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 during the forecast period.
APAC is the largest market for wearable materials owing to the high demand for low-cost wearables. Growing population and increasing disposable income are driving the wearable materials market. China, Japan, and South Korea are some of the key wearable materials markets in the region. APAC offers huge opportunities for market players. Emerging economies such as India is also expected to contribute substantially to the growth of the wearable materials market. The wearable materials market in the consumer electronics segment in the APAC region is projected to register strong CAGR between 2018 and 2023. The high demand for wearables such as low-cost activity and fitness bands is driving the market in the consumer electronics segment in the region.
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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). The wearable materials market report analyzes the key growth strategies adopted by leading market players such as expansion, new product launch, and acquisition between 2015 and 2018.
DSM is among the key players in the wearable materials market. It has adopted organic strategies such as new product launch to increase its share in the wearable materials market. The company is involved in the manufacture of nutritional and health products. The company operates through four business segments-nutrition, materials, innovation center, and corporate activities. The company offers Arnitel through its materials business segment. The materials business segment also manufactures engineering plastics. The company has its operations in 98 countries in Asia, Africa, the Americas, and Europe. 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 offers increased safety, resistance to UV rays, and design flexibility.
BASF is one of the major chemical companies. It functions through six business segments, chemicals, performance products, functional materials solutions, agricultural solutions, oil & gas, and others. BASF operates globally through its subsidiaries in 80 countries with six verbund sites and approximately 376 production sites. It chiefly operates in Europe and has an active presence in North America, Asia Pacific, South America, Africa, and the Middle East countries. In November 2016, the thermoplastic polyurethane brand, Elastollan, developed by BASF was incorporated in Paiband, a wearable device manufactured by Putao Technology. Ellastolan offers properties such as design flexibility, haptic optimization, and UV resistance.
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