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Increasing demand from footwear and automotive sectors and the need to replace natural leather
VANCOUVER, BRITISH COLUMBIA, CANADA, September 6, 2022 /EINPresswire.com/ -- Increasing demand from footwear and automotive sectors and the need to replace natural leather, as synthetic leather is far less hazardous than natural leather when it comes to global warming and resource depletion.
The global synthetic leather market is expected to reach a market size of USD 80.20 Billion in 2028 and register a CAGR of 4.0% during the forecast period, according to the latest analysis by Emergen Research. The projected growth figures are attributed to increasing demand from the automotive and fashion industry and the need to replace natural leather, as synthetic leather is far less hazardous than natural leather when it comes to global warming and resource depletion. Furthermore, synthetic leather is less expensive and more durable than natural leather, which has further contributed to its growth.
The rise in awareness owing to animal safety coupled with the high market price of natural leather and insufficient supplies have positively influenced the synthetic leather market size. Synthetic leather is used in footwear, bags, wallets, clothing, automotive, electronics, and furnishing products. Changing consumer lifestyles and increasing sustainable fashion trends may favor the market’s growth. Synthetic leather consists of natural or synthetic fibers coated with plastic polymers, generally made from polyurethane and polyvinylchloride. Over the years, manufacturers have switched to synthetic leather as synthetic leather is cheaper to manufacture, durable, and can be made into a variety of styles and colors. The synthetic or artificial leather doesn’t absorb water, making it easier to clean and better in terms of sustainability as it requires fewer resources to make. All these factors are expected to drive the market\'s growth during the forecast period.The Polyurethane (PU)-based leather accounted for the highest revenue in 2020 and is expected to maintain its dominance during the forecast period. The PU leather is extensively used in automotive, footwear and clothing industries because of its ultra-durability, lightweight, and water & heat resistant properties.
The PVC leather is mainly used for furniture upholstery, seat covers, etc. for its inherent strength, durability and resistance to moisture. PVC leather is made softer and more flexible by the addition of plasticizers, which improves the performance characteristics of the leather. Though PU and PVC-based leather are widely used in clothing, footwear, and automotive industries because of its low price but they are not sustainable as they are made from fossil fuels and undergo intensive chemical treatment to make it look like genuine leather. According to the WHO, the PVC leather releases toxic gases during its production which causes cancer, hence, this segment is expected to exhibit a low CAGR during the forecast period.
Moreover, the report specializes in the exhaustive analysis of the macro-economic and micro-economic factors accountable for the global Synthetic Leather market development in the forthcoming years. It focuses on the regulatory framework shaping the future of the market. New and existing pricing structures, emerging application areas, and upcoming investment opportunities have also been detailed in the report. Considering the existing market developmental factors, historical events, and the ongoing market trends, the report offers a balanced opinion on the future scenario of the global Synthetic Leather market. The report further studies the projected growth-influencing factors of the market.
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Key Companies Profiled in the Synthetic Leather Market
H.R. Polycoats Pvt. Ltd., Kuraray Co., Ltd., Teijin Limited, Zhejiang Hexin Industry Group Co., Ltd., Alfatex N.V., San Fang Chemical Industry Co., Ltd., Filwel Co., Ltd., Yantai Wanhua Synthetic Leather Group Co., Ltd., BASF SE, Mayur Uniquoters Limited.
Synthetic Leather Market Segmentation by Product Type and Applications
Emergen Research has segmented synthetic leather market based on type, application, and region:
Type Outlook (Revenue, USD Billion; 2021–2028)
Application Outlook (Revenue, USD Billion; 2021-2028)
Global Synthetic Leather Market Highlights:
· On 29th June 2020, BASF launched 10 variations of Haptex 2.0 – a new and improved series of its innovative polyurethane (PU) solution for the production of synthetic leather. Enhanced with a higher peel strength, anti-yellowing, and high abrasion performance properties, Haptex 2.0 enables high performance using synthetic leather across different industries, such as furniture, footwear, automotive, apparel, and accessories. Asia Pacific held largest market share in 2020 and is expected to maintain its dominance during the forecast period. China is the leading exporter of artificial leather followed by India and South Korea. Advancement in technology, favorable government policies to attract investment, coupled with increasing disposable income and population are the factors driving synthetic leather market growth in this region. However, due to the recent border skirmishes between China and India and growing trade dispute between the US and China, there has been a paradigm shift of interest toward Indian markets. Government of India has strategically used this opportunity to promote self-reliance and has incentivized various sectors especially Small and Mid-size Enterprises (SMEs) to promote manufacturing and export of artificial leather and footwear.
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Key Coverage of the Synthetic Leather Market:
Insightful information regarding the global Synthetic Leather market
Identification of growth in various segments and sub-segments of the Synthetic Leather market
Strategic recommendations for investment opportunities
The report covers significant statistics related to the industry along with products, applications, price analysis, demand & supply, and production and consumptions rate
Emerging trends and current market segment analysis to help investors formulate new business strategies
Accelerates the decision-making process through the availability of the drivers and limitations
Regional Analysis of the Synthetic Leather Market includes:
North America (U.S., Canada)
Europe (U.K., Italy, Germany, France, Rest of EU)
Asia Pacific (India, Japan, China, South Korea, Australia, Rest of APAC)
Latin America (Chile, Brazil, Argentina, Rest of Latin America)
Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)
In conclusion, the report provides a qualitative and quantitative analysis of the Global Synthetic Leather market, including the global and regional analysis of the market. The study covers critical information and factual data about the Synthetic Leather industry, along with an in-depth statistical analysis of the market drivers, limitations, growth prospects, opportunities, and threats. On the basis of the current market scope, the report provides an extensive analysis of how the Synthetic Leathermarket is expected to fare in the forecast timeline. The report utilizes advanced analytical tools to offer an estimation of the outlook of the global state of the Synthetic Leather industry.
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Emergen Research is a market research and consulting company that provides syndicated research reports, customized research reports, and consulting services. Our solutions purely focus on your purpose to locate, target, and analyse consumer behavior shifts across demographics, across industries, and help clients make smarter business decisions. We offer market intelligence studies ensuring relevant and fact-based research across multiple industries, including Healthcare, Touch Points, Chemicals, Types, and Energy. We consistently update our research offerings to ensure our clients are aware of the latest trends existent in the market. Emergen Research has a strong base of experienced analysts from varied areas of expertise. Our industry experience and ability to develop a concrete solution to any research problems provides our clients with the ability to secure an edge over their respective competitors.
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