Wearable Materials Market in 2020
The most recent data available values the global wearable materials market as being worth $1.732 billion in 2019. As demand for wearable technology for both recreational and work-related use continues to grow, the need for certain materials expands as well. For instance, silicone is a major material that remains in extremely high demand in the wearable market. The breathable and adaptable material is comfortable against skin and represents a highly valuable asset to the medical wearable market in particular. This is specifically the case for peel-and-stick medical devices, which are becoming fairly commonplace. Other major materials in demand for the market include polyurethanes and in particular, fluoroelastomers, which provide higher performance, better appearance, equal comfort, and more chemical resistance than silicone.
In terms of growth opportunities, the medical and industrial fields’ adoption has spurred the demand for more wearables and, therefore, more wearable materials. In the medical field, wearables are being developed and used to help monitor patients and help support those with epilepsy, pulmonary disease, asthma, heart arrhythmia, and breast cancer. By collecting valuable data from patients with these conditions, doctors can manage symptoms more accurately, improving the quality of care in healthcare facilities. Another major growth factor would be the influx of cross-industry collaboration leading to sports wearables and smart clothing. The application for wearables is extremely diverse, so the growth of the industry could head in many different directions.
Of course, it is also necessary to mention the impact that the COVID-19 pandemic has had on the wearable materials market. Given the widespread travel bans and lockdowns, massive supply chain breaks have caused delays on products and will most likely result in stunted sales in the short term. However, potential interruption of sales would only last until tech companies can reliably acquire the materials needed to create wearable devices without hold-ups. Once the pandemic begins to ease due to new treatments and vaccines, product materials’ delays will likely no longer be a concern.
Future Outlooks on the Wearable Materials Market
Considering the significantly varied places wearable technology can possibly grow, the demand for the materials needed to create the technology is going to grow along with it. In fact, future projections for the global wearable materials market expect its overall value to reach $4.981 billion by the year 2027. This will be achieved through a compound annual growth rate of 14.5% over these seven years. The need for flexible, comfortable, and durable materials such as silicone and fluoroelastomers will continue to increase. As a result, there will certainly be more materials used for wearable technology in the future as well. Especially for specialized fields such as healthcare or smart clothing, innovative materials better suited for the specifics of the needs will arise only further growing and diversifying the market. The growth expected of the global wearable materials market is unsurprising, to say the least.
Wearable technology for the consumer has come in the form of smartwatches from companies like Apple, Samsung, and Fitbit, among others. These products are all growing yet only represent a percentage of the entire wearable market. The need for materials to create wearable tech will only increase due to innovations spurred by the medical sector, industrial market, and cross-industry collaborations. For those who supply these materials, like DuPont, Lubrizol, and Arkema, the expected jolt in revenues and demand will be enough to take notice.
About the Author
Tom Price is a writer focusing on Entertainment and Sports Features. He has a degree from NYU in English with a minor in Creative Writing. He has been previously published for Washington Square News, Dignitas, CBR, and Numbers on the Boards.