Wearable Materials MarketPin-Point Analysis For Changing Competitive Dynamics
Wearable devices are smart electronic devices incorporated with the clothing or worn on the person as accessories or implants. They are made of bio-compatible materials and possess properties such as durability, flexibility, strength, stiffness, toughness, lightness of weight, color stability, chemical and stain resistance, sweat resistance, UV resistance, and resistance to cracking. Materials used in the manufacture of wearable devices include fluoroelastomers, polyurethanes, and silicones.
Global Wearable Materials Market: Trends & Developments
The global wearable materials market has been expanding due to the rise in disposable income in emerging economies and increase in demand for low-cost wearables. Rise in popularity of Internet of Things (IoT) and connected devices is expected to be another key factor expected to boost the global wearable materials market during the forecast period. Volatility in prices of raw materials and fluctuation in supply and demand are estimated to restrain the wearable materials market.
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Global Wearable Materials Market: Segmentation
Based on the type, the global wearable materials market can be segmented into polyurethanes, fluoroelastomers, silicones, and others. Silicones are known for their biocompatibility and wide range of skin care applications, including peel and stick technology for wearable skin applications. Silicone adhesives are used in a wide range of applications such as wound care products, wearable monitoring devices, specialty cosmetic applications, medical device attachments, and external prosthetic devices. Polyurethane conformal coatings are used to protect sensitive micro-electronics, circuitry components, micro-controllers, sensors etc. Polyurethane optical fibers are employed in wearable breath monitoring sensors, owing to their mechanical flexibility to measure inhalation and exhalation motions through optical transmission variations of the fiber induced by bending and stretching. Fluoroelastomers are commonly used in the manufacture of wristbands. They are used in various wearable devices, as they provides luxurious look and feel, and increased durability and comfort.
Global Wearable Materials Market: Regional Outlook
In terms of region, the global wearable materials market can be divided into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Asia Pacific is the major region of the global wearable materials market. The market in the region is projected to expand at a significant pace during the forecast period. Additionally, rapid growth in electronics and semi-conductor industries in China and Japan is likely to positively influence the wearable materials market. China, South Korea, and Japan are the key countries for wearable materials in Asia Pacific. Emerging economies such as India and Vietnam are also expected to contribute substantially to the wearable materials market. North America is a vital region of the wearable materials market. The wearable materials technology in the U.S. is rapidly gaining popularity owing to the increase in demand for wrist-wear, fitness-wear, and health and wellness monitoring applications. Growth in popularity of wearable devices in the U.S. is estimated to drive the global wearable materials market.
Global Wearable Materials Market: Key Players
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Key players operating in the global wearable materials market are BASF SE, Wacker Chemie AG, Arkema, Eastman Chemical Company, Elkem ASA, Koninklijke DSM N.V., The Lubrizol Corporation, Momentive, DowDuPont, Shin-Etsu Chemical Co., Ltd., Emerald Performance Materials, Covestro AG, Sumitomo Chemical Co., Ltd., Solvay, 3M, Sekisui Chemical Co Ltd., and DAIKIN INDUSTRIES, Ltd.
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