Global Microfiber Synthetic Leather Market Is Expected To Grow With A CAGR Of 4.9% By 2031

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The report offers actionable and valuable market insights of Bio-Based Leather. The latest report by Fact.MR provides details on the present scenario of the market across various regions along with the historic data and forecast of the market. The report also includes information on the sales and demand of Bio-Based Leather Market across various industries and regions.

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The global microfiber synthetic leather market is expected to grow with a CAGR of 4.9% and estimated to surpass the market value of US$ 1.8 Bn by the end of FY-2032. The microfiber synthetic leather market accounts for around 17% of synthetic leather market, the share of microfiber synthetic leather market is expected to bolster on the back of growing concern and shifting consumer preference for environmental friendly products.

The market study done by Fact.MR gives exclusive information about how the market will grow. The study identifies crucial trends that are determining the growth of Bio-Based Leather market. This newly published report sheds light on vital dynamics, such as the drivers, restraints, and opportunities for key market players as well as emerging players associated with the production and supply. The latest report by Fact.MR provides detailed Market Analysis of Bio-Based Leather

This newly published and insightful report sheds light on Market Insights of Bio-Based Leather, key dynamics, their impact on the overall value chain from suppliers to end-users and Growth of Bio-Based Leather Market.

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Automotive segment displays rapid growth in demand

Global microfiber synthetic leather market can be geographically segmented into North America, Latin America, Europe, Japan, Asia Pacific excluding Japan, Middle East and Africa.

Products in global microfiber synthetic leather market and can be segmented into bio-based leather, PU synthetic leather and PVC-based synthetic leather where PVC-based synthetic leather owns one-third of the total microfiber synthetic leather market. Microfiber synthetic leather have varied applications. They can be used in clothing, furnishing, bags and automotive. Increase in disposable income allows individuals to splurge on luxury to create status symbol. Furnishings segment has displayed rapid growth and is expected to dominate the market for the forecast period 2017-2026. Technological advancements have turned out to be a boon for automotive segment and new innovation have been introduced. This in turn has shot up the automotive requirements. Increased demand in automotive is generating great opportunities in global microfiber synthetic leather market.

Advancement in processing technology boosts global market

Processing technology of microfiber synthetic leather has been ever-evolving. The dying properties of synthetic leather restrict development of leather base which arises need for alternative dyeing and finishing techniques. Hydrogen collagen extracted from leather base is eyed as a natural biomass alternative that is non-toxic and contains active groups like carboxyl and amino that display outstanding properties such as biocompatibility and hydrophilicity. It significantly improves the dying property along with reducing environmental impact.

The global microfiber synthetic leather market also faces challenges in terms of cost. The common materials used in manufacture of synthetic leather is generally PVC and polyutherine. These materials are being widely criticized for their negative attributes like carbon foot print and lack of biodegradability. These elements require plastic-based adhesives to adhere the fibers together which again is against sustainability. Polyutherine is produced using chemicals and is not biodegradable.

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More Valuable Insights on Bio-Based Leather Market

Fact.MR, in its new report, offers an unbiased Market Analysis of Bio-Based Leather, Sales and Demand of Bio-Based Leather, analyzing forecast statistics through 2019 and beyond. The study reveals growth projections on the basis of various criteria.

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