CAGR: 10.9%Current Market Size: USD 3.4 BillionFastest Growing Region: North America
Largest Market: APACProjection Time: 2022-2029Base Year: 2021
The Global Wearable Materials market is expected to grow from USD 3.4 billion in 2021 to USD 10.11 billion by 2029, at a CAGR of 14.6% during the Projection period 2022-2029. The growth of this market is mainly driven owing to the increasing demand for devices and clothing which can keep a track of body movements and also give health alerts.
Embedded with clothing or worn as accessories or implants, wearable materials are smart electronic devices. These materials are biocompatible and feature characteristics such as durability, flexibility, strength, stiffness, toughness, lightweight, colour stability, chemical and stain resistance, sweat resistance, UV resistance, and crack resistance. They are made of biocompatible materials. Since wearable technology has become more prevalent, the demand for materials that can withstand daily wear and tear has increased significantly. Bluetooth connections are available on wearables, which allow us to sync our smartphones and laptops. Wearable material is also comparatively lighter in weight and perceived as comfortable and flexible, which makes such materials ideally appropriate for use across a broad range of wearable device application bases. As consumer electronics become more sophisticated, wearable materials with higher functionality are becoming increasingly popular due to their lightweight and comfort. Consequently, with increasing demand for wearable devices along with the introduction of new and advanced products, the demand for wearable materials is likely to continue to increase. Several companies are providing wearable technology with health monitoring solutions, such as Samsung, Fitbit, Fossil Group, Inc. etc. Consumers are expected to take advantage of this feature as it lets them check on their health status, paving the way for industry growth.
Sample Request: - Global Wearable Materials Market
Market Dynamics:
Drivers:
A number of wearable gadgets are being launched as a result of rapid advances in digitalization and technology, including smartwatches, fitness bands, and trackers that allow you to track every movement you make when you wear them. The surge in wearable device demand, coupled with the introduction of new and advanced products, will definitely increase the demand for wearable materials in the future. In addition, the emergence of connected devices and the Internet of Things is expected to boost the global wearable materials market in the coming years.
Restraints:
There is high demand for wearable materials because they play an important role in an individual's life by keeping track of all the activities, he or she does every day. The high cost of smart wearable devices is stifling the growth of the market and affecting the demand for the material. The high cost of wearable materials makes it difficult to become accepted among the general public, which ultimately hinders the growth of the wearable material industry.
Opportunities:
In today’s world where everyone is busy in their lives, we forget to take care of our health in order to fulfil our daily needs for survival which leads to so many health-related issues. But with the invention of wearable devices like fitness trackers, it becomes very easy and less time-consuming to keep a check on health. Fitness trackers help, to choose healthy habits which will promote good health along with a busy life. It also helps to keep track of calorie consumption, and steps count which are protecting people from becoming obese and overweight. All these factors are positively contributing towards the growth of the wearable materials market.
Challenges:
Some of the wearable materials lack durability and long-lasting property due to which consumers have started losing interest in some of the wearable materials. This is one of the biggest challenges which is affecting the growth of the wearable materials market because consumers want only those products which highly advanced as well as can be used for a long time for which it is necessary that the products must be durable and built with quality materials.
Segmentation Analysis:
The global wearable materials market has been segmented based on type, function, application, and region.
By Type
The component segment includes polyurethanes, silicones and fluoroelastomers. The silicones segment led the largest share of the wearable materials market with a market share of around 40.2% in 2021. In addition to being biocompatible, silicone is also capable of being used in a variety of skin care applications, such as peel-and-stick skin care products and wearable medical devices constructed from biomedical-grade silicones the rising demand for silicones will boost the growth of the wearable materials market during the Projection period.
By Function
The application segment includes sensing, warming, harvesting, cooling, thermoelectricity and others. The sensing segment led the largest share of the wearable materials market with a market share of around 28% in 2021. As far as wearables are concerned, they come in many forms. There are many options available under the category of wearables, including shirts, shoes, watches, headbands, necklaces, eyeglasses, etc. All of these materials contain sensors that collect raw data and store it in a database. The rising demand for these materials propels the growth of the market.
By Application
The application segment includes industrial, healthcare, consumer electronics and others. The consumer electronics segment led the largest share of the wearable materials market with a market share of around 34.32% in 2021. Wearable materials have been extensively used in consumer electronics, and the increased use of fitness and wellness trackers is fueling the demand for this market segment which will propel the growth of the wearable materials market.
Global Wearable Materials Market- Sales Analysis.
The sale of wearable materials expanded at a CAGR of 14.5% from 2015 to 2021.
Consumers are increasingly purchasing wearable materials due to their lighter weight and comfort capabilities, which is driving the growth of the global wearable materials market.
Moreover, market growth will be augmented by increasing demand for electronic devices throughout the Projection period.
Additionally, the rise of the Internet of Things and connected devices is expected to propel the global wearable materials market.
Thus, owing to the aforementioned factors, the global Wearable Materials Market is expected to grow at a CAGR of 14.6% during the Projection period from 2022 to 2029.
By Regional Analysis:
The regions analyzed for the gloves market include North America, Europe, South America, Asia Pacific, the Middle East, and Africa. The Asia Pacific region dominated the wearable materials market and held a 38.84% share of the market revenue in 2021.
Global Wearable Materials Market- Country Analysis:
Germany’s wearable materials market size was valued at USD 0.21 billion in 2021 and is expected to reach USD 0.62 billion by 2029, at a CAGR of 14.7% from 2022 to 2029. Smart wearables and connected devices are becoming more popular among consumers, the consumer electronics industry is growing technologically, and remote work is on the rise. Health monitoring is also becoming more popular among consumers which will propel the growth of the market in the country.
China’s wearable materials market size was valued at USD 0.34 billion in 2021 and is expected to reach USD 1.03 billion by 2029, at a CAGR of 14.9% from 2022 to 2029. Wearable technology demand in China will also be driven by the lower price of smartphones, which are expected to fall even further. Moreover, by increasing production volumes, manufacturers are able to lower product prices due to the growing demand from different target customer groups which will be beneficial for market growth.
India's wearable materials market size was valued at USD 0.26 billion in 2021 and is expected to reach USD 0.78 billion by 2029, at a CAGR of 14.8% from 2022 to 2029. Wearable products are being developed in the country by the major key players focusing on new technological advancements that will keep on boosting the growth of the market in the country.
Key Industry Players Analysis:
To increase their market position in the global wearable materials business, top companies focus on tactics such as adopting new technology, mergers & acquisitions, product developments, collaborations, partnerships, joint ventures, etc.
Latest Development:
Report Metrics
Report Attribute |
Details |
Study Period |
2021-2029 |
Base year |
2021 |
CAGR (%) |
14.6% |
Market Size |
3.4 Billion in 2021 |
Projection period |
2022-2029 |
Projection unit |
Value (USD) |
Segments covered |
By Type, By Function, By Application, And By Region. |
Report Scope |
Revenue Projection, competitive landscape, company ranking, growth factors, and trends |
Companies covered |
Momentive Performance Materials, DSM, BASF SE, Shin-Etsu Chemical Co., Ltd., The Lubrizol Corporation, Elkem Silicones, Eastman Corporation, Wacker Chemie, Arkema, DuPont, Koninklijke DSM N.V., Solvay. |
By Type |
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By Function |
|
By Application |
|
Regional scope |
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Scope of the Report
Global Wearable Materials Market by Type:
Global Wearable Materials Market by Function:
Global Wearable Materials Market by Application:
Global Wearable Materials Market by Region:
Global Wearable Materials market is expected to reach USD 10.11 billion by 2029, at a CAGR of 14.6% from 2022 to 2029.
Asia Pacific is the leading region for the wearable materials market.
Sensing material is the leading segment of the wearable materials market.
The wearable materials market is mainly driven by the growing demand for wearable devices for health and fitness tracking.
Leading market players active in the global Wearable Materials market are Momentive Performance Materials, DSM, BASF SE, Shin-Etsu Chemical Co., Ltd., The Lubrizol Corporation, Elkem Silicones, Eastman Corporation, Wacker Chemie, Arkema, DuPont, Koninklijke DSM N.V., Solvay among others.
Political Factors- Several different political issues could affect the wearable materials industry's profitability or prospects of survival. Political hazards range from abrupt shifts in the status quo political regimes to civil unrest to significant government choices. In situations involving potential multinationals, one may additionally take into account political variables that occur in/affect not just the host country but also all other countries where company activities are located or with whom trade may be conducted. The integrity of the politicians and their propensity to engage in acts of corruption can be evaluated to accurately assess the scope of the overall systematic political risk that may be present, as the fallout could result in the impeachment or resignation of high-ranking government officials.
Economical Factors- The economic growth and overall investment in an economy are determined by the macroenvironmental factors, such as the inflation rate, savings rate, interest rate, foreign exchange rate, and economic cycle. There’s a growing electronic industry around the world that fuels the adoption of wearable materials. For instance, one of the main drivers of the growth of the global wearable technology market is the expanding use of wearable materials in the electronics sector. The market's goods are widely utilized in smartwatches, smart clothing, smart monitors, smart shoes, and many other products. Wearable materials markets are expanding as a result of rising disposable income in developing nations and rising demand for affordable wearables. The expanding commercialization of connected devices and the changing consumer desire for high-tech wearables are the reasons driving this market's growth. The international medical, electronics, aviation, and marine markets are quickly attracting investments from developing nations. Some of the biggest producers of wearable items that are fueling the market's expansion are in India, China, Japan, Indonesia, and Taiwan.
Social Factor- The manner of life and culture of the society have an effect on the organizational culture in a given setting. To comprehend a market's customers and create a marketing message that appeals to consumers in the Chemicals – a Major Diversified industry, wearable materials marketers must take into account the common beliefs and attitudes of the populace. The population's demographics and skill level, social class, hierarchy, power structures, culture, social norms, the spirit of entrepreneurship, and the overall makeup of society are all elements that have an impact on the wearable materials market.
Technological Factors- The price structure and competitive environment of an industry can be quickly destroyed by technology in a relatively short period. Thus, it becomes crucial to innovate continuously and persistently to avoid obsolescence shortly as well as to maximize potential earnings and establish oneself as a market leader. Innovative products have frequently radically redesigned the standard for an entire industry. Several technological factors, including current technology advancements and competitive technological advances, may have an impact. It is crucial to keep an eye on a new technology's level of acceptance as well as how quickly it is expanding and displacing revenues from rivals in the industry in question.
Environmental Factors- Different businesses perceive various environmental protection criteria to be the norm. Therefore, this standard establishes the minimum standards that every firm must meet to avoid being the target of boycotts and pressure groups owing to a lack of environmental consciousness. For instance, a textile company is not anticipated to contribute to environmental degradation and pollution at the same rate as an oil company. With its interest and knowledge, the new customer prefers to patronize businesses it believes to be more ethical, particularly in light of climate change and the environment. The capacity to handle the movement of materials and the finished product may be considerably impacted by the current weather conditions. This affects the dates of delivery of the final product.
Legal Factors- Although theoretically political and hence subject to whichever political party controls a majority in a governing body, a nation's government structures and frameworks are also legal. Policies frequently fall short of providing adequate protection for both employees and the company, giving the impression that the company is unattractive to experienced and bright individuals. Health and safety legislation, which was developed in response to the appalling conditions that workers were compelled to work in during and immediately following the industrial revolution, is regarded to have an impact on wearable materials. Although putting the right laws in place can be expensive, it is necessary not only under the law but also out of a sense of moral obligation to others.
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