The market size for wearable materials is estimated at USD 1.5 billion in 2018 and is projected to reach USD 2.9 billion by 2023, at a CAGR of 15.0% between 2018 and 2023. Increasing demand for low-cost wearables, rise in chronic health conditions, and increasing disposable income is expected to drive the demand for wearable materials during the forecast period.
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.
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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.
The key players in the wearable materials market include, BASF (Germany), DowDuPont (US), Wacker Chemie (Germany), DSM (Netherlands), Arkema (France), Eastman Corporation (US), Shin-Etsu (Japan), Elkem (Norway), Momentive Performance Materials (US), and Lubrizol (US). The wearable materials market report analyzes the key growth strategies adopted by leading market players such as expansion, new product launch, and acquisition between 2015 and 2018.
DSM is among the key players in the wearable materials market. It has adopted organic strategies such as new product launch to increase its share in the wearable materials market. The company is involved in the manufacture of nutritional and health products. The company operates through four business segments-nutrition, materials, innovation center, and corporate activities. The company offers Arnitel through its materials business segment. The materials business segment also manufactures engineering plastics. The company has its operations in 98 countries in Asia, Africa, the Americas, and Europe. In October 2017, Arnitel developed by DSM was used by Zhongxing Telecommunication Equipment Corporation (ZTE) in the manufacture of their new smartwatch, ZTE Quartz. Arnitel was used in the manufacture of the soft strap of the smartwatch as offers increased safety, resistance to UV rays, and design flexibility.
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BASF is one of the major chemical companies. It functions through six business segments, chemicals, performance products, functional materials solutions, agricultural solutions, oil & gas, and others. BASF operates globally through its subsidiaries in 80 countries with six verbund sites and approximately 376 production sites. It chiefly operates in Europe and has an active presence in North America, Asia Pacific, South America, Africa, and the Middle East countries. In November 2016, the thermoplastic polyurethane brand, Elastollan, developed by BASF was incorporated in Paiband, a wearable device manufactured by Putao Technology. Ellastolan offers properties such as design flexibility, haptic optimization, and UV resistance.
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