Wearable Materials Market Share, Growth, Industry Size, Key Players, Segments, Latest Trends and Forecast 2021-2027
Market Synopsis
The Global Wearable
Materials Market is projected to register 14.5% CAGR and reach
around USD 3.5 Billion by 2025.
The demand for wearables
materials is primarily driven by the growing popularity of the Internet of
Things and digitalization worldwide. The increasing demand for fitness devices
to monitor health on account of rising health consciousness among consumers is
driving the global market growth. Among the various applications of wearable
materials, smartwatches are the most popular wearable devices across
geographies.
Regulatory
Analysis
Wearable medical devices are
regulated by the US Food and Drug Administration’s (FDA) center for devices and
radiological health to ensure safety while using such devices.
Segmentation
By
Type: By type, the global Wearable Materials Market can primarily be categorized into
pure MDI, polymeric MDI, and modified MDI.
- Silicone—The silicone segment accounted for the
largest share of the global wearable materials market in 2018 and is
expected to register significant growth during the review period. Silicone
is widely preferred in medical devices owing to its selective adhesion
property. Additionally, silicone possesses superior binding properties and
is soft, which makes it suitable for use in smart clothing.
- Polyurethanes—Polyurethanes are used in medical
devices worn by the consumers as they enhance the level of comfort when
worn. The increasing demand for thin and flexible wearable materials is
expected to drive the growth of the segment.
- Fluoroelastomers—Fluoroelastomers are dense and
resistant to chemicals and extreme temperature. These materials are
durable, comfortable, and luxurious look and thus, are mostly commonly
used in applications such as wristbands and smartwatches. The superior
properties of fluoroelastomers such as color stability, abrasion
resistance, ozone resistance to cracking, and colorability make them the
preferred choice of material for premium wearables.
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By
Application:
Based on application, the
wearable materials market has been segmented into rigid foam; flexible foam;
coatings, adhesives, sealants, & elastomers; and others.
- Fitness Trackers—The fitness trackers segment
accounted for the largest share of the global wearable materials market in
2018. Some of the well-known fitness trackers include smartwatches,
wristbands, ear wear, and medical devices. The growing demand for
smartwatches in the developing markets is likely to drive the segment’s
growth. Factors such as the growing popularity of the Internet of Things
and increased spending on fashion products are also contributing to the
segment’s growth. The increasing demand for medical devices to monitor
health particularly in the developed markets is another important factor
propelling the demand for wearable materials. Furthermore, the surge in
the demand for ear wear device is expected to create lucrative
opportunities for the players operating in the global wearable materials
market.
- Smart Glass—Smart wearable glasses are devices that
can display the information on the glass lenses. These technologically
advanced smart glasses can also communicate with systems such as voice,
finger sweeps, or signs. Samsung and Google are the top manufacturers of
smart glasses. The demand for smart glasses is likely to increase to
manage field service & assembly, navigation & map services, and
security solutions.
- Smart Clothes—The cloth manufacturers such as
OMsignal and Nadi X are incorporating devices in the sports clothing to
track fitness metrics of distance, calorie burn, fatigue levels, and heart
rate. In addition, the companies manufacturing fashionable clothes are
collaborating with IT companies to incorporate chips in clothes. For
instance, Levi’s collaborated with Google to produce denim jackets which
can be connected to smartphones via Bluetooth.
- Wearable Camera—The adoption of wearable cameras
across residential and commercial applications is increasing owing to
advantages, e.g., handsfree operations. In addition, the increasing
tendency to upload photographs on social media platforms coupled with easy
accessibility of the internet and high-speed data networks has resulted in
increased demand for wearable cameras and thus, wearable materials.
- Other—The others segment covers smart jewelry and
wearable data collection devices. Although the others segment accounted
for the least market share in 2018, the growing popularity of wearable
devices in these applications is likely to propel the growth of the
segment at a healthy CAGR in the coming years.
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