ASIA PACIFIC POISED TO BE A LUCRATIVE REGION IN THE GLOBAL SYNTHETIC LEATHER MARKET ON ACCOUNT OF INCREASING DEMAND FROM FOOTWEAR MAKING INDUSTRY
Industry/ Innovation/ Related News
July 2017- Anli Group announced to construct a polyurethane leather plant in Binh Duong province, Vietnam. The plant will have a production capacity of 12 million meter/year polyurethane with two dry and two wet production lines. With this expansion the company will be able to strengthen its position among global polyurethane manufacturers.
March 2017- Toray Industries announced to spend USD 276.87 Million for the expansion of its synthetic leather output in Italy. This expansion will help Toray Industries to meet the growing demand for synthetic leather.
April 2016- Teijin Cordley limited a subsidiary of Teijin’s Group announced to launch a new high grade synthetic leather named as Maestley. The company expanded its series of Maestley products by adoption of natural leather processing procedures. With this product launch the company extend its product portfolio and strengthen its position among major operating players in this market.
July 2015- Flokser Group, one of the leading manufacturer of leather and fabric developed artificial leather fabric using bio based materials delivered by BioAmber Inc. and DuPont Tate & Lyle Bio Products. Flosker launched its synthetic leather fabric under its SERTEX brand. This product launch will help company to meet the increasing need of synthetic leather in the market
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Synthetic Leather Key Players Profiles
DuPont Tate & Lyle Bio Products, Mayur Uniquoters Limited, NAN YA PLASTICS CORPORATION, KURARAY CO., LTD., SAN FANG CHEMICAL INDUSTRY CO., LTD., TEIJIN LIMITED, H.R. Polycoats Pvt. Ltd. (India), FILWEL CO.,LTD., Yantai Wanhua Synthetic Leather Group Co., Ltd., and TORAY INDUSTRIES, INC., among others.
Synthetic or artificial leather, also known as bicast leather is a fabric made of artificial materials such as polyurethane (PU), polyvinylchloride (PVC) and other bio-based materials, which are processed, dried and heated to resemble real leather. The synthetic leather is used as a substitute for real leather in diverse end uses including, clothing, footwear, upholstery, furniture and fabric, among others. It is majorly used in applications where a leather-like finish and appearance is required but the real leather is cost intensive, unsuitable and prohibitive due to ethical reasons.
Artificial leather consists of a cloth base which is coated with a synthetic resin so that it resembles animal hide on the surface. The product is marketed under many names, such as “leatherette”, “faux leather”, “vegan leather”, “PU leather” and “pleather”. This type of leather-like material is one of the most durable materials on the market. The material comes with no seams which prevents the water to seep inside and cause damage to the material. Synthetic leather exhibit some important properties which makes it preferable and advantageous over real leather. It includes, easy to wash, moisture resistance, greater durability and the most importantly cost effectiveness. The major end users of synthetic leather includes, footwear, furniture & upholstery, automotive, clothing, and accessories, among others.
North America is a substantial region in the global synthetic leather market, which is closely following Europe. U.S. is the largest market in this region owing to the presence of well-established end use industries such as automotive, aerospace along with sports industry. In U.S. there is a constant rise in the reconstruction and household revamping activities intended to manufactures sustainable and attractive homes. This is expected to favor market of synthetic leather in this region. Latin America is witnessing a steady growth of end use industries in countries namely Brazil and Argentina. The pacifying economic and political scenario in the region would push the growth in regional market forward.
Europe is following Asia Pacific in terms of market size in the global synthetic leather market. Major contributors to the regional market of Asia Pacific are U.K, France, Germany and Italy. Aerospace and automotive industries in Europe are the major consumers of synthetic leather along with the growing use in footwear and accessories segment in this region which, in turn, is driving the growth of regional market.
Geographically, there are five key regions in which the global synthetic leather market is spanned across. It includes Asia Pacific, Europe North America, Latin America, and Middle East & Africa. Among these regions, Asia Pacific is the largest market owing to the growth of footwear, automotive and construction industry. India, Japan and China are the leading markets in this region on account of an increasing investment in major end uses of synthetic leather
- synthetic leather
- artificial leather
- faux leather material
- imitation leather fabric
- vegan leather fabric
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In coming years the opportunities for the Middle East & Africa may join the stream with the leading regions due to emerging end use industries namely building & construction and sports, which would help propel the growth of the regional market.
- Synthetic leather Manufacturers
- Traders and distributors of synthetic leather
- Research and development institutes
- Potential investors
- Raw material suppliers
- Nationalized laboratory
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