Newark, Sept. 02, 2024 (GLOBE NEWSWIRE) -- As per the report published by The Brainy Insights, the global wearable materials market is expected to grow from USD 1,826.24 Million in 2023 to USD 6,853.88 Million by 2033, at a CAGR of 14.14% during the forecast period 2024-2033.
This growth is attributed to growing awareness from health and wellness segments. The surge in awareness towards health has led to the growing demand for smart clothes and accessories embedded with temperature regulators, biometric sensors and moisture-absorbing fabrics. It has been observed that consumers are in demand for wearable materials that offer moisture management, breathability, and antimicrobial functionality as they look for hygiene and comfort in their everyday clothing.
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Competitive Strategy
To enhance their market position in the global Wearable Materials market, the key players are now focusing on adopting the strategies such as product innovations, mergers & acquisitions, recent developments, joint ventures, collaborations, and partnerships.
In November 2023: DuPont collaborated with STMicroelectronics, a leading organization in semiconductor technology. Dupont Liveo Healthcare Solutions will collaborate with STMicroelectronics on a new smart wearable device concept for remote bio signal monitoring. This will eventually help the organization gain market share in the wearable materials market.
Report Scope and Segmentation –
| Report Coverage | Details |
| Forecast Period | 2024-2033 |
| Forecast CAGR | 14.14% |
| 2033 Value Projection | USD 6,853.88 Million |
| Market Size in 2023 | USD 1,826.24 Million |
| Historical Data | 2020-2022 |
| No. of Pages | 238 |
| Report Coverage | Revenue Forecast, Company Profiles, Competitive Landscape, Growth Factors and Latest Trends |
| Segments Covered | Type, Application Regions |
| Regions Covered | The regions analyzed for the market are Asia Pacific, Europe, South America, North America, and Middle East & Africa. Furthermore, the regions are further analyzed at the country level. |
| Wearable Materials Market Growth Drivers | The growing use of wearable materials for health monitoring and gaming |
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Market Growth & Trends
The growing demand for wearable materials is growing as people want to track and get notifications for their blood pressure and heart rate. They also want to know about their consumption of calories and want to manage their training routines. The use of wearable technology increased during the pandemic, and awareness regarding personal hygiene increased substantially as people wanted to take precautions to avoid the infection. Also, the entertainment and gaming sectors were among the first to use VR headsets, controllers and smart glasses. Some popular VR head-mounted displays like Meta Quest and Sony PlayStation VR are broadly used for entertainment, such as watching movies, gaming, virtual travelling, etc. Sports also broadly use wearable athletic devices, which are either embedded in the fabric of sports apparel or sports equipment like balls and bats. Bluetooth and GPS-connected devices give real-time data to coaches for analyzing performance through connected devices like laptops. Other than such wearable devices, there are other familiar wearable technologies like Apple Watch, Fitbit, Samsung Galaxy Watch and Garmin, among others, which are broadly used for tracking player’s health and performance metrics. These wearable materials are comparatively very comfortable for the user, and they take up much less space on the body; hence, this gives very little discomfort compared to several devices used presently for monitoring a broad range of symptoms. Wearable materials are growing because of the growing Internet of Things and digitalization globally. Moreover, the demand for fitness devices for monitoring health is growing due to an increase in health consciousness among consumers. Wearable materials can be used for several applications, but the demand for smartwatches is growing rapidly globally. Some wearable devices include virtual reality glasses, skin patches, smart watches, and smart garments, among others.
Key Findings
• In 2023, the polyurethanes segment dominated the market with the largest market share of 38.81% and market revenue of USD 708.76 Million.
The type segment is divided into silicone, polyurethanes and fluro elastomers. In 2023, the polyurethanes segment dominated the market with the largest market share of 38.81% and market revenue of USD 708.76 Million. This significant share is largely attributed to its durability, excellent flexibility, and lightweight nature. It is broadly used for fitness bands, smartwatches, and smart clothing.
• In 2023, the fitness trackers segment dominated the market with the largest market share of 36.55% and market revenue of 667.49 Million.
The application segment is divided into fitness trackers, smart glass, wearable camera and smart clothing. In 2023, the fitness trackers segment dominated the market with the largest market share of 36.55% and market revenue of 667.49 Million. The substantial share is largely driven by its requirement for a flexible, skin-friendly, lightweight material that can bear daily use.
Regional Segment Analysis of the Wearable Materials Market
• North America (U.S., Canada, Mexico)
• Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and Rest of South America)
• The Middle East and Africa (UAE, South Africa, Rest of MEA)
Among all regions, the North American region emerged as the largest market for the global Wearable Materials market, with a market share of around 37.63% and 687.21 Million of the market revenue in 2023. North America dominates the wearable materials industry due to a surge in the adoption of wearable devices in the region, such as an increase in the sales of fitness trackers, smartwatches, and virtual reality headsets. Hence, the region has a high demand for durable, high-quality wearable materials. Secondly, the electrical and electronics sector is expanding drastically.
Key players operating in the global Wearable Materials market are:
• DuPont
• Arkema S. A.
• Elkem Silicones(Bluesil)
• BASF SE
• Momentive (Silopren LSR)
• Koninklijke DSM N V
• The Lubrizol Corporation (Estane)
• Wacker Chemie AG
• Solvay (Tecnoflon)
This study forecasts revenue at global, regional, and country levels from 2020 to 2033. The Brainy Insights has segmented the global Wearable Materials market based on the below-mentioned segments:
Global Wearable Materials Market by Type
• Silicone
• Polyurethanes
• Fluro elastomers
Global Wearable Materials Market by Application:
• Fitness Trackers
• Smart Glass
• Wearable Camera
• Smart Clothing
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About the report:
The global Wearable Materials market is analyzed based on value (USD Million). All the segments have been analyzed on a worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report offers an in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining critical insight into the market. The study includes porter's five forces model, attractiveness analysis, raw material analysis, supply, demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
About The Brainy Insights:
The Brainy Insights is a market research company, aimed at providing actionable insights through data analytics to companies to improve their business acumen. We have a robust forecasting and estimation model to meet the clients' objectives of high-quality output within a short span of time. We provide both customized (clients' specific) and syndicate reports. Our repository of syndicate reports is diverse across all the categories and sub-categories across domains. Our customized solutions are tailored to meet the clients' requirements whether they are looking to expand or planning to launch a new product in the global market.
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