Global Wearable Materials Market Growing at A CAGR of 15.3% 2019-2026

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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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