Synthetic Leather Market – Overview
Synthetic Leather uses have been credited with the growth of the market at an accelerated pace. Market focused reports linked to the chemicals & materials industry among others of late have been made accessible by Market Research Future which issues reports on this industry. The market is expected to evolve with a beneficial CAGR percent in the forecast period.
As genuine leather is not so easily available, Synthetic Leather has significantly addressed the need for leather in various products and items. Its properties have made it a preferable and advantageous alternative option over real leather. Synthetic Leather is used majorly in clothing, upholstery, furniture and fabric, and footwear to name a few of the applications. The cost advantage offered by synthetic leather has increased its incorporation in new and existing product applications. Increased investor interest of manufacturers in raising the production levels is expected to benefit the progress of the market in the forecast period.
The Synthetic Leather Market is segmented on the basis of end use, type, and region. The market is segmented based on type into polyvinylchloride (PVC) polyurethane (PU), and bio based. The global synthetic leather market By end use is segmented into furniture & upholstery, clothing, footwear, accessories, automotive, and sports, among others. Regionally, the five major regions which the market comprises of are Asia Pacific, Europe North America, Latin America, and Middle East & Africa.
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Detailed Regional Analysis
Asia Pacific, Europe, North America, Latin America, and Middle East & Africa are among the five key regions in the Synthetic Leather Market. Among these regions, the Asia Pacific region is the biggest regional segment in the market owing to the growth of automotive, footwear and construction industry. Japan, India, and China are the foremost markets in this region due to growing investment in the major end uses of synthetic leather. The European region is following the Asia Pacific region in terms of market size in the Synthetic Leather Market globally. Major suppliers in the regional market of Europe are Germany, U.K, France, and Italy. The aerospace and automotive industries in the European region are the main consumers of synthetic leather along with the increasing use in footwear and accessories segment in this region which has in turn driven the growth of the regional market. The North American region is a considerably large region in the Synthetic Leather Market globally, which is closely followed by the European region. The U.S. is the principal market in this region due to the occurrence of well-established end use industries such as aerospace, automotive along with the sports industry. In the U.S. there is a continual rise in the reconstruction and household revamping activities proposed to manufacture sustainable and attractive homes. This is likely to favor the market for synthetic leather in this region. The Latin American region is observing a steady growth in the end use industries in countries such as Argentina and Brazil. The political and economic scenario in the area will push the growth in regional market forward. In the forthcoming years, the Middle East & Africa region will be among the leading regions owing to building & construction and sports end use industries, which would aid in propelling the growth of the regional market.
Global Competitive Analysis
The intensifying interest in diversification within the business has indirectly allowed the businesses to utilize several situations obtainable in the market. The opportunities for increasing revenue inflow in the business are expected to multiply through the forecast period. The ripple effects of this growth have altered the competitive landscape of the market. The market has ushered in a new period of growth as the market is constantly in a state of mutability. The potential strategy of each player in the market involves a certain degree of innovation in the product offerings to increase the possibilities for development, particularly in the forecast period. Localization is among of the more favored trends for expanding the market share of the competitors in the market.
The leading players in the Synthetic Leather Market are Mayur Uniquoters Limited (India), Nan Ya Plastics Corporation (Taiwan), Kuraray co., ltd. (Japan), H.R. Polycoats Pvt. Ltd. (India), SAN FANG CHEMICAL INDUSTRY CO., LTD. (Taiwan), DuPont Tate & Lyle Bio Products (U.S.), Yantai Wanhua Synthetic Leather Group Co., Ltd. (China), Teijin Limited (Japan), FILWEL CO., LTD. (Japan), and Toray Industries, Inc. (Japan), among others.
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