The global wearable material market is driven by rapid
technological advancements. Breakthroughs in material science,
nanotechnology, and electronics have enabled the development of
advanced materials with properties such as flexibility, durability,
conductivity, and biocompatibility. For instance, the
emergence of smart textiles, which integrate electronics and
sensors into fabrics, has opened new possibilities for wearable
devices in healthcare, sports, and fashion sectors. Thus,
resulting in increase the sales for wearable devices in the
coming future; further fueling the growth of the wearable materials
market.
WILMINGTON, Del., April 23,
2024 /PRNewswire/ -- Allied Market Research published
a report, titled, "Wearable Material Market by
Type (Silicon, Polyurethanes, Fluro elastomers) and Application
(Consumer Electronics, Medical, Others): Global Opportunity
Analysis and Industry Forecast, 2023-2032". According to the
report, the "wearable material market" was valued at $2.4 billion in 2022, and is estimated to reach
$7.4 billion by 2032, growing at a
CAGR of 12.2% from 2023 to 2032.
Prime determinants of growth
The global wearable material market is driven by rise in
awareness from the health and wellness sector. Moreover, rise in
awareness of health and wellness has led to the popularity of smart
clothing and accessories embedded with biometric sensors,
temperature regulators, and moisture-wicking fabrics. Wearable
materials that provide breathability, moisture management, and
antimicrobial properties are favored by consumers seeking comfort
and hygiene in their activewear and everyday clothing.
In addition, rise of wearable technology in fashion and personal
expression has led to collaborations between fashion designers,
technology companies, and material innovators. This convergence of
industries has spurred creativity in material selection and design,
resulting in wearable products that blend functionality with
fashion-forward aesthetics. However, one of the primary restraints
in the wearable materials market is the cost associated with
developing and manufacturing wearable devices.
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Report coverage & details:
Report
Coverage
|
Details
|
Forecast
Period
|
2023–2032
|
Base Year
|
2022
|
Market Size in
2022
|
$2.4 billion
|
Market Size in
2032
|
$7.4 billion
|
CAGR
|
12.2 %
|
No. of Pages in
Report
|
510
|
Segments
covered
|
Type, Application, and
Region.
|
Drivers
|
Rapid Technological
Advancements
Growing Health
Awareness
Lifestyle
Trends
Integration with IoT
and AI
Fashion and style
preferences
|
Opportunities
|
Healthcare
Applications
Personalized and
Contextualized Experiences
Development of
Sustainability and Eco-Friendly Materials
|
Restraints
|
Privacy and Security
Concerns
Cost of Development and
Manufacturing
|
The polyurethanes segment to maintain its lead position
during the forecast period.
By type, the polyurethanes segment accounted for the largest
share in 2022, contributing to more than half of the global
wearable material market revenue. Polyurethane (PU) is a highly
versatile material that can be tailored to meet various performance
requirements. It can be formulated to be soft and flexible or rigid
and durable, making it suitable for a wide range of wearable
applications such as clothing, footwear, fitness trackers,
smartwatches, and medical devices. Moreover, polyurethane materials
offer excellent comfort and performance characteristics. They are
lightweight, breathable, and provide a good level of flexibility,
which enhances wearer comfort, especially in wearable devices that
are worn close to the body for extended periods.
The consumer electronics segment to maintain its lead
position during the forecast period.
By application, the consumer electronics segment accounted for
the largest share in 2022, contributing to nearly half of the
global wearable material market revenue. Wearable electronics, such
as smartwatches, fitness trackers, and augmented reality glasses,
are experiencing rapid technological advancements. These
advancements include improvements in sensors, battery life,
connectivity, and data processing capabilities. As a result, there
is a growing need for advanced materials that can support and
enhance the performance of these sophisticated electronic
devices.
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Furthermore, consumers are increasingly demanding wearable
devices that not only offer advanced functionality but also look
stylish and fashionable. Materials with customizable colors,
textures, and finishes allow manufacturers to create wearable
electronics that appeal to a wide range of consumer tastes and
preferences.
Asia-Pacific to
maintain its dominance by 2032
Region-wise, Asia-Pacific held
the highest market share in terms of revenue in 2022,
accounting for nearly two-fifth of the global wearable material
market and is projected to register the highest CAGR of 12.8%
during the forecast period. The Asia-Pacific region, particularly countries
like China, India, Japan,
and South Korea, has been
experiencing rapid economic growth over the past few decades. This
growth has led to an increase in disposable income and consumer
spending, driving demand for consumer electronics, including
wearable devices. Furthermore, the Asia-Pacific region is home to a significant
portion of the world's population, including a growing middle class
with increasing purchasing power. The large population base
provides a substantial market for wearable devices, creating
opportunities for manufacturers and suppliers of wearable
materials.
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Strategies:
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Leading Market Players: -
- BASF SE
- 3M
- Covestro
- Lydall Performance Materials
- Bally Ribbon Mills
- Avery Dennison
- Toray Industries
- Koninklijke Ten Cate BV
- Teijin Limited
- Nano Dimension
The report provides a detailed analysis of these key players in
the global wearable material market. These players have adopted
different strategies such as new product launches, collaborations,
expansion, joint ventures, agreements, and others to increase their
market share and maintain dominant shares in different regions. The
report is valuable in highlighting business performance, operating
segments, product portfolio, and strategic moves of market players
to showcase the competitive scenario.
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