Wearable Material Market to Reach $7.4 billion, Globally, by 2032 at 12.2% CAGR: Allied Market Research

The global wearable material market is driven by rapid technological advancements. Breakthroughs in material science, nanotechnology, and electronics have enabled the development of advanced materials with properties such as flexibility, durability, conductivity, and biocompatibility. For instance, the emergence of smart textiles, which integrate electronics and sensors into fabrics, has opened new possibilities for wearable devices in healthcare, sports, and fashion sectors. Thus, resulting in increase the sales for wearable devices in the coming future; further fueling the growth of the wearable materials market.

WILMINGTON, Del., April 23, 2024 /PRNewswire/ -- Allied Market Research published a report, titled, "Wearable Material Market by Type (Silicon, Polyurethanes, Fluro elastomers) and Application (Consumer Electronics, Medical, Others): Global Opportunity Analysis and Industry Forecast, 2023-2032". According to the report, the "wearable material market" was valued at $2.4 billion in 2022, and is estimated to reach $7.4 billion by 2032, growing at a CAGR of 12.2% from 2023 to 2032.

Prime determinants of growth

The global wearable material market is driven by rise in awareness from the health and wellness sector. Moreover, rise in awareness of health and wellness has led to the popularity of smart clothing and accessories embedded with biometric sensors, temperature regulators, and moisture-wicking fabrics. Wearable materials that provide breathability, moisture management, and antimicrobial properties are favored by consumers seeking comfort and hygiene in their activewear and everyday clothing.

In addition, rise of wearable technology in fashion and personal expression has led to collaborations between fashion designers, technology companies, and material innovators. This convergence of industries has spurred creativity in material selection and design, resulting in wearable products that blend functionality with fashion-forward aesthetics. However, one of the primary restraints in the wearable materials market is the cost associated with developing and manufacturing wearable devices.

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Report coverage & details:

The polyurethanes segment to maintain its lead position during the forecast period.

By type, the polyurethanes segment accounted for the largest share in 2022, contributing to more than half of the global wearable material market revenue. Polyurethane (PU) is a highly versatile material that can be tailored to meet various performance requirements. It can be formulated to be soft and flexible or rigid and durable, making it suitable for a wide range of wearable applications such as clothing, footwear, fitness trackers, smartwatches, and medical devices. Moreover, polyurethane materials offer excellent comfort and performance characteristics. They are lightweight, breathable, and provide a good level of flexibility, which enhances wearer comfort, especially in wearable devices that are worn close to the body for extended periods.

The consumer electronics segment to maintain its lead position during the forecast period.

By application, the consumer electronics segment accounted for the largest share in 2022, contributing to nearly half of the global wearable material market revenue. Wearable electronics, such as smartwatches, fitness trackers, and augmented reality glasses, are experiencing rapid technological advancements. These advancements include improvements in sensors, battery life, connectivity, and data processing capabilities. As a result, there is a growing need for advanced materials that can support and enhance the performance of these sophisticated electronic devices.

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Furthermore, consumers are increasingly demanding wearable devices that not only offer advanced functionality but also look stylish and fashionable. Materials with customizable colors, textures, and finishes allow manufacturers to create wearable electronics that appeal to a wide range of consumer tastes and preferences.

Asia-Pacific to maintain its dominance by 2032

Region-wise, Asia-Pacific held the highest market share in terms of revenue in 2022, accounting for nearly two-fifth of the global wearable material market and is projected to register the highest CAGR of 12.8% during the forecast period. The Asia-Pacific region, particularly countries like China, India, Japan, and South Korea, has been experiencing rapid economic growth over the past few decades. This growth has led to an increase in disposable income and consumer spending, driving demand for consumer electronics, including wearable devices. Furthermore, the Asia-Pacific region is home to a significant portion of the world's population, including a growing middle class with increasing purchasing power. The large population base provides a substantial market for wearable devices, creating opportunities for manufacturers and suppliers of wearable materials.

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Leading Market Players: -

• BASF SE
• 3M
• Covestro
• Lydall Performance Materials
• Bally Ribbon Mills
• Avery Dennison
• Toray Industries
• Koninklijke Ten Cate BV
• Teijin Limited
• Nano Dimension

The report provides a detailed analysis of these key players in the global wearable material market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.

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