Report : Wearable Materials Market Forecast to 2027 - COVID-19 Impact and Global Analysis by Type (Silicones, Polyurethanes, Fluoroelastomers, and Others), Function (Energy Harvesting, Sensing, Thermoelectricity, Luminescent, Warming and Cooling, and Others), and Application (Consumer Electronics, Medical, Industrial, and Others)
Adoption of Wearables across Multiple Application Areas to Escalate Wearable Materials Market Growth
According to our latest market study on “Wearable Materials Market Forecast to 2027 – COVID-19 Impact and Global Analysis – by Type (Silicones, Polyurethanes, Fluoroelastomers, and Others), Function (Energy Harvesting, Sensing, Thermoelectricity, Luminescent, Warming and Cooling, and Others), and Application (Consumer Electronics, Medical, Industrial, and Others),”the market was valued at US$ 1,732.67million in 2019 and is projected to reach US$ 4,981.78millionby 2027; it is expected to grow at a CAGR of 14.5% from 2020to 2027.The report highlights key factors driving the market growth and prominent players along with their developments in the market.
Wearable materials can be flexibly used in the production of wearable devices and their parts, such as sensors and batteries. These materials possess distinctive characteristic features, including permeability, transparency, adhesion along with biocompatibility properties. Moreover, they are quite skin friendly. Increase in adoption of wearable technology has generated a significant amount of demand for materials, which could withstand the wear and tear due to daily usage. Further, such materials are comparatively lighter in weight and are perceived to be comfortable and flexible, thus they find applications across diversified application bases. Such materials are used in the production of fitness bands, smart watches, fitness trackers, and medical devices to gauge the actual body conditions.
Wearable materials have entered into many industries and are making quite an impact in all the industries. Medical wearables are being developed to provide support to users with specific conditions, such as epilepsy, chronic obstructive pulmonary disease, asthma, heart arrhythmia, chronic pain, and breast cancer. The huge quantities of data collected by medical devices are useful not only for consumers to manage their own health, but also for healthcare organizations to improve their healthcare facilities. Silicone is considered biocompatible and is much more breathable than any other organic polymer. It can be used in various skin care applications, including peel and stick technology for wearable skin applications and biomedical grade silicones for wearable medical devices. These materials adapt well to the body contours and offer greater comfort and better fit. In order to enhance the durability and appearance of medical devices, designers are evaluating elastomers, including polymers, that are generally associated with aerospace and oil &gas exploration. Fluoroelastomers, materials show promises as an alternative to silicones when higher performance and better appearance are required. Fluoroelastomers offer comfort and broad chemical resistance in wearable applications. With the Internet of things, wearables are expected to bring high growth opportunities in the industrial sector. Moreover, decrease in worker injury and mortality, improved worker productivity, and costs reductions are driving the demand for smart wearables and sensors designed specifically for industrial environments. The ability of wearables to provide real-time data, as well as perform monitoring and tracking functionalities are likely to support further growth. Huge growth opportunities are arising from combining cross-industry expertise–for example, circuitry design, wearable materials innovation, system integration, and connectivity–to make smart, comfortable, high-performance sports wearables. Smart clothing depicts incorporation of devices in clothes,which monitor health, regulate body temperature, and heal the skin grazes. Hence, the demand for wearable materials is expected to rise with increase in utilization of wearable devices across diversified application bases.
Arkema, Momentive, The Lubrizol Corporation, Wacker Chemie AG, Covestro AG, DSM, Solvay S.A, Shin-Itsu, BASF SE, and DuPont are among the well-established players in the global wearable materials market.
Impact of COVID-19 on Wearable Materials Market
The COVID-19 first began in Wuhan (China) during December 2019 and since then it has spread at a fast pace across the globe. As of August 2020, US, Brazil, India, Russia, Spain and UK are some of the worst affected countries in terms confirmed cases and reported deaths. The COVID-19 has been affecting economies and industries in various countries due to lockdowns, travel bans, and business shutdowns. Consumer electronics is one the world’s major industries suffering serious disruptions such as supply chain breaks, technology events cancellations, and office shutdowns as a result of this outbreak. For instance, China is the global hub of manufacturing and largest raw material supplier for various industries and it is also one of the worst affected countries. The lockdown of various plants and factories in China is affecting the global supply chains and negatively impacting the manufacturing, delivery schedules, and sales of various materials. Various companies have already announced possible delays in product deliveries and slump in future sales of their products. In addition to this, the global travel bans imposed by countries in Europe, Asia, and North America are affecting the business collaborations and partnerships opportunities. All these factors are anticipated to affect the industries in a negative manner and thus act as restraining factor for the growth of various markets related to this industry in the coming months.
The report includes the segmentation of the global wearable materials market as follows:
Global Wearable Materials Market, by Type
Global Wearable Materials Market, by Function
Global Wearable Materials Market, by Application