Wearable Materials Market Poised for Strong Global Growth
Increasing health-conscious users aiming for fitness tracking and increasing adaption technologically advanced devices are expected to drive the growth of the wearable materials market.
Wearable materials are smart wearable technology is rapidly growing and creating the need for materials which can endure the wear and tear of everyday life. Developing smart devices such as fitness trackers and portable heath monitors requires raw materials with durability, comfort, sweat resistance, chemical resistance, UV resistance, and low density. Wearable materials such as silicones, Fluoroelastomers, Polyurethanes etc offer a wide range of such property to fulfill the current demand for the development of advanced devices. Apart from healthcare and consumer goods industries, wearable materials are widely been adopted by the textile industry. The fabric and machine manufacturers are developing high-quality sewing and embroidery threads using wearable materials to showcase the capability in conductive, sensing, lighting, heating and composites.
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The Wearable materials are attracting the attention for smart materials and systems. There has been a noticeable shift in workwear where needs, benefits and environmental conditions are often more clearly defined than in some of the wellness markets. In addition, the automotive industry is also taking shape, by adoption wearable technology-enabled textile. With the growing trend of internet of things, the opportunity and interest for wearable materials remain largely siloed.
The increasing adoption of wearable devices in multiple areas such as fitness, healthcare, and fashion drives the growth of this market throughout the forecast period. In addition, the increasing disposable income in developed and developing economies coupled with rising purchasing power boost the adoption of wearable materials market. Wearable material suppliers are developing skin-friendly materials and process for all types of medical wearable devices. Also, they are also shifting the focus on developing more cost-effective disposable drug delivery devices and durable sterilization resistant reusable devices. On the other hand, lack of awareness in developing economies and high manufacturing cost of wearable materials might hamper the growth of the market to some extent.
- Based on product, the silicone segment is expected to dominate the market with nearly 42% share in the global wearable materials market in 2018
- Based on application, the consumer electronics segment accounts of the largest share in the market and is expected to grow at a CAGR of around 9% during the forecast period.
- North America accounted for nearly 39% share of the global wearable materials market in 2018
- In Jun 2019, Carbon and Arkema, partner to advance the adoption of digital manufacturing.
- In Jul 2019, Covestro and the Holst Centre develops next generation of electronic patches which are skin-friendly wearables and made up of breathable thermoplastic polyurethane (TPU) films.
- In Jan 2019, Teijin Frontier launched a new line of sportswear and other clothing incorporating "wearable solutions"