The global Synthetic Leather Market size is expected to reach US$ 40.5 billion by 2027 and is expected to grow at an impressive double-digit rate of 4.6% from 2020 to 2027.
The study includes drivers and restraints of this market. The study provides an analysis of the global Synthetic Leather Market for the period 2016-2027, wherein 2020 to 2027 is the forecast period and 2020 is considered as the base year.
Why should you invest in this report?
If you are aiming to enter the global Synthetic Leather Market, this report is a comprehensive guide that provides crystal clear insights into this niche market. All the major application areas for Synthetic Leather are covered in this report and information is given on the important regions of the world where this market is likely to boom during the forecast period of 2020-2027, so that you can plan your strategies to enter this market accordingly.
Besides, through this report, you can have a complete grasp of the level of competition you will be facing in this hugely competitive market and if you are an established player in this market already, this report will help you gauge the strategies that your competitors have adopted to stay as market leaders in this market. For new entrants to this market, the voluminous data provided in this report is invaluable.
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Growth Factors
Remarkable properties of the synthetic leather over real leather such as high moisture resistance, easy washable, cost-effectiveness, and high durability drives its demand during the forthcoming years. Increasing demand for synthetic leather mainly from the footwear industry because of presence of durable and affordable leather expected to augment the market size for the product. In addition, robust demand for luxurious products from furniture and automotive sectors projected to accelerate the market growth over the coming years.
Additionally, stringent government norms for the protection of animals for leather products anticipated to bolster the market growth during the analysis period. Rising consumer awareness related to cruel practices of animal killing along with introduction of better alternatives of leather for furniture, clothing, and footwear applications likely to offer alluring opportunities to the market participants operating. Increasing Research & Development (R&D) investments for the production of bio-based leathers using fruits such as banana and jackfruit are further creating massive opportunities for the manufacturers over the upcoming years. However, the spread of corona virus disease which was centered at Wuhan, China expected to hamper the demand of the synthetic leathers in the near future.
Report Highlights
- The Asia Pacific encountered the largest value share of more than 40% in the year 2019 and expected to maintain the same trend over the analysis period
- North America and Europe witness sluggish growth owing to the maturity of the market along with drastic decline in the cross-border trade with the spread of the coronavirus pandemic
- Polyurethane (PU) synthetic leather segment captured the largest value share of more than 50% in 2019 along with the promising growth over the upcoming years owing to the product quality, yield, and variety
- The PVC product segment expected to register slow growth over the analysis period owing to inability to maintain the body heat as well as gave a sticky feel when touched
- Bio-based product expected to witness prominent growth over the forthcoming years owing to presence of polyester polyol that has 70% to 75% renewable content
- Footwear application accounted for the maximum revenue share of more than 30% in 2019 due to increasing income levels and economic growth in the developing countries
- Automotive application witnesses significant growth over the analysis period owing to large application of PU because of its non-sticky and soft touch properties
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Key Market Players and Strategies
- R. Polycoats Pvt. Ltd.
- Kuraray Co., Ltd.
- Alfatex Italia SRL
- Yantai Wanhua Synthetic Leather Group Co., Ltd.
- San Fang Chemical Industry Co., Ltd.
- Filwel Co., Ltd.
- Nan Ya Plastics Corporation
- Teijin Limited
- Zhejiang Hexin Industry Group Co., Ltd.
Major Market Segments Covered:
By Product
- PVC
- PU
- Bio Based
By Application
- Automotive
- Furnishing
- Footwear
- Clothing
- Bags & Wallets
- Others
Regional Analysis:
The geographical analysis of the global Synthetic Leather Market has been done for North America, Europe, Asia-Pacific, and the Rest of the World.
The North American market is again segmented into the US, Canada, and Mexico. Coming to the European market, it can be segmented further into the UK, Germany, France, Italy, Spain, and the rest. Coming to the Asia-Pacific, the global Synthetic Leather Market is segmented into China, India, Japan, and Rest of Asia Pacific. Among others, the market is segmented into the Middle East and Africa, (GCC, North Africa, South Africa and Rest of the Middle East & Africa).
Key Questions Answered by the Report:
- What will be the size of the global Synthetic Leather Market in 2027?
- What is the expected CAGR for the Synthetic Leather Market between 2020 and 2027?
- Which are the top players active in this global market?
- What are the key drivers of this global market?
- How will the market situation change in the coming years?
- Which region held the highest market share in this global market?
- What are the common business tactics adopted by players?
- What is the growth outlook of the global Synthetic Leather Market?
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