Wearable Display Device Materials Market Insights and Industry Analysis by Substrate (Glass, Polycarbonate), Adhesives (Silicone, Polyurethane), Coatings (Conductive), End-Uses Industry (Smart Glass, Smart Watches, Fitness Trackers) and Region, Competitive Market Size, Share, Trends, and Forecast to 2027
New York, USA, Dec. 08, 2022 (GLOBE NEWSWIRE) -- Wearable Display Device Materials Market Overview
According to a Comprehensive Research Report by Market Research Future (MRFR), “Wearable Display Device Materials Market Information by Substrate, Adhesives, Coatings, End-Uses Industry and Region - Forecast till 2027”, the market is estimated to grow at a 13.05% CAGR to reach USD 4,157.2 Million by 2027.
As wearable technology advances, it is projected to become increasingly integrated into the operations of aerospace and defense organizations. It's essential to use screens and wearable devices. Modern military utilize sophisticated biosensors to track and record data on things like heart rate, blood oxygen levels, and even injuries, as the health and wellness of the troops is important to the success of any defensive system. They can have sensors sewn into their clothing to track vitals including heart rate, oxygen levels, and sweating. Carbon nanotube (CNT)/fluor-elastomer (FKM) nanocomposite is used to create a smart wearable material for human motion detection, stretchable sensors, and stretchable light emitting diodes (LEDs).
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Market Size in 2027
USD 4,157.2 Million
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
By Substrate, Adhesives, Coatings, End-Uses Industry and Region
North America, Europe, Asia-Pacific, and Rest of the World (RoW)
Key Market Drivers
Owing to the increase in the phenomenon of the Internet Of Things (the IoT)
The opportunity in the development of hybrid and multi-function wearable devices
Some of the major key players in the wearable display device material market in the global market are as follows:
BASF SE (Germany)
Wacker Chemie AG (Germany)
Arkema SA (France)
Eastman Chemical Company (U.S.)
Covestro AG (Germany)
Henkel AG and Co. KGaA (Germany)
Master Bond Inc. (U.S.)
The global market for wearable display device materials is predicted to expand because to the increasing adoption of Internet of Things (IoT) devices due to their interoperability with other electronic devices such as desktops, laptops, tablets, smartphones, and more. Wearable display devices, autonomous vehicles, and the Internet of Things (IoT) have simplified and streamlined customers' daily lives. The possibility for wearable devices that combine numerous functions into a single unit, such as hybrids and multi-function devices. There will be a greater requirement for these things in the near future.
Customer life has been simplified by the proliferation of health monitoring devices made possible by the growing market for wearable display devices. Wearable display technologies have made it possible to keep tabs on patients' vital signs in real time, which has the dual benefit of reducing stress for busy clinicians and allowing for more precise treatment and diagnosis. These displays can be attached to clothing and serve as a constant reminder to the wearer to work toward their personal goals.
The increasing popularity of wearable technology has increased the demand for long-lasting components. Lightweight, user-friendly, and versatile, materials with these qualities are highly sought after for use in a wide range of wearable devices. Smart clothing's wireless connectivity improves the tracking of a soldier, keeping him or her safe while also alerting command to any potential dangers.
However, barriers to entry, such as high costs, are slowing the growth of the market for materials used in wearable display systems. This is due to the fact that technological advancements in consumer electronics are progressing at such a breakneck rate that they render items developed using earlier technologies obsolete in a very brief period of time. Keeping up with the ever-increasing pace of technological advancement is another obstacle. In addition, in order to keep up with client expectations for innovative features, it is vital to regularly invest in state-of-the-art machinery. It also affects the timeline for producing those goods.
The COVID-19 outbreak has had a detrimental effect on economic and industrial activities in several countries due to lockdowns, travel prohibitions, and business closures. Businesses in the consumer electronics sector are among those that have been affected by the global pandemic's closures and disruptions.
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Since factories all over the world were forced to shut down during the lockdown period, the global pandemic of COVID 19 has caused a precipitous decline in the market for wearable display device materials, plunging economies into a forced recession and drastically reducing the demand for wearable display devices worldwide. The global pandemic that severely impacted the market for components of wearable display devices in the first quarter of 2019 should have passed by the second quarter.
On the basis of substrates
It is projected that by the end of the forecast period, the market value of polycarbonates will have increased to USD 2,267.5 million, a CAGR of 13.8%.
Based on adhesives
The success of conductive coatings in reducing electric discharge and, by extension, heating, has led to an increase in demand for silicon adhesive, which is expected to result in a dividend of USD 1,017 million. Silicon adhesive is used in a wide variety of consumer goods, including appliances, electronics, and vehicles.
Based on the coatings
Through the course of the forecast period, the demand for conductive coatings is expected to increase at a healthy clip.
Based on the End-Use industry
The ability to track important health indicators including heart rate, calorie consumption, and sleep length has contributed to the rise in popularity of smartwatches.
The market for the components of wearable display devices is expected to grow rapidly from 2020 to 2027, with Asia-Pacific accounting for the largest share. Over the projected period, the Asia-Pacific area is expected to increase its market significantly due to the existence of large electronics manufacturers and a rise in exports. The market in this sector is biggest in China. When compared to the global market as a whole, the Indian market has exhibited outstanding growth, and even more growth is expected between 2020 and 2027.
A rise in disposable income and a general preference for smart devices have propelled North America to second place worldwide. Another factor contributing to the region's thriving wearable materials market is the growth of end-use sectors including healthcare, transportation, and electronics.
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