Wearable Materials Market Growth, Future Scope, Demands , Revenue and Projected Industry Growths
Market Synopsis
The Global Wearable Materials Market growth 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 Growth can primarily be categorized into pure MDI, polymeric MDI,
and modified MDI.
- Silicone—The
silicone segment accounted for the la
rgest 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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