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Wearable Materials Market Competitive Landscape, Growth Factors, Revenue Analysis to 2027 – IndustryARC

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Wearable Materials Market Competitive Landscape, Growth Factors, Revenue Analysis to 2027 – IndustryARC

September 14
09:05 2022
Wearable Materials Market Competitive Landscape, Growth Factors, Revenue Analysis to 2027 - IndustryARC
Market Research Reports, Business Consulting Services & Analytics
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

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

2. Shin-Etsu

3. Wacker Chemie

4. Covestro

5. DSM

 

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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.

 

Report Coverage

Report Attributes

Details

By Type

Fluoroelastomers, Silicones, Polyurethanes, Bioplastics, Polyester, Polyethylene Terephthalate

By Application

Electronic Devices, Medical Devices

 

By Geography

North America, Europe, Asia-Pacific, South America and Rest of World

 

Get more detailed information about these segments in the report. Buy it here :

https://www.industryarc.com/reports/request-quote?id=510233

 

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.

 

Why IndustryARC?

IndustryARC is one of the leading market research and consulting firms in the world. It produces over 500 unique market reports annually. Get detailed report on preferred market as per your specific requirements and our research experts would customize the report for you.

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USA : (+1) 614-588-8538,  (+1) 815-656-4596

 

Similar Reports :

A. Wearable Medical Devices Market – Forecast (2022 – 2027)

https://www.industryarc.com/Report/205/Wearable-medical-devices-Market-Analysis-Report.html

B. Wearable Sensors Market – Forecast(2022 – 2027)

https://www.industryarc.com/Report/16340/wearable-sensors-market.html

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