Global Synthetic Leather Market Expanding at a CAGR of 6.9% in 2017-2025

Posted on 2017-12-15 by Mark Hub in Chemicals // 0 Comments

Albany, USA, 2017-Dec-15 — /EPR Network/ —A new report added to the repository of Market Research Reports Search Engine “Synthetic Leather Market – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2016 – 2025” is a comprehensive repository of information, providing market share, size, and forecast.

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Synthetic Leather Market: Snapshot

Synthetic leather is a man-made artificial leather that looks like natural leather. It is also known as faux leather. Its surface is treated and dyed with certain additives to provide them a natural look just as natural leather. Nowadays synthetic leather has gained widespread popularity and is often used as a substitute for real leather because it is less expensive and does not require any real animal hide. Synthetic leathers are available in a variety of colors, leading to them being used in a wide number of industries such as footwear, automobile, garments, and fashion accessories such as bags, wallets, etc. In addition, synthetic leather is cheaper than natural leather and superior to real leather in terms of its diversity in looks and use; therefore it has become the popular choice for many manufacturers active in the automobile and footwear industry.

Polyurethane Synthetic Leather Likely to Dominate Global Market

The global synthetic leather market can be categorized in terms of product type and end-users. On the basis of product type, the market can be split into polyurethane (PU) and polyvinyl chloride (PVC). Polyurethane type is dominating the market due to its superior physical properties over polyvinyl chloride. PU type synthetic leather is more environmental friendly than PVC type and has high tensile strength and is more breathable. However, in some countries such as India, Ethiopia, and Tanzania, PVC type synthetic leather is still dominating as it is much cheaper than polyurethane type leather. Demand for polyurethane type synthetic leather is expected to expand significantly during the forecast period due to stringent regulations on tanning agents such as phthalates and slaughtering of animal in developed economies. Moreover, characteristic features of polyurethane synthetic leather, such as high durability and gloss, are some of the other factors fuelling the market.

Rising Environmental Restrictions on Natural Leather Leads to Growing Demand from Automotive Industry

In terms of end-users, the global synthetic leather market can be split into automobile, furnishings, sporting goods, garments, footwear, industrial fabrics, and other such as bags, wallets etc. In terms of revenue, automobile held a major share of more than 40% in global synthetic leather market. Rising demand for low VOC emission from interior automobile materials coupled with stringent regulations on CO₂ emission in the natural leather tanning industry are pushing manufacturers to opt for revolutionary materials further anticipated to drive the synthetic leather market. Footwear is also one of the prominent segment of the market which is expected to grow at a significant pace during forecast period. Rising fashion trends coupled with increasing sports activities are expected to increase the demand for sportswear and garments in turn boosting the demand for synthetic leather over the forecast period.

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Asia Pacific to Dominate due to Rising Disposable Income of High Population

In terms of geography, the global synthetic leather market can be segregated into North America, Europe, Asia Pacific, Latin America, the Middle East, and Africa. In terms of consumption, Asia Pacific is the leading regional market for synthetic leather due to growth of the automobile and footwear industry.

Demand for synthetic leather in Asia Pacific is expected to rise significantly due to the rising population and disposable income in the region. Furthermore, rising joint ventures and capacity expansion by various manufacturers and emphasis on reducing carbon emission in China are also influencing the market positively in the region. North America and Europe are mature markets for synthetic leather. Rising regulations on animal slaughtering due to efforts by various NGOs such as PETA are pushing manufacturers to adopt environment-friendly materials which in turn is boosting the demand for synthetic leather in the region.

The Middle East and Latin America are also likely to be profitable regions for synthetic leather manufacturers in the coming years. This is primarily due to rising investment by various leading automakers such as Ford, Nissan, and Renault. Africa is the least lucrative region as most countries are still underdeveloped, leading to a lack of skilled labor force. However countries such as South Africa and Kenya are expected to provide lucrative opportunities for the synthetic leather market during the forecast period due to the rising disposable income of the middle class and rising investment by numerous automakers in the region.

Key players operating the market include Kuraray, Asahi Kasei Corporation, SAN FANG CHEMICAL INDUSTRY CO., LTD., Toray Coatex Co. Ltd., H.R. Polycoats Pvt. LTD., ALFATEX, and FILWEL CO., LTD.

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