3rd October 2019 – Global Synthetic
Leather Market is expected to reach USD 85.05 billion by 2025.
Synthetic leather is also termed as an artificial leather or rexine,
leatherette, or faux leather is manufactured using polyurethane (PU) or PVC,
which is treated and dyed to look like real leather. It is versatile leather
made from tanned animal hides. It is exclusively used in fashion industries for
products like wallets, shoes, luggage, jackets, sofas and electronic cases, and
car interiors. It is cost efficient, strong, and stain resistant. The Synthetic
Leather Market is estimated to grow at a significant CAGR of 9.5% over the
forecast period as the scope and its applications are rising enormously across
the globe.
Rising demand for lightweight leather in
automobile industry, changing lifestyle as increasing number of passenger cars,
growing demand for luxurious goods, and increasing population in developing
countries like India and China are documented as major factors of Synthetic
Leather Market that are estimated to enhance the growth in the years to come.
However, harmful effects of PVC and PU processing on human health and
environment may restrain overall market in the coming years. Synthetic Leather
industry is segmented based on type, end-user, and region.
Bio-based, PU-based, and PVC-based are
the types that could be explored in Synthetic Leather in the forecast period.
PU-based sector accounted for the largest market share of Synthetic Leather and
is estimated to lead the overall market in the coming years. Also, the sector
is estimated to grow at highest CAGR in the coming years. This may be because
of high demand from developed countries like Europe and North America and
rising fashion and automotive industries.
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The market may be categorized based on
end users like bags, purses & wallets, footwear, clothing, furnishing, automotive,
and others that could be explored in the forecast period. Footwear accounted
for the substantial market share of Synthetic Leather and is estimated to lead
the overall market in the coming years. This may be because of changing
lifestyle, varying climatic conditions, and rising disposable income.
Globally, Asia Pacific accounted for the
substantial market share of Synthetic Leather in terms of value and is
estimated to lead the overall market in the coming years. The reason behind the
overall market growth could be enhanced technological innovations and presence
of key manufacturers in the region. The developing countries like India and
China are the major consumers of Synthetic Leather in the region.
Instead, Europe and North America are
also estimated to have a positive influence on the future growth. Europe is the
second largest region with significant market share. However, North America is
estimated to grow at fastest pace with the highest CAGR in the foremost period.
The key players of Synthetic Leather
Market are San Fang Chemicals, Kuraray, Filwel, Tejin, MayurUniquoters, Toray,
Favini, Daewon Chemicals, Alflatex, and HR Polycoats. These players are
concentrating on inorganic growth to sustain themselves amongst fierce
competition. As companies all over the world have to believe that alliance with
a market would permit them proportional market existence and authority to
declare the leadership position.
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