Pune, May 13, 2021 (GLOBE NEWSWIRE) -- Global Synthetic Leather Market Research Report-Forecast till 2025
A recent research report on the Global “Synthetic Leather Market” presents a complete overview and comprehensive explanation of the industry. It is an analytical study focuses on target groups of customers covering historical, current, and future market revenue and growth rate for both demand and supply side. The emergence of COVID-19 has decelerated the market growth; however, due to uplifting lockdowns, the market is slowly gaining traction. The report offers a deep geographical analysis for key regions and country markets.
The competition landscape is also analysed in-depth to understand strategies adopted by key players in terms of product and geographical expansion, merger acquisition, partnerships, and collaborations. It segregates useful and relevant market information and provide readers with validated market size estimates and forecast figures including CAGR and share of key segments.
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Global Synthetic Leather Market is anticipated to witness significant growth during the forecast period, exhibiting a CAGR of 6.74% to surpass a value of USD 38,251.72 Million by the end of the forecast period. The massive demand for synthetic leather from the footwear industry across the world is expected to drive the market during the review period. Synthetic leather is finding wide areas applications at the place of natural leather. As per the research, the footwear market globally is anticipated to generate a revenue of over USD 135 billion with a user intrusion of 43.1% by 2025.
Global Synthetic Leather Market is anticipated to register substantial market expansion during the forecast period. The major factor driving the growth of the market is the rising demand for synthetic leather in the footwear industry. The global market growth is attributed to the rising application of synthetic leather in the automotive industry owing to its high elasticity, breathability, and heat-resistant properties. moreover, the rising adoption of bio-based materials to manufacture synthetic leather is expected to create growth opportunities for the major market players during the research period. However, the environmental effect of PU-based and PVC-based synthetic leather is a prime factor expected to hinder the global market growth during the review period.
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Major Players Analysis:
The global market is fairly competitive and features regional and global companies that have created strong market competition. These companies are expected to significantly bolster market growth with their strategic collaborations, new product launches, and technological innovations.
Some of the Major Market Players Are: Kuraray Co. Ltd, H.R. Polycoats Pvt. Ltd, Alfatex Italia SRL, Filwel Co. Ltd, Yantai Wanhua Synthetic Leather Group Co. Ltd, San Fang Chemical Industry Co. Ltd, Mayur Uniquoters Limited, Nan Ya Plastics Corporation, Zhejiang Hexin Industry Group Co. Ltd, Teijin Limited, DuPont Tate & Lyle Bio Products Company, LLC, Gruppo Mastrotto SPA, Asahi Kasei Corporation, and Toray Group
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Global Synthetic Leather Market Segmentation:
Global Synthetic Leather Market has been classified into Type, Application, and Region.
Based on the type segment, the synthetic leather market is divided into PU, PVC, and biobased. The PU-based is estimated to register a CAGR of over 6% during the forecast period.
In terms of the Application segment, the global synthetic leather market has been classified into furnishing, automotive, footwear, accessories, clothing, electronics, and others. The footwear segment is expected to dominate the global synthetic leather market owing to the largest market share of around 35% by value in 2019 owing to the increasing consumption across Asia-Pacific.
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Global Synthetic Leather Market Regional Analysis:
Global Synthetic Leather Market has been divided into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa.
Asia-Pacific is expected to lead the market to register a notable CAGR OF 7.0% during the review period. The regional market growth is attributed to the rapid industrialization rate and growing per-capita income in these countries.
North America is expected to register the second-largest market share of the global synthetic leather having a market value of around USD 6,500 million in 2019. The US contributes a leading market share of the regional market and is expected to register a higher CAGR during the forecast period.
Key Points From TOC:
1 Executive Summary
2 Market Introduction
3 Research Methodology
4 Market Dynamics
5 Market Factor Analysis
6 Global Synthetic Leather Market, By Type
Continued........
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Part II
Global Artificial Leather Market Research Report-Forecast till 2025
Global Artificial Leather Market is anticipated to reach a CAGR of 7.37% during the forecast period and was valued at USD 27,059.5 Million in 2018. The artificial leather is a fabric made by utilizing polyvinyl chloride (PVC) or polyurethane (PU) having properties like elasticity, breathability, and heat resistant. Furthermore, artificial leather is the wear-resistant property and soft texture, folding resistant, cheaper than natural leather, waterproof, as well as alkali and acid-resistant. This type of leather is significantly adopted in the manufacturing of steering wheel covers, door trims, knob covers and gear boot, sun visors, roof lining, and other components of cars, buses, trucks, and bikes.
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The global artificial leather market is anticipated to exhibit significant growth during the forecast period. The key market driving factor of the global artificial leather market is it’s the rising demand in the footwear sector. Additionally, the increasing use of bio-based materials to produce artificial leather is anticipated to constitute favorable circumstances for major market players during the evaluation period. However, the major restraining factor of the global market is the environmental effects of PU-based and PVC-based artificial leather. However, because of the rules and restrictions to limit the slaughtering of animals for the production of natural leather is propelling the global market of artificial leather. Additionally, the artificial leather is pocket friendly and easier to produce as compared to natural leather.
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Major Players Analysis:
The global market is fairly competitive and features regional and global companies that have created a strong market competition. These companies are expected to significantly bolster market growth with their strategic collaborations, new product launches, and technological innovations.
Some of the Major Market Players Are: Kuraray Co. Ltd, H.R. Polycoats Pvt. Ltd, Alfatex Italia SRL, Filwel Co. Ltd, Yantai Wanhua Artificial leather Group Co. Ltd, San Fang Chemical Industry Co. Ltd, Mayur Uniquoters Limited, Nan Ya Plastics Corporation, Zhejiang Hexin Industry Group Co. Ltd, Teijin Limited, DuPont Tate & Lyle Bio Products Company, LLC, Gruppo Mastrotto SPA, Asahi Kasei Corporation, and Toray Group
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Global Artificial Leather Market Segmentation:
The Global Artificial Leather Market has been segregated based on Type, Application, and Region.
By type segment, the global market has been segmented into PU-based, PVC-based, and bio-based. The PVC-based artificial leather segment is evaluated to grow at the highest CAGR of around 8% during the review period due to its low cost.
Based on the application segment, the global artificial leather market has been categorized into furnishing, automotive, footwear, bags & wallets, clothing, and others. The footwear segment led the global artificial leather market in Asia-Pacific.
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Global Artificial Leather Market Regional Analysis:
Geographically the Global Artificial Leather Market has been segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa.
In 2018, the Asia-Pacific region held the largest contribution of the global artificial leather market and evaluated to register a CAGR of over 8% during the forecast period. The developing countries such as China, India, and Japan are witnessing high demand for footwear and bags & wallets, which ultimately drives the demand for artificial leather.
North America gripped the second-largest market contribution of the global artificial leather market. In 2018, the regional market was valued at USD 6,299.5 million. The regional market is led by the US owing to the healthy growth of the automotive industry
COVID 19 Impacts:
We are continuously tracking the impact of the COVID-19 pandemic on various industries and verticals within all domains. Our research reports include the same and help you understand the drop and rise, owing to the impact of COVID-19 on the industries. Also, we help you to identify the gap between the demand and supply of your interested market. Moreover, the report helps you with the analysis, amended government regulations, and many other useful insights.
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