Synthetic Leather Market Overview and Industry Analysis by Material (Polyurethane (PU), Polyvinyl Chloride (PVC), and Bio-based), Application (Home Furnishings (Chairs, Sofa, Ottomans and Others), Footwear (Sports Shoes, Footwear) and formal boots and sandals) and slippers), clothing (belts, jackets, tops, pants and others), automobile (seats, steering wheels, door trim, button and gear covers), accessories (bags, handbags) Hand & Wallets), Electronics (Mobile Covers & Laptop Covers) & Others) & Region (Asia-Pacific, North America, Latin America, Europe & Middle East & Africa) Competitive Market Size, Share, Trends & Forecast until 2027
/ EIN News / – New York, United States, July 21, 2021 (GLOBE NEWSWIRE) – Synthetic Leather Market Overview:
According to an in-depth research report published by Market Research Future (MRFR), the “Synthetic leather market IInformation by Material, Application and Region – Forecast to 2027‘, The market is expected to grow at a CAGR of 6.74% to reach $ 38,251.72 million by 2027.
Artificial leather, also known as synthetic leather, is a material designed to replace leather in applications such as upholstery, clothing and footwear where a leather-like finish is desired 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.
The global footwear market is booming. One of the main growth drivers in the synthetic leather sector has been this. The fact that a substantial majority of the world’s population is expected to wear some type of footwear within a very short period of time has also helped in the expansion of the global synthetic leather market. The synthetic leather market is expected to benefit from increased demand in the automotive sector.
Seat covers, dashboards and other fabric-based elements in automobiles are becoming increasingly popular among automobile and automotive manufacturers. Synthetic leather is attractive, comfortable and functional. Many synthetic leather manufacturers are investing heavily in research and development due to the growing demand from the automotive industry. The aim is to develop a new generation of synthetic leather that is nicer, safer and more versatile.
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Market Research Future (MRFR) identifies the following companies as the key players in the global synthetic leather market:
- RH 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 Company
- Mayur Uniquoters Limited
- Alfatex Italy SRL
- Zhejiang Hexin Industry Group Co. Ltd
- DuPont Tate & Lyle Bio Products Company, LLC
- Teijin Limited
- Gruppo Mastrotto SPA
- Toray Group
- Asahi Kasei Company
Synthetic leather contains the chemicals PU and PVC, which can be harmful to the environment. As a result, many countries around the world have placed restrictions on its use. The growth and production of the global synthetic leather industry could be hampered. Moreover, the main problem for synthetic leather manufacturers is to find alternative synthetic textiles that are just as functional and comfortable as faux leather. Their most difficult challenge is to ensure that these options are environmentally friendly.
Browse the in-depth (150 pages) Synthetic Leather market research report: https://www.marketresearchfuture.com/reports/synthetic-leather-market-4403
However, due to the numerous prevention efforts by many governments to minimize the spread of the disease, the global Covid-19 epidemic has negatively impacted the market demand for synthetic leather. This has resulted in a decrease in the demand and trade for synthetic leather around the world which is expected to negatively impact the growth of the market in the coming years.
Synthetic leather is divided into three categories: PU, PVC and bio-based. In terms of overall growth and market share growth, PU type has the highest CAGR. Until 2027, this category is expected to grow at a CAGR of over 6%.
Furniture, automotive, footwear, accessories, clothing, electronics and more are the different segments of the synthetic leather business. In terms of value, the footwear category held the largest market share in 2019, accounting for 35% of the total market. This was due to the increasing demand for footwear in the fast growing economies of the Asia-Pacific region.
In 2019, the Asia-Pacific region held the largest market share, due to the rapid economic expansion of India and China. As a result, a middle class with increasing purchasing power has emerged. These people can afford western leatherette products and are willing to pay a higher price for it. The Asia-Pacific region is expected to grow at a rate of over 7% through the end of 2027.
In 2019, the synthetic leather industry in North America held the second largest market share. In 2019, the North American market alone was valued at over $ 6,500 million. The United States held the largest share of the regional market. Until 2027, the CAGR in America is expected to be higher. This is because America still has a strong middle class. Purchasing power, disposable income and discretionary income are all at a high level. This helps companies in the synthetic leather sector to build a strong consumer base.
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