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Wearable Materials Market Worth $2.9 Billion by 2023

Consumer electronics is the largest application for wearable materials.

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By: DAVID SAVASTANO

Contributing Editor, Coatings World and Ink World, Coatings World and Ink World Magazine

MarketsandMarkets’ report, “Wearable Materials Market by Application (Consumer Electronics, Medical, Industrial), Type (Silicones, Polyurethanes, Fluoroelastomers), Region (APAC, North America, Europe, South America, and Middle East & Africa) – Global Forecast to 2023,” projects the wearable materials market size to grow from $1.5 billion in 2018 to $2.9 billion by 2023, at a CAGR of 15%.
 
Increasing consumer preference for sophisticated gadgets, growing popularity of connected devices, and rising disposable income are driving the wearable materials market. Volatility in raw material prices and lack of durable, supple materials restrain the growth of the wearable materials market.
 
Consumer electronics is the largest application for wearable materials. The market for wearable consumer electronics encompasses a number of wearable devices related to fitness & sports, entertainment & multimedia, and garments & fashion. Factors such as increasing consumer demand and rapid miniaturization of sensor technology have contributed to the growth of the wearable market, which in turn, has increased the demand for wearable materials.
 
The silicones segment is expected to lead the overall wearable materials market during the forecast period. Silicone has been considered as biocompatible and can be used in a broad array of skin care applications, including peel and stick technology for wearable skin applications and biomedical grade silicones for wearable medical devices. Silicone is much more breathable than any other organic polymer, which entails increased patient comfort. These materials adapt well to the body contours for greater comfort and better fit. APAC is the largest market for wearable materials owing to the high demand for low-cost wearables. 

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