Press release
Synthetic Leather Market Newest Report Illuminated by New Strategies , CAGR Standards & Technological Innovations by H.R. Polycoats Pvt. Ltd., TEIJIN LIMITED , Mayur Uniquoters Limited , KURARAY CO., LTD. , SAN FANG CHEMICAL
Synthetic Leather Market
Competitive Landscape:
The notable players in the global synthetic leather market include H.R. Polycoats Pvt. Ltd. (India), TEIJIN LIMITED (Japan), Mayur Uniquoters Limited (India), KURARAY CO., LTD. (Japan), SAN FANG CHEMICAL INDUSTRY CO., LTD. (Taiwan), TORAY INDUSTRIES, INC. (Japan), DuPont Tate & Lyle Bio Products (U.S.), FILWEL CO., LTD. (Japan), NAN YA PLASTICS CORPORATION (Taiwan), and Yantai Wanhua Synthetic Leather Group Co., Ltd. (China).
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Introduction:
Synthetic leather, also marketed under names such as "leatherette", "faux leather", "vegan leather", "PU leather" and "pleather" is a fabric made of artificial materials such as polyurethane (PU), polyvinylchloride (PVC) and other bio-based materials, to produce a material resembling leather. Market Research Future (MRFR) has deemed the growth of the global synthetic leather market to be healthy and reach a significant valuation over the forecast period of 2016-2023
Industry Updates:
In May 2018, researchers at Ohio State University developed a new type of synthetic leather that is both animal-free and water-repellent. Unlike all synthetic leathers that become sticky in high temperatures, the new leather would not become sticky in high temperatures as high as 158 degrees Fahrenheit.
Regional Analysis:
By region, the global synthetic leather market has been segmented into North America, Latin America, Asia Pacific (APAC), Europe, and the Middle East & Africa (MEA).
APAC is at the forefront of the global synthetic leather market driven by expanding footwear, automotive and construction industry in the region. Countries such as China, India, and Japan are increasingly investing in major end uses of synthetic leather which further supports the growth of the market.
Europe follows APAC and is the second largest market for synthetic leather. The growth of end-use industries such as the aerospace and automotive in the region can be credited for the growth of the Europe market. The key markets in the region include the UK, Germany, France, and Italy. Additionally, Growing use of synthetic leather in footwear and accessories segment is expected to stimulate the growth of the market.
North America is an important revenue pocket led by the US. Steep rise construction and revamping activities in the region are expected to fuel the demand for synthetic leather in the region.
Latin America is anticipated to exhibit moderate growth over the forecast due to the steady growth of end-use industries in countries such as Argentina and Brazil.
The MEA market is foreseen to emerge as an important market for synthetic leather due to the continuous expansion of industries such as sports, building & construction.
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Segmentation:
The global synthetic leather market has been segmented based on type and end use. By type, the global synthetic leather market has been segmented into polyurethane (PU), polyvinylchloride (PVC) and bio-based. By end use, the global synthetic leather market has been segmented into footwear, furniture & upholstery, automotive, clothing, accessories, and sports, among others.
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