The Wearable Materials Market size is forecast to reach US$5.1 billion by 2027 after growing at a CAGR of 14.5% during the forecast period 2022-2027. A broad spectrum of wearable materials such as fluoroelastomers, silicones, polyurethanes, and polyethylene terephthalate are used in the manufacturing of several high-end products. Wearable materials are extensively utilized in multiple electronic devices such as smartwatches, activity trackers, earbuds, and headsets. The demand for electronic products is increasing globally with increasing production and sales of electronic items and this is expected to drive the market’s growth during the forecast period. For instance, according to the July 2021 stats by China.org.cn, consumer electronics export in South Korea had a growth trajectory for 12 months in a row. Furthermore, wearable materials are found in medical devices such as fitness trackers, hearing aids, and health monitors. The healthcare sector is expanding globally with increasing investments and this is anticipated to influence the market’s growth during the forecast period. For instance, Europe’s healthcare expenditure increased in 2019 with Germany (11.7%) witnessing the highest expenditure relative to GDP. The fluctuation in the prices of raw materials might hamper the market’s growth during the forecast period.
Competitive Landscape :
The top 5 players in the Wearable Materials Industry are –
1. BASF SE
3. Wacker Chemie
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Segmental Analysis :
1. The silicone segment accounted for approximately 21% of the market share in 2021 and is estimated to grow at a high CAGR during the forecast period.
2. The electronic devices application dominated the wearable materials market in 2021 and is expected to grow at a CAGR of 15.9% during the forecast period.
3. The Asia-Pacific region held the largest share in the wearable materials market in 2021, up to 38%. The high demand for wearable materials is attributed to the expanding electronic sector in the region.
Fluoroelastomers, Silicones, Polyurethanes, Bioplastics, Polyester, Polyethylene Terephthalate
Electronic Devices, Medical Devices
North America, Europe, Asia-Pacific, South America and Rest of World
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Market Drivers and Challenges :
1. Expanding healthcare sector is driving the market’s growth: Healthcare is on an important market for wearable materials where they are used in the production of multiple healthcare devices such as wearable blood pressure monitors, hearing aids, biosensors, contact lenses, and various other components.
2. Increasing demand for electronic devices is influencing the market’s growth: Wearable materials such as fluoroelastomers, silicones, and polyurethanes are widely used in the production of several electronic devices.
3. The fluctuation in raw materials prices might hamper the market’s growth: The market involves raw materials such as polyethylene terephthalate and polyurethane which are petroleum-based. The prices of these materials are fluctuating with the fluctuation in the price of petroleum and this might hinder the market’s growth.
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