Global Market Size of Wearable Materials, Forecast Report to 2023- Exclusive Report by MarketsandMarkets™
The market size for wearable materials is estimated at USD 1.5 billion in 2018 and is projected to reach USD 2.9 billion by 2023, at a CAGR of 15.0% between 2018 and 2023. Increasing demand for low-cost wearables, rise in chronic health conditions, and increasing disposable income is expected to drive the demand for wearable materials, globally.
With wearable devices expected to join mainstream personal computing, it is projected that compact wearable devices would drive the demand for wearable materials. In addition, internet of things (IoT) technologies, which plays a major role in a wide range of healthcare applications, ranging from managing chronic diseases to preventing diseases, is expected to impact the wearable materials market.
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The industrial sector is the fastest-growing application of wearable materials. Industrial wearable devices include compact, mobile, and wireless computing systems that can be worn on the body. They also include various image scanners that find applications in industrial processes. As wearables have become more inexpensive, there has been a spurt in research and prototyping of these wearables, which is expected to drive the wearable material market in the industrial segment.
Consumer electronics is the largest application for wearable materials. Consumer wearable electronics encompass a number of wearable devices related to fitness & sports, entertainment & multimedia, and garments & fashion. Factors such as increasing consumer demand and rapid miniaturization of sensor technology have contributed to the growth of the wearable market, which in turn, has increased the demand for wearable materials.
APAC is the fastest-growing market for wearable materials. This region has huge growth potential for the wearables industry. Demand for wearables is increasing with innovations in the industry and expansion of manufacturing facilities. All these factors have accelerated the growth of the wearables materials market. China and Japan are the major markets for wearable materials in the region, owing to the growing demand for low-cost wearables and new in health and wellness. China is the leading manufacturer of wearable materials. The presence of a strong customer base and gradually maturing wearable technology are propelling the demand for wearable materials in the region. In October 2017, Arnitel developed by DSM was used by Zhongxing Telecommunication Equipment Corporation (ZTE) in the manufacture of their new smartwatch, ZTE Quartz. Arnitel was used in the manufacture of the soft strap of the smartwatch as increased safety, resistance to UV rays, and design flexibility. The development helped the company to cater to the increasing demand for wearable materials, globally.
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The key players in the wearable materials market include, BASF (Germany), DowDuPont (US), Wacker Chemie (Germany), DSM (Netherlands), Arkema (France), Eastman Corporation (US), Shin-Etsu (Japan), Elkem (Norway), Momentive Performance Materials (US), and Lubrizol (US). These players have established a strong foothold in the market by adopting strategies such as expansion, new product launch, and merger & acquisition.
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