NEW YORK, April 4, 2016 /PRNewswire/ -- Global Wearables Market and Implications for Chemicals and Materials : Enterprise and Consumer Applications to Drive Growth for the Chemicals Industry
This Frost & Sullivan research study aims to provide an overview of the global wearables market and the trends and implications for the chemicals and materials market. The research includes an industry overview, background, and impact factors. It also focuses on providing an insight into the opportunities for different types of materials including polymers and elastomers, adhesives, and conductive materials that are being used across various applications such as smart watches, smart glass, activity trackers/health wearables, and smart clothing. Market potential and key companies for the different materials have also been covered. Convergence, disruptive trends, and best practices for chemical companies have also been covered.
With products such as smart watches and activity trackers gaining traction in comparison to other type of wearable products such as smart clothing, chemical companies, especially plastic/elastomer manufacturers, are focusing on developing products suitable for these applications.
Considering the dynamic nature of the wearables industry and the lower product life cycle time, the biggest challenge for material manufacturers will be to develop solutions that balance R&D costs and time to market.
With demand for wearables expected to grow in Asia, companies will try to not only shift manufacturing, but R&D as well to the region. This will entail chemical and material companies to have a more flexible supply chain/R&D and manufacturing strategy for their products.
Apart from the consumer and sports market, applications in other industries such as healthcare, military, and manufacturing will drive the premium future for wearables. Chemical companies will need to develop specific solutions based on aspects such as safety, security, and cost effectiveness.
Chemical companies foraying into this space are working on a joint product development (JPD) strategy with downstream companies to make faster and more market-fit products. In order to test the waters first, a few chemical companies are also tweaking existing product designs that have been successful in the electronics market for wearable devices.
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