by Precedence Research a new report on the synthetic leather Market size, share, growth, industry trends, and forecast 2027, covering various industry elements and growth trends helpful for predicting the market’s future. The global synthetic leather market size was valued at US$ 29.6 billion in 2021. The global synthetic leather market is projected to reach US$ 40.5 billion by 2027, registering a compound annual growth rate (CAGR) of 4.6% during the forecast period from 2020 to 2027.
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Table of Contents
Synthetic Leather market 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.
Synthetic Leather Market Report Scope
| Report Highlights | Details |
| Market Size | USD 40.5 Billion by 2027 |
| Growth Rate | CAGR of 4.6% from 2021 to 2027 |
| Largest Market | Asia Pacific |
| Fastest Growing Market | North America |
| Base Year | 2021 |
| Forecast Period | 2021 to 2027 |
| Segments Covered | Product, Application, Region |
The global synthetic leather market report offers various segments analysis by size, trends, growth factors, opportunities and key country outlook to 2027. The report offers a detailed analysis and information as per synthetic leather, market segments helping our readers to get a comprehensive overview of the global market. Several players are planning to focus on developing cost-effective products or services, aiming to maintain a strong foothold in the market.
The company profiling of leading market players is included this report with Porter’s five forces analysis and Value Chain analysis. Further, the strategies exercised by the companies for expansion of business through mergers, acquisitions, and other business development measures are discussed in the report. The financial parameters which are assessed include the sales, profits and the overall revenue generated by the key players of Market.
synthetic leather Market 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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Some of the prominent players in the synthetic leather market include:
- 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.
Synthetic Leather market Segmentation
By Product
- PVC
- PU
- Bio Based
By Application
- Automotive
- Furnishing
- Footwear
- Clothing
- Bags & Wallets
- Others
Regional Segmentation
- Asia-Pacific [China, Southeast Asia, India, Japan, Korea, Western Asia]
- Europe [Germany, UK, France, Italy, Russia, Spain, Netherlands, Turkey, Switzerland]
- North America [United States, Canada, Mexico]
- South America [Brazil, Argentina, Columbia, Chile, Peru]
- Middle East & Africa [GCC, North Africa, South Africa]
Key Questions are
- What are the key factors influencing the synthetic leather market in each region?
- How much value will the global market generate by the end of the forecast period?
- What will be the CAGR of the global market between 2021 and 2027?
- What would be the Y-o-Y growth trend of the global market between 2021 and 2027?
- What is the future scope and current trends in technologies of the global market?
- What is the revenue of the global market based on segments?
- Which key strategies are used by top players of the global market?
- Which are the leading companies in the global market?
- What are the essential strategies by key stakeholders in the market to expand their geographic presence?
- What are the major advancements witnessed in the global market?
Research Objectives and Research Approach
The comprehensive report on the global synthetic leather market begins with an overview, followed by the scope and objectives of the study. The report provides detailed explanation of the objectives behind this study and key vendors and distributors operating in the market and regulatory scenario for approval of products. Following this, the report provides detailed explanation of objectives of this study and laid down by accredited agencies in the purview of research in the global synthetic leather market.
It is followed by market introduction, market dynamics, and an overview of the global market, which includes analysis of market drivers, restraints, and trends pertaining to the global market. Furthermore, Y-o-Y growth analysis with elaborated insights has been provided in order to understand the Y-o-Y growth trend of the global market.
For reading comprehensibility, the report has been compiled in a chapter-wise layout, with each section divided into smaller sections. The report comprises an exhaustive collection of graphs and tables that are appropriately interspersed. Pictorial representation of actual and projected values of key segments is visually appealing to readers. This also allows comparison of the market shares of key segments in the past and at the end of the forecast period.
The report analyzes the global synthetic leather market in terms of type, application, region and others. Key segments under each criteria are studied at length, and the market share for each of these at the end of 2027 has also been provided. Such valuable insights enable market stakeholders in making informed business decisions for investment in the global market.
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 2021-2027 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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