Synthetic Leather - Global Market Outlook (2019-2027)
According to Stratistics MRC, the Global Synthetic Leather Market is accounted for $30.49 billion in 2019 and is expected to reach $63.02 billion by 2027 growing at a CAGR of 9.5% during the forecast period. Some of the factors contributing to the growth of the market are increasing demand from the footwear industry and advantages over pure leather. However, the harmful effects of PU and PVC are hampering the growth of the market.
Artificial or synthetic leather, as it is usually called, is man-made leather, which gives the manifestation of the real leather. The product is sold under various names such as faux leather, vegan leather, leatherette, and pleather. Synthetic leather is composed of a cloth base which is coated with a synthetic resin so that it resembles animal hide on the surface. The surface of the fabric is dyed and treated with specific additives to resemble real leather. It primarily finds applications where a leather-like finish is required, such as in footwear, upholstery, clothing, and automobile, among others. It comes with no seams, which prevent the water from seeping inside and causing damage to the material.
Based on the end-user, the automotive segment is going to have a lucrative growth during the forecast period owing to its wide range of uses for various vehicles such as buses, cars, trucks, motorcycles, and agricultural vehicles. The major application of synthetic leather in the automotive industry is for seat upholstery. It is also used in various other parts, such as steering wheel covers, door trims, knob & gear bot covers, sun visors & hoods, and roof lining. Its high elasticity makes the seats comfortable and resistance to cold and hot temperatures. The demand for synthetic leather is also increasing in the automotive industry as its manufacturing does not involve animal killing.
By geography, Asia Pacific is anticipated to hold considerable market share during the forecast period due to the technological innovations in the synthetic leather industry and the presence of some of the major players in the region. The Asia-Pacific region is expected to be the fastest-growing synthetic leather market, which is backed by the high demand for synthetic leather in the footwear, automotive, and construction industries. The demand from major emerging countries such as China, India, and South Korea also drives the synthetic leather market in the region.
Some of the key players profiled in the Synthetic Leather Market include Achilles USA, Inc., Alfatex Italia SRL, Asahi Kasei Corporation, FILWEL Co., Ltd., Fujian Polytech Technology Corp., Ltd., H.R.Polycoats Pvt. Ltd., Kuraray Co., Ltd., Mayur Uniquoters Limited, Nan Ya Plastics Corporation, San Fang Chemical Industry Co., Ltd., Teijin Limited, Toray Industries, Inc., and Zhejiang Hexin Holdings Co., Ltd.
• Polyurethane (PU) Based
• Polyvinyl Chloride (PVC) Based
End Users Covered:
• North America
o Rest of Europe
• Asia Pacific
o New Zealand
o South Korea
o Rest of Asia Pacific
• South America
o Rest of South America
• Middle East & Africa
o Saudi Arabia
o South Africa
o Rest of Middle East & Africa
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