of nearly 16% during the forecast
period. The growing popularity of wearable electronic devices, such as health
fitness tracker or bands, and the availability of such device are affordable
cost contributes to the growth of consumer electronic segment during the
forecast period. Also, the increasing innovation in the healthcare industry and
the growing popularity of artificial intelligence would contribute to the
growth of healthcare application segment in the near future.
North America to dominate
the wearable materials market throughout the forecast period North America
accounted for the largest market share nearly 39% of the global Wearable
materials market in 2018 and is expected to dominate the market throughout the
forecast period. The growth is mainly attributed to the high disposable income
and purchasing power, high demand for fitness tracking gadgets and higher
adoption of technologically advanced devices.
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Asia Pacific is
expected to register the highest CAGR in the global market during the forecast
period. Growing awareness regarding fitness activities, increasing purchasing
power and availability of mid-end to low-end fitness devices contributes to the
growth of Asia Pacific wearable materials market throughout the forecast
period.
Also, increasing
healthcare expenditure in Asia Pacific regions is likely to contribute to the
growth of this segment during the forecast period Company Profiles and
Competitive Intelligence: Few of the key player in the wearable materials
market are BASF, DSM, Eastman Chemical Company, Elkem, Covestro AG, Wacker
Chemie, Arkema, Momentive Performance Materials, DAIKIN INDUSTRIES, Ltd., The
Lubrizol Corporation, Shin-Etsu Chemical Co., Ltd., and Solvay, Sekisui
Chemical Co Ltd. among others.
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