Dublin, Jan. 22, 2019 (GLOBE NEWSWIRE) -- The "Wearable Materials Market by Application (Consumer Electronics, Medical, Industrial), Type (Silicones, Polyurethanes, Fluoroelastomers), Region (APAC, North America, Europe, South America,and Middle East & Africa) - Global Forecast to 2023" report has been added to ResearchAndMarkets.com's offering.
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.
The growth of this market is attributed to the increasing demand for low-cost wearables and rising disposable income in emerging economies. Another factor driving the wearable materials market is consumer preference for sophisticated wearables and growing popularity of connected devices. However, factors such as lack of durability and supple wearable materials are restraining the growth of the market. The prices of these wearable materials have been highly volatile in recent times, which affected the growth of the market.
Silicones segment is projected to register the highest CAGR during the forecast period.
The silicones segment is expected to be the fastest-growing type of wearable materials. This is owed to the increasing use of silicones for wearable medical devices. One of the major advantages of using silicone technology in wearables is its versatility. Silicone can be modified to adhere to a device's specific requirements. Specific characteristics such as adhesion, peel strength, permeability, transparency, and processing properties can be tailored to meet the requirements of the wearable device. Silicones are also non-cytotoxic and are not sensitive to the skin. Silicone has low interfacial bonding for less impact on the skin with greater flowability for stable adhesion.
Consumer electronics is the largest application of wearable materials.
Consumer electronics is expected to be the largest application of the wearable materials market during the forecast period. Consumer wearable electronics encompass a number of wearable devices related to fitness & sports, entertainment & multimedia, and garments & fashion. Factors such as increasing consumer demand and rapid miniaturization of sensor technology have contributed to the growth of the wearable market, which in turn, has increased the demand for wearable materials.
APAC is projected to be the largest wearable material market during the forecast period.
The APAC wearable material market is projected to register the highest CAGR during the forecast period. This high growth is owed to the growing middle-class population, rapid urbanization, and increasing purchasing power of consumers. The growing consumer goods sector in this region also fuel the demand for wearable materials.
Key Topics Covered:
1 Introduction
1.1 Objectives of the Study
1.2 Market Definition
1.3 Market Scope
1.4 Currency
1.5 Stakeholders
2 Research Methodology
2.1 Research Data
2.2 Market Size Estimation
2.3 Data Triangulation
2.4 Assumptions
2.5 Limitations
3 Executive Summary
4 Premium Insights
4.1 Attractive Opportunities in the Wearable Materials Market
4.2 Wearable Materials Market, By Application
4.3 Wearable Materials Market, By Region
4.4 APAC Wearable Materials Market, By Application and Country
4.5 Wearable Materials Market, By Key Countries
5 Market Overview
5.1 Introduction
5.2 Market Dynamics
5.2.1 Drivers
5.2.1.1 Increased Demand for Wearables With Higher Functionality
5.2.1.2 Growing Popularity of Internet of Things
5.2.2 Restraints
5.2.2.1 Lack of Long-Lasting and Supple Materials
5.2.3 Opportunities
5.2.3.1 Adoption of Wearables in Multiple Application Areas
5.2.4 Challenges
5.2.4.1 Increased Manufacturing Cost of Wearable Materials
5.3 Porter's Five Forces Analysis
6 Wearable Materials Market, By Type
6.1 Introduction
6.2 Silicones
6.2.1 Silicones are Biocompatible and Versatile Materials
6.3 Polyurethanes
6.3.1 Polyurethanes are Used in Wearable Skin Patches, Soft-Touch Bands in Smartwatches
6.4 Fluoroelastomers
6.4.1 Fluoroelastomers Enhance the Look and Feel of Wearable Products
6.5 Others
7 Wearable Materials Market, By Application
7.1 Introduction
7.2 Consumer Electronics
7.2.1 Fitness & Sports
7.2.1.1 Rising Health Consciousness Among Consumers to Increase the Demand in the Fitness & Sports Application
7.2.2 Infotainment & Multimedia
7.2.2.1 Increasing Use of Smartwatches to Drive the Market in the Infotainment & Multimedia Application
7.2.3 Multifunction
7.2.3.1 Wellness Trends Among Users of Wearables to Drive the Multifunction Application
7.2.4 Garments & Fashion
7.2.4.1 E-Textile to Support the Growth of the Market in the Garments & Fashion Application
7.3 Medical
7.3.1 Clinical
7.3.1.1 New Variants of Wearable Sensors to Propel the Growth of the Clinical Application
7.3.2 Nonclinical
7.3.2.1 Routine Care of Acute Diseases to Support the Nonclinical Application
7.4 Industrial
7.4.1 Logistics, Packaging & Warehouses
7.4.1.1 Research and Prototyping of Wearables is Expected to Fuel the Growth of the Wearable Materials Market
7.4.2 Others
7.5 Others
8 Wearable Materials Market, By Region
9 Competitive Landscape
9.1 Introduction
9.2 Market Ranking
9.3 Competitive Scenario
9.3.1 Expansion
9.3.2 New Product Launch
9.3.3 Acquisition
10 Company Profiles
10.1 BASF
10.2 Dowdupont
10.3 Wacker Chemie
10.4 DSM
10.5 Arkema
10.6 Eastman Corporation
10.7 Shin-Etsu
10.8 Elkem
10.9 Momentive Performance Materials
10.10 Lubrizol
10.11 Other Companies
10.11.1 Emerald Performance Materials
10.11.2 Daikin Chemicals
10.11.3 Solvay
10.11.4 3M
10.11.5 Covestro
For more information about this report visit https://www.researchandmarkets.com/research/8gn837/global_wearable?w=12
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