New York, US, July 21, 2021 (GLOBE NEWSWIRE) -- Synthetic Leather Market Overview:
As per an extensive research report published by Market Research Future (MRFR), the “Synthetic Leather Market Information by Material, Application, and Region - Forecast till 2027”, the market is projected to develop at a 6.74% CAGR to reach USD 38,251.72 Million by 2027.
Market Scope:
Artificial leather, also known as synthetic leather, is a material designed to replace leather in applications such as upholstery, apparel, and footwear where a leather-like finish is sought but the actual material is too expensive or unsuitable. Both materials are made using chemically expensive procedures, and the finishing chemistries are often almost identical.
Market Drives
The global footwear market is rapidly expanding. One of the key drivers of growth in the synthetic leather business has been this. The fact that a substantial majority of the world's population is predicted to wear some type of footwear in a very short period of time has also aided the global synthetic leather market's expansion. The synthetic leather market is likely to benefit from increased demand in the automotive sector.
Seat coverings, dashboards, and other fabric-based features in automobiles are becoming increasingly popular among automobile and vehicle makers. The synthetic leather is attractive, as well as comfy and functional. Many synthetic leather manufacturers are investing considerably in research and development as a result of the growing demand in the automotive industry. The goal is to develop a new generation of synthetic leather that is more pleasant, safer, and has a wider range of applications.
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Competitive Landscape:
Market Research Future (MRFR) identifies the following companies as the Key Players in the Global Synthetic Leather Market:
- H.R. Polycoats Pvt. Ltd
- Kuraray Co. Ltd
- Filwel Co. Ltd
- San Fang Chemical Industry Co. Ltd
- Yantai Wanhua Synthetic Leather Group Co. Ltd
- Nan Ya Plastics Corporation
- Mayur Uniquoters Limited
- Alfatex Italia SRL
- Zhejiang Hexin Industry Group Co. Ltd
- DuPont Tate & Lyle Bio Products Company, LLC
- Teijin Limited
- Gruppo Mastrotto SPA
- Toray Group
- Asahi Kasei Corporation
Market Restraints:
Synthetic leather contains the chemicals PU and PVC, which can be harmful to the environment. As a result, numerous countries around the world have imposed restrictions on its use. The worldwide synthetic leather industry's growth and production could be hampered as a result of this. Furthermore, synthetic leather makers' main issue is locating alternative man-made textiles that are just as functional and comfy as fake leather. The most difficult challenge they have is ensuring that these options are environmentally friendly.
Browse In-depth Market Research Report (150 Pages) on Synthetic Leather: https://www.marketresearchfuture.com/reports/synthetic-leather-market-4403
COVID-19 Analysis
However, because to numerous preventive efforts implemented by many governments to minimise the spread of the disease, the global Covid-19 epidemic has had a negative impact on market demand for synthetic leather. This has resulted in a decrease in synthetic leather demand and commerce around the world, which is projected to have a negative impact on market growth in the coming years.
Market Segmentation
Synthetic leather is divided into three categories: PU, PVC, and Bio-based. In terms of overall growth and market share growth, the PU type has the highest CAGR. Until 2027, this category is predicted to grow at a CAGR of more than 6%.
Furnishings, Automotive, Footwear, Accessories, Clothing, Electronics, and Others are the different segments of the synthetic leather business. In terms of value, the footwear category had the biggest market share in 2019, accounting for 35% of the total market. This was due to the rising demand for footwear in the Asia-Pacific region's fast-growing economies.
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Regional Insights:
In 2019, the Asia-Pacific region held the biggest market share, owing to rapid economic expansion in India and China. As a result, a middle class with increasing spending power has emerged. These people can afford Western goods made of imitation leather and are willing to pay a higher price for them. The Asia-Pacific area is predicted to grow at a rate of more than 7% until the end of 2027.
As of 2019, the synthetic leather industry in North America had the second-largest market share. In 2019, the North American market alone was valued over $6,500 million dollars. The United States commanded the greatest proportion of the regional market. Until 2027, the CAGR in America is predicted to be greater. This is due to the fact that America still has a strong middle class. Purchasing power, disposable earnings, and discretionary incomes are all at a high level. This helps enterprises in the synthetic leather sector build a solid consumer base.
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