Synthetic Leather Market Overview:
Synthetic leather, also known as bicast leather is a fabric made out of polyurethane (PU) or polyvinylchloride (PVC) type of synthetic materials and bio-based products, which is intended to replace the real leather material. The applications of synthetic leather can be seen in diverse end uses such as clothing, accessories, footwear, and furnishing among others. Generally, the product is marketed under “leatherette”, “faux leather”, “vegan leather”, “PU leather” and “pleather. Synthetic leather materials are durable, moisture resistance, and most importantly, they are cost-effective as compared to the real product. The global manufacturers of synthetic leather are looking towards increasing their production capacity owing the declining cost of production. Global footwear market is growing at highest CAGR on accounts of an increasing standard of living of people and growing urban population around the world. The global leather goods market is estimated to grow at 4% CAGR to reach ~USD 110 billion, wherein synthetic leather segments holds significant share. This, in turn, is projected to fuel the demand of synthetic leather during the forecast period.
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:
- DuPont Tate & Lyle Bio Products
- Mayur Uniquoters Limited
- NAN YA PLASTICS CORPORATION
- SAN FANG CHEMICAL INDUSTRY
- TEIJIN LIMITED
- FILWEL CO.,LTD
- Yantai Wanhua Synthetic Leather Group
- TORAY INDUSTRIES
Synthetic Leather Regional Analysis:
North America is closely following Europe in terms of market size in the global synthetic leathers market. This is attributed to the presence of well-established end use industries such as aerospace and automotive along with sports industry. The U.S aerospace & defense industry generated over USD 600 billion revenue in 2015 which is growing at 2% year-on-year since then and expected to continue this trend throughout the forecast period. This is anticipated to fuel the maximum demand of synthetic leathers to boost growth of the regional market. Latin America is witnessing the rise of industrialization in countries namely Brazil and Argentina. The increasing number of end use industries is projected to propel growth of the market in this region.
Asia Pacific, Europe, North America Latin America, and the Middle East & Africa are the five key regions in which the global synthetic leathers market is divided. Asia Pacific holds the major share of Global Synthetic Leather Market among them. The region accounts for ~45% share of the overall synthetic leathers market. Countries namely India, Japan, and China are the major markets in this region due to the presence of leading key players and end use industries. Footwear industry is growing at the highest CAGR in this region owing to huge demand from India and China.
Europe is an important region in the global synthetic leather market. U.K, Germany, France and Italy are leading the regional market. Automobile and aerospace industries are fetching maximum demand of synthetic leathers in this region, along with the footwear and accessories making industries. Growing demand of light weight and electric vehicles is projected to drive the growth of regional synthetic leathers market, wherein the product is majorly used as an insulator and seat coverings. European Union contributed to a quarter of the total global motor vehicle production in 2016, which is estimated to grow even further during the forecast period.
The global synthetic leather market is segmented on the basis of product, end use, and region Based on type the market is divided into polyurethane (PU), polyvinylchloride (PVC) and bio-based. On the basis of end use the global synthetic leather market is segmented into footwear, furniture & upholstery, automotive, clothing, accessories, and sports, among others. Regionally, there five major regions in which the market is divided. It includes, Asia Pacific, Europe North America, Latin America, and Middle East & Africa.
- synthetic leather
- artificial leather
- faux leather material
- imitation leather fabric
- vegan leather fabric
TABLE OF CONTENTS:
1 Executive Summary
2 Scope Of The Report
2.1 Market Definition
2.2 Scope Of The Study
2.2.1 Research Objectives
2.2.2 Assumptions & Limitations
2.3 Markets Structure
3 Market Research Methodology
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