Global Wearable Materials Market - 2023-2030

Global Wearable Materials Market - 2023-2030

Market Overview

The global wearable materials market reached US$ XX million in 2022 and is projected to record significant growth by reaching up to US$ XX million by 2030, growing at a CAGR of XX% during the forecast period (2023-2030).

Technology worn on the human body is called wearable material or device. This kind of item has become more prevalent in the digital sector as businesses have begun to develop more wearable gadgets with advanced sensor technologies that can gather and transmit information about their surroundings. It is made of biocompatible materials and has longevity, adaptability, stiffness, lightness, toughness, strain, color stability, chemical resistance, UV resistance and fracture resistance.

Fluoroelastomers, polyurethanes and silicones are used to make wearables. The global wearable materials market is classified into two segments: material type and application. The material type segment consists of silicons, polyurethanes and fluoroelastomers and the application segment is categorized into consumer electronics, medical and industrial and its function segment contains energy harvesting, sensing, thermoelectricity, luminescent, warming and cooling and others.

Market Dynamics

Due to the growth in disposable income in developing economies and the growing interest in inexpensive wearables, the market for wearable materials has grown substantially. Additionally, the rising popularity of IoT (Internet of Things) and gadgets is expected to drive the wearable materials market globally. The rising consumer awareness of fitness and health applications is increasing the use of fitness bands and trackers among millenium, supporting the growth of the wearable materials market. Manufacturers are working on launching new upgradation in wearable operating systems, which look very appealing to consumers. Some are working on tether-free wearable devices, which do not require pairing with a smartphone becomes exciting for consumers. These trends mentioned above are bolstering the growth of the wearable materials market. The global wearable materials market is driven by advancements in sensor technology, computing power and electronics' ongoing miniaturization. The use of smart wearables is expanding due to connectivity and an ever-increasing capacity to embed intelligence in electronic and photonic components and systems. The component costs have also been declining and the use of new designs, materials and technologies is gaining popularity and further driving the demand for the wearable materials market.

Growing Popularity of the Internet of Things (IOTs) supports the market expansion

Technological advancements in the material and products play a crucial role in the increased popularity of the internet of things. These wearable tech gadgets are used to track data in real time. They have motion sensors that capture an image of daily activity and synchronize it with laptops and other mobile devices. IoT-enabled medical wearable technology gives users the knowledge they need to improve their health prospects. Healthcare wearables increase awareness of essential features of a person's health status. Real-time health monitoring is one of the important benefits of wearables. With the development of IoT wearable devices, doctors can track or monitor a patient's heart rate, calorie intake, glucose readings and other critical symptoms. A few IOTs include trendy jewelry (wristbands, watches, smart rings), fitness trackers, smart clothing and headsets. Due to the rising need for fitness wear, wristwear and health monitoring applications, wearable materials technology is quickly gaining prominence across the globe. The global market for wearable materials is anticipated to be driven by the rise in the popularity of wearable technology.

However, The market for wearable materials is expected to be constrained by volatile raw material prices and shifts in supply and demand.

COVID-19 Impact Analysis

China is one of the top material suppliers and manufacturers in the world. China was one of the severely affected countries, which disrupted the global supply chains and negatively impacted the production and sales of wearable products and materials. Additionally, the travel ban enforced by several governments across European, Asian and American countries affected the various business partnerships and mergers in the wearable product market. Therefore, the production of wearable electronic and medical devices was stopped, which harmed the global wearable materials marketplace.

After the lockdown uplifts, the consumer's awareness of health has grown and the demand for wearable materials products has also increased, eventually boosting the wearable materials market.

Segment Analysis

The global wearable materials market is segmented based on material type, application, function and region.

The increasing use of silicons as material generates significant opportunities for the global wearable materials market

Based on the material type segment, silicones are projected to be the largest material type in the global wearable materials market, which holds the highest market shares among the other material type segment. Silicone is renowned for maintaining flexibility and having minimum compression in extreme cold or heat temperatures. Overall, silicone rubber has good mechanical qualities and is extremely durable. It is quite stable and can be relied upon to maintain functioning for a very long period due to its resilience. Silicons are biocompatible, which makes them an ideal choice for manufacturers. Due to their hydrophobic and inert nature, silicone biomaterials are notable for their biocompatibility. Silicons are being widely used in skin care applications as well as in medical applications. Silicone soft skin adhesives are used in lightweight and small wearable devices, which people can wear for a short time so that the wearable can hold the skin with light pressure with low peel force. High-adhesion silicon materials contain high shear strength; they are highly adhesive and strong and can be used in wearables for extended wear time. Bio-medical grade silicon is used in medical applications.

Geographical Analysis

The global wearable materials market is segmented based on material type, application, function and region.

The increasing consumption of wearable devices to bolster the Asia-Pacific market

Asia- Pacific region is projected to be the fastest-growing global wearable materials market during the forecasted period. Additionally, the market for wearable materials is expected to benefit from the rapid development of the semiconductor and electronics sectors in China and Japan. In the Asia Pacific, China, Japan and South Korea are the major producers of wearing materials. The market for wearable materials is also anticipated to have a significant contribution from developing nations like Vietnam and India. Therefore, emerging economies will create substantial growth opportunities for wearable materials over the forecast period.

Competitive Landscape

The BASF SE, DowDUPont, Wacker Chemie AG, Arkema, Shin-Etsu, Elkem ASA, Eastman Corporation, Lubrizol, Koninklijke DSM N.V. and Momentive Performance Materials are key market manufacturers operating in the wearable materials market. Key Producers concentrate on developing strategies, including acquisitions, collaborations, mergers, partnerships, new product launches and existing product development to achieve a competitive advantage in the product market.

BASF SE

Overview: BASF is headquartered in Germany and was founded in 1965, the German multinational largest chemical manufacturer. It has provided customers with high-performance chemical solutions while employing about 11,000 persons. BASF's product offering includes six segments: chemicals, materials, surface technologies, industrial solutions, agricultural solutions and nutrition & care. It operates in the Americas, Europe, Asia-Pacific and MEA. BASF has its subsidiary in Ludwigshafen as BASF SE and one manufacturing facility in Sandefjord. BASF's product portfolio offers raw materials for the formulation of paints and coatings, printing and packaging goods, construction chemicals, adhesives, fiber bonding, plastics, paper and other products. BASF offers essential raw materials. The company primarily develops formulations for thermal insulation, chemicals, materials, industrial solutions, surface technologies, nutrition and care and agricultural solutions. Most of the company’s formulations are custom-made according to client requirements and are sold under strict confidentiality agreements. The BASF Group develops, produces and markets about 700 intermediates worldwide. Intermediates, for example, are used as starting materials for coatings, plastics, pharmaceuticals, textile fibers, detergents and crop protestants. Innovative intermediates from BASF help to improve the properties of final products and the efficiency of production processes.

Product Portfolio
• Elastollan for Wearables - ST Series: Elastollan’s wearables ST series includes products such as STF 60A, STF 50A and STF 80A. The characteristics of the products are following:

 Soft silky touch feeling

 Plasticizer free

 Excellent mechanical properties

 Abrasion resistance

 Good processability

 Good bonding with PC and PC/ABS

 Easy Coloring

 No blooming

Key Development: On October 27, 2021, A new Consumer Electronics toolbox with collections of wearables and mobile phone protective cases produced with Elastollan® Thermoplastic Polyurethane was launched by BASF.

Why Purchase the Report?
• To visualize the global wearable materials market segmentation based on material type, application, function and region, as well as understand key commercial assets and players.
• Identify commercial opportunities in the global plastic pigments market by analyzing trends and co-development.
• Excel data sheet with numerous data points of plastic pigments market-level with two segments.
• PDF report consisting of cogently put together market analysis after exhaustive qualitative interviews and in-depth market study.
• Product mapping available as excel consisting of key products of all the major market players.

The global wearable materials market report would provide approximately 61 tables, 60 figures and 231 pages.

Target Audience 2023
• Manufacturers/ Buyers
• Industry Investors/Investment Bankers
• Research Professionals
• Emerging Companies