Market Size – USD 1.49 Billion in 2018, Market Growth – CAGR of 14.8%, Market Trends – The advent of high functionality wearable.
The global wearable materials market is forecast to reach USD 4.52 Billion by 2026, according to a new report by Reports and Data. These materials are unique materials that are used in the medical, and aviation industry for various purposes such as for making batteries, sensors, and many other electronic components.
The market for such materials is influenced by the rising industries due to urbanization. The rising applications of smart products are boosting the market for such materials. The wearable technology has specific characteristics such as adhesion, permeability, transparency, and peel strength which are helping in the market growth of this material. The lack of durable supply materials are acting as a market restraint.
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The factors mentioned above jointly create opportunities for the market growth while factors such as critical effects of manufacturing these products add limitations in the market. However, each element would have a specific impact on the market during the forecast period. Consistent developments in the market of materials used for industrial purposes owing to innovative efforts have improved the efficiency of wearable products.
In the Asia Pacific region due to the sudden rise in population and rapid urbanization, the market for such technologically advanced wearable materials are propelling at a swift rate. The rising economy in counties like China and Japan due to favorable political, social, and economic conditions are helping the market to grow. Electronics, medical and aviation industries of the APAC region are using these materials for the production of smart apparel and smart watches used in various industries. China is the highest manufacturer and consumer of such wearable products.
Further key findings from the report suggest
- Medical industry held the second-largest market share of 34.7% in the year 2018. Reemo Health Medical Alert Smart watch is nowadays used for monitoring senior community. Reemo Health has declared partnerships with several medical alert companies to build a heart and cardiac monitoring smartwatch.
- The Polyurethanes segment is forecasted to witness the CAGR of 15.2% during the forecast period. This segment is rising since this material has good elasticity, high durability, good flexibility, high abrasion resistance, high elongation high strength, low shrinkage, and many others.
- Silicones segment is forecasted to witness the highest CAGR of 15.5% during the forecast period. China became the largest consumer of this segment owing to the ever-growing smart technology industry along with the medical industry in this region because of the growing urbanization and industrialization. China became a leader in the world for the production and consumption of industrial wearable products because of its low-cost labor, and the rise in urbanization with expanding economy compared with other countries.
- Asia Pacific is expected to witness the highest CAGR of 15.8% during the forecast period. Countries like India, China, Taiwan, Indonesia, and Japan are rapidly catching up with the growth in the smart wearable material market. The countries in this region have a high demand for technological goods, which is propelling the market growth.
- Key participants BASF, DowDuPont, Wacker Chemie, DSM, Arkema, Eastman Corporation, Shin-Etsu, Elkem, Momentive Performance Materials, and Lubrizol, among others.
For the purpose of this report, Reports and Data have segmented into the global Wearable materials market on the basis of type, application, production process and region:
Application Outlook (Volume, Kilo Tons; Revenue, USD Billion; 2016-2026)
- Consumer Electronics
Type Outlook (Volume, Kilo Tons; Revenue, USD Billion; 2016-2026)
Production Process Outlook (Volume, Kilo Tons; Revenue, USD Billion; 2016-2026)
- Electro spinning
Regional Outlook (Volume, Kilo Tons; Revenue, USD Billion; 2016-2026)
- North America
- Asia Pacific
- Latin America
To identify the key trends in the industry, click on the link below: https://www.reportsanddata.com/report-detail/wearable-materials-market
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