“Synthetic leather market to reach USD 208.81 billion by 2026”
The global synthetic leather market was valued at USD 51.81 billion in 2015, and is projected to reach USD 208.81 billion by 2026, at a CAGR of 13.4% from 2016 to 2026. The growing demand from major end-use industries such as footwear, furnishing, and automotive is expected to drive the market in the future. The harmful environmental effects of the processing of PVC and PU is a major restraint for the market.
“PU-based synthetic leather to witness the highest growth rate during forecast period”
PU-based synthetic leather is expected to witness the highest growth rate from2016 to 2026. PU-based synthetic leather is made with the use of soft polymers, hence it does not require additional plasticizers. It offers many advantages such as, it is waterproof, lighter than real leather, and is comparatively soft. In some cases, the PU-based leather may tear easily, but it does not fade or crack due to exposure to sunlight. It is widely preferred in the automotive, and clothing industries. Polyurethane leather is considered more environment friendly as compared to vinyl based leather, as it does not create dioxins. PU-based leather is more expensive than PVC-based leather, due to the extensive manufacturing process required.
“Asia-Pacific to be the largest and fastest-growing market during forecast period”
The Asia-Pacific region is projected to be the largest and fastest-growing synthetic leather market due to the growing construction and automotive industry in the region. The South American synthetic leather market is also expected to grow at a high rate due to the growing automotive, footwear, and furnishing industries. North America is a significant market for synthetic leather, though is witnessing a moderate growth rate due to the growing concerns regarding killing animals which is reducing the demand for pure leather, and increasing the demand for synthetic leather.
Break-up of profiles of primary participants for the report
- By Company Type – Tier 1–37%, Tier 2–50%, and Tier 3–13%
- By Designation– C Level– 50%, Director Level–31%, and Others–19%
- By Region– North America–32%, Europe–39%, Asia-Pacific–13%, the Middle East & Africa-10%, and South America-6%
The report includes company profiles of major players and the recent activities in the market such as supply contracts, agreements, and partnerships & collaborations. Some of the major companies profiled in this report are Kuraray Co. Ltd. (Japan), San Fang Chemical Industry Co. Ltd (Taiwan), Teijin Limited (Japan), Mayur Uniquoters Ltd. (India), Nan Ya Plastics Co. Ltd. (Taiwan), Filwel Co. Ltd. (Japan), Zhejiang Hexin Industry Group Co., Ltd. (China), Alfatex (Italy), H.R. Polycoats Pvt. Ltd. (India), and Yantai Wanhua Synthetic Leather Group Co. Ltd. (China).
This report provides a detailed analysis of the synthetic leather market and segments the same on the basis of type, end-use industry, and region. Based on type, the market has been segmented into PU-based, PVC-based, and bio-based. Based on end-use industry, the market has been segmented into footwear, furnishing, automotive, clothing, bags, purses & wallets, and others. Based on region, the market has been segmented into North America, Europe, Asia-Pacific, the Middle East & Africa, and South America.
Reasons to buy the report:
From an insight perspective, this research report has focused on various levels of analyses—industry analysis (industry trends), supply chain analysis, and company profiles, which together comprise and discuss the basic views on the competitive landscape; emerging and high-growth segments of the global synthetic leather market; high-growth regions; and market drivers, restraints, and opportunities.
The report provides insights on the following pointers:
- Market Penetration: Comprehensive information on synthetic leather offered by the top players in the market
- Product Development/Innovation: Detailed insights on upcoming technologies, R&D activities, and new product launches in the global synthetic leather market
- Market Development: Comprehensive information about lucrative emerging markets – the report analyzes the markets for synthetic leather across regions
- Market Diversification: Exhaustive information about new products, untapped geographies, recent developments, and investments in the global synthetic leather market
- Competitive Assessment: In-depth assessment of market shares, strategies, products, and manufacturing capabilities of leading players in the global synthetic leather market