The global wearable materials market is anticipated to increase at a 19.96% CAGR to reach value $459.58 billion in 2030
Wearable materials and technologies such as smart watches, fitness tracking devices, heart rate monitoring devices, are driving the market. Wearable technology can pick up phone calls and send texts, track fitness and overall health has become a big thing and the demand for such devices have skyrocketed over the last few years. Growing health conscious population and the rise in several diseases related to cardiovascular health and other factors such as low haemoglobin (HB) is driving the smart wearable technology market. Wearable materials offer connections where we can connect our smartphones as well as laptops, through Bluetooth. People now a days are searching for devices which can be easily fitted on their body, track the work out sessions, without falling off the body and give access to what is going inside their body owing to which the demand for wearable materials is expected to grow over the forecast period.
Key Market Drivers and Restraints:
Growing demand of wearable and portable electronics devices is driving the wearable materials market
With the growing Internet of Things (IOTs) and digitalization, new wearable gadgets such as such as head mounted displays with virtual and augmented reality, fitness trackers, and smart watches are being launched for every single part of the body, where every task can be recorded. Fitness companies such as Sensoria have started manufacturing smart running socks which can track the wearer’s running data such as speed, time, distance and other aspects. Some experts even predict that these technologies might replace our smartphones in the future, as they are better, harmless and more efficient as compared to smartphones.
Most of the wearable materials are made up of fabrics such as silicone, which are durable and breathable, and offer other properties such as better adhesion, permeability, transparency, and properties which meet the requirements of several wearable devices. A growing demand and changing consumer’s choices for stylish wearable devices with advanced functionality is estimated to drive the wearable material market growth in the coming years.
Companies are now focusing on designing printed materials for wearable electronics and smart fabrics to meet reasonable cost, versatility and comfort requirements of the consumers. Many devices such as Fitbit wristbands are made of latex-free elastomer material, which is flexible, and lightweight, and is being used with several other fitness and health related sports bands. Additionally, many players and researchers are concentrating on developing smart clothing which can conduct electricity in a better way and is made up of flexible and breathable material. These clothes are produced using special process of electro-spinning which conglomerates the polymer fibres with small silver wires in a liquid form after which it is filtered, dried and heated. These materials can also withstand the wear and tear of daily use.
Growing demand for consumer electronics in wearable materials market
The wearable material market is primarily driven by the rise in the demand for portable, small and compact consumer electronics specially wellness and fitness trackers. This is majorly driven by the growing awareness of health among the young population, who want to stay updated on what’s going on inside their bodies and how much of physical activity is being conducted by them on a daily bases. Silicone based wearable material is experiencing a high demand as it is biocompatible and is used for peel and stick applications. Additionally, the use of biomedical grade silicones for wearable medical devices is expected to boost the market in the coming years.
There are new and upcoming fabric materials which are being tested by the researchers, which will be able to generate energy from sunlight and physical movements, which is expected to give the wearable materials market a significant boost. Furthermore, Purdue University has recently developed a smart paper-based patch which can monitor dehydration in the human body, which is projected to increase the demand in the healthcare industry. Companies such as DuPont have industrialized a wide range of flexible materials specially made for wearable technology. These materials can also be washed in a normal washing machine and are detergent resistant, particularly made up of silver and dielectric inks.
Regional Market Scenario:
Asia-Pacific will lead the growth in this market
The growth in the Asia-Pacific region is mainly driven by China and India and is projected to lead the market with the highest CAGR during the forecast period. Growing health-conscious population, rising disposable income, increasing innovations in technology and digitalization is mainly driving the wearable material market in the region. Additionally, the growing advantages of wearable materials in the healthcare industry is expected to drive the growth of this market. There is a high demand for skin-worn wearable devices, as these wearables have such close contact with the human body that they frequently pick up very delicate signals from the muscles and organs.
These devices are useful for end uses where a high level of data accuracy is required and also makes them ideal for activity monitoring, and cardiac applications. Wearable devices and materials have a great potential which could result in a ground-breaking non-clinical method to diagnosing disease and health monitoring. Such devices also opens up possibilities for delivering supplements and medications to the patients without human contact which is expected to drive the wearable material market over the forecast period.
Key Market Players
- Wacker Chemie AG
- Eastman Corporation
- Momentive Performance Materials
wearable materials market Scope
|Revenue forecast in 2030
|CAGR of 19.96 % during 2022-2030
|By product, by applications, Region.
|North America, Europe, Asia Pacific, South America, Middle East and Africa
|Key Players Profiled
|BASF, Dowdupont, Wacker Chemie, DSM, Arkema, Eastman Corporation, Shin-Etsu, Elkem, Momentive Performance Materials, Lubrizol.
- Market Segments: Wearable Materials Market
- By Type
- By Application
- Consumer Electronics
- By Region (tentative)
- North America
- Asia Pacific
- South-East Asia
- The Middle East and Africa
- Saudi Arabia
- South America
- North America
- Industry Associations
- Company Annual Reports
- Company Websites
- Key industry leaders
Key Questions Answered
- What are the key growth regions and countries?
- What are the important types and technologies being used?
- What are the market players doing, in terms of research and development?
- Which are the new applications for this market?
- What are the integrations happening?
- What are the recent news, developments, mergers, or large value deals?
- Raw material suppliers
- Paper chemical manufacturers
- Chemical suppliers
- Regulatory Authorities
- Research and Innovation Organizations
- Suppliers and Distributors
- Other Channel Partners
- Quality Control Organizations
- Environmental Authorities