The “Synthetic Leather Market” 2023-2031 Research Report affords qualitative and quantitative insights into the principal drivers, constraints, opportunities, and challenges influencing world markets growth. The find out about offers complete statistical market records on the leading players, as nicely as income predictions. This market lookup additionally presents statistics on the income boom of numerous regional and country-level markets, as properly as the opposition panorama and unique organization analyses for the projected period. The Synthetic Leather Market Report covers potential improvement drivers as properly as the modern-day kingdom of market share, penetration of a number of kinds, technologies, applications, and areas thru 2031.
The global synthetic leather market size was US$ 33.4 billion in 2021. The global synthetic leather market is forecast to grow to US$ 57.1 billion by 2030 by growing at a compound annual growth rate (CAGR) of 7.1% during the forecast period from 2022 to 2030.
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Factors Influencing the Market
The demand for synthetic leather is expected to increase in the coming years due to the growing footwear sector. Synthetic leather is made up of synthetic resin. This cloth-based artificial leather is considered a suitable alternative for fabric, footwear, clothing, and upholstery. Thus, these factors will drive the synthetic leather market forward during the forecast period.
Growing awareness and campaigns related to animal safety will upsurge the demand for synthetic leather. In addition, growing regulations related to animal rights will fuel the growth of the global synthetic leather market during the study period.
Synthetic leather is used to enhance the aesthetic, durability, comfort, and versatility of vehicles. In addition, they are also used in the manufacturing of steering wheel covers, car seats, door panels, seat belts, dashboards, etc. The potential applications of synthetic leather in the automotive sector will escalate the growth of the market during the study period.
COVID-19 Impact Analysis
The global health emergency led by the Covid-19 pandemic has adversely affected the synthetic leather market. It is owing to the numerous preventive measures taken by various governments with the aim to limit the spread of the virus. In addition, the demand for synthetic leather also dropped drastically because of the shutdown of manufacturing units. The automotive industry, one of the prominent end-users of synthetic leather, witnessed significant loss due to the wake of the pandemic. As a result, it impeded the growth of the global synthetic leather market. In addition to that, the limited production of synthetic leather restricted the market growth during the COVID-19 pandemic.
Regional Analysis
The Asia-Pacific synthetic leather market is forecast to emerge as the largest synthetic leather market of all the regions. The region will hold the highest share due to the presence of one of the largest automotive industries. As a result, it will increase the deployment of synthetic leather in the coming years. In addition, growing disposable income together with increasing population will offer lucrative growth opportunities for the synthetic leather market during the forecast period.
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Competitors in the Market
- Teijin Limited
- Filwel Co. Ltd.
- H.R. Polycoats Pvt. Ltd.
- Kuraray Co. Ltd.
- Mitsubishi Chemicals Corp.
- Yantai Wanhua Synthetic Leather Group Co. Ltd.
- Kolon Industries, Inc.
- San Fang Chemical Industry Co. Ltd.
- Toray Industries, Inc.
- Alfatex N.V.
- NAN YA plastics corporation
- Mayur Uniquoters Limited
- Hanwa Chemical Corp.
- DuPont Tate & Lyle Bio Products Company, LLC
- Zhejiang Hexin Industry Group Co., Ltd.
- Other Prominent Players
Market Segmentation
The global synthetic leather market segmentation focuses on Type, Application, and Region.
By Type
- PU-Based
- PVC Based
- Bio-based
By Application
- Footwear
- Furnishing
- Automotive
- Clothing
- Bags, Purses & Wallets
- Others
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By Regional Outlook
- North America
- The U.S.
- Canada
- Mexico
- Europe
- Western Europe
- The UK
- Germany
- France
- Italy
- Spain
- Rest of Western Europe
- Eastern Europe
- Poland
- Russia
- Rest of Eastern Europe
- Asia Pacific
- China
- India
- Japan
- Australia & New Zealand
- ASEAN
- Rest of Asia Pacific
- Middle East & Africa (MEA)
- UAE
- Saudi Arabia
- South Africa
- Rest of MEA
- South America
- Brazil
- Argentina
- Rest of South America
Key questions answered in the Shape Memory Alloy report are:
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- What are the leading competitors in the global market?
- Which region is growing at a higher pace in the global market?
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