The global wearable materials market is forecast to reach USD 44.26 Billion by 2028, 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.
Top Companies Operating in the Global Wearable Materials Market:
BASF, DowDuPont, Wacker Chemie, DSM, Arkema, Eastman Corporation, Shin-Etsu, Elkem, Momentive Performance Materials, and Lubrizol
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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.
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Key Regional Markets Covered in the Report:
- North America (U.S.A., Canada, Mexico)
- Europe (Italy, U.K., Germany, France, Rest of Europe)
- Asia Pacific (India, China, Japan, South Korea, Australia, Rest of Asia Pacific)
- Latin America (Chile, Brazil, Argentina, Peru, Rest of Latin America)
- Middle East Africa (Saudi Arabia, U.A.E., South Africa, Rest of Middle East Africa)
Wearable Materials Market Segmentation
Application Outlook (Volume, Kilo Tons; Revenue, USD Billion; 2018-2028)
- Consumer Electronics
- Medical
- Industrial
Type Outlook (Volume, Kilo Tons; Revenue, USD Billion; 2018-2028)
- Silicones
- Polyurethanes
- Fluoroelastomers
Production Process Outlook (Volume, Kilo Tons; Revenue, USD Billion; 2018-2028)
- Electro spinning
- Hydrolysis
- Others
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