A recent report published by Infinium Global Research on synthetic leather market provides in-depth analysis of segments and sub-segments in the global as well as regional synthetic leather market. The study also highlights the impact of drivers, restraints, and macro indicators on the global and regional synthetic leather market over the short term as well as long term. The report is a comprehensive presentation of trends, forecast and dollar values of global synthetic leather market. The global synthetic leather market was valued at over USD 33 billion in 2022 and is expected to reach nearly USD 63 billion in 2030, with a CAGR of more than 7% during the forecast period 2023-2030.
Synthetic leather also refers to artificial leather and synthetic leather is a man-made product that is often constructed from Polyvinyl chloride (PVC) or Polyurethane (PU). It consists of advanced properties such as easy maintenance, high strength, UV resistance, more ductility, and a high gloss finish. The cost of products made using synthetic leather is almost similar to that of natural leather. Synthetic leather has an appearance just like natural leather, as it is dyed and treated with additives. It is generally made using polyvinyl chloride or polyurethane. It is mostly used in footwear, upholstery, automobile interiors, clothes, interior design, and décor where a leather-like feel is desirable.
The surge in awareness and the importance of animal cruelty is driving the growth of the market. The rise in disposable income is responsible for the increasing demand for luxury goods propels the growth of the market. Additionally, the increase in awareness toward the advantages of synthetic leather over natural leather, and the rise in demand from the footwear industry are the key factors driving the growth of the global synthetic leather market. However, high taxes and rising import duties, restrain the growth of the market. Conversely, an increase in focus to develop bio-based leather is anticipated to offer a remunerative opportunity for the market.
The global synthetic leather market has been segmented into four major regions such as Asia-Pacific, Europe, Latin America, and the Rest of the World. Asia-Pacific estimated that accounts for the highest market. China, India, and South Korea are supposed to have the fastest-growing economies in the APAC region. When people have more money to spend, and the population keeps growing, this will open many industry opportunities. China is one of the most important markets for leather, both in terms of how much leather it makes and how much it sells. On the other hand, the coronavirus epidemic has greatly affected the number of things made in the country. To stop the virus from spreading, even more, several factories have shut down or slowed their production by a lot. In the not-too-distant future, it is expected that the limited production in the manufacturing industry due to a stop or slowdown in operations, limited supply, and transportation in the country, and slowing infrastructure will hurt the demand for synthetic leather from the end-use application.
The report on global synthetic leather market covers segments such as end user industry, and type. On the basis of end user industry, the sub-markets include footwear, automotive, clothing, purses & wallets, furnishing, and others. On the basis of type, the sub-markets include pu-based, pvc-based, and bio-based.
The report provides profiles of the companies in the market such as LA FAB RIVIERA, KURARAY CO., LTD., TEIJIN LIMITED, H.R. Polycoats Private Limited, Alfatex Italia Srl, FILWEL Co., Ltd., Nanya Plastic Industry (Guangzhou) Co., Ltd., Gruppo Mastrotto spa, Vortex Flex Pvt. Ltd., and TORAY INDUSTRIES, INC..
The report provides deep insights into demand forecasts, market trends, and micro and macro indicators. In addition, this report provides insights into the factors that are driving and restraining the growth in this market. Moreover, The IGR-Growth Matrix analysis given in the report brings an insight into the investment areas that existing or new market players can consider. The report provides insights into the market using analytical tools such as Porter's five forces analysis and DRO analysis of the synthetic leather market. Moreover, the study highlights current market trends and provides forecasts from 2023-2030. We also have highlighted future trends in the market that will affect the demand during the forecast period. Moreover, the competitive analysis given in each regional market brings an insight into the market share of the leading players.
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