Press release
Synthetic Leather Market will increase by 4.5% year-on-year in 2021 | Top Players Asahi Kasei, Nan Ya Plastics Corporation, Toray Industries
Synthetic leathers are versatile in terms of application and are used in manufacturing of footwear, furnishings, garments, and luxury items. Increasing demand for synthetic leather can be attributed to mounting concerns regarding the environmental impact of natural leather and changing consumer preference towards animal free and vegan products.
Download FREE Sample Copy of Report: https://www.futuremarketinsights.com/reports/sample/rep-gb-4886
Stringent animal cruelty regulation, growing awareness regarding various attributes of synthetic leather, and increasing price of natural leathers are key factors driving the market throughout the assessment period.
Superior physical and functional properties of synthetic leather over traditional leather and increasing research and development undertaken to discover cost effective alternatives to natural leather will play a key role in boosting the demand for synthetic leather, says FMI.
Automotive industry is gradually transitioning from natural leather to lightweight synthetic leather interiors. Due to increasing demand for lightweight automobiles, sales of synthetic leather are expected to growth significantly over the forecast period.
Lightweight vehicles consume less fuel and offer more mileage, thus contribute in reducing carbon dioxide emission. Research and development has identified a direct correlation between fuel economy and vehicle weight.
This has compelled automotive manufacturers towards reducing curb weight of the automobile and pushed them to adopt lightweight synthetic leather for manufacturing of vehicle seat, doors, dashboard, and steering covers.
Thus top original equipment manufacturers are adopting lighter materials in vehicles, spurring the demand for synthetic leather in automotive industry.
Key Takeaways from FMI’s Synthetic Leather Market Study
• Increasing demand for vegan and bio-based synthetic leather for bags and sportswear manufacturing along with increasing sales of mobile and laptop protective covers in U.S. will assist the North America synthetic leather market to grow at 3.70% CAGR through 2031.
• Synthetic leather sales in Europe is forecast to increase at 3.60% CAGR during the assessment period, backed by booming fashion and automotive industries in Western Europe region and growing awareness regarding negative impact of leather tanning on environment among the population.
• India will offer significant growth opportunities in synthetic leather market due to increasing sales of designer footwear and stringent government regulations towards processing of natural leather.
• Argentina is forecast to lead the synthetic leather market in Latin America owing to high demand for calfskin leather alternatives, increasing export of leather products, and strong economic growth in the country.
• Japan will hold around 11% of the global market share in 2021. Sales uptick can be attributed to increasing production and export of synthetic leather from the country.
Request a Complete TOC of this Report with figures: https://www.futuremarketinsights.com/toc/rep-gb-4886
“Gradual recovery of global economy post pandemic, rising awareness regarding animal cruelty, and focus on reducing the carbon footprint in fashion industry will fuel the demand for synthetic leather during the forecast period,” says the FMI analyst.
Competitive Landscape
According to FMI, the global synthetic leather market is fairly consolidated, in which leading players account for two fifth of the market value share as of 2021. Emergence of new start-ups and regional players is expected to make market highly competitive in upcoming years.
Top market players are adopting organic growth strategies such as the introduction of new and advanced materials to strengthen their position in this evolving market. For instance, in September 2020, Gordini launched “Clutch™ Synthetic Leather” which is an excellent alternative to natural leather and is claimed to outperform traditional leather.
Natural Fiber Welding Inc. introduced its first 100% plant based leather called “Mirum” in Bio-Based Summit 2021. This synthetic leather is made from recycled cotton, hemp, natural rubber, cork and vegetable oil. This leads to reducing carbon impact by 40% and 17X less carbon emission than plastic based synthetic leather.
Manufacturers are forming strategic partnerships and collaboration to gain market advantage and survive in this highly competitive market. For instance, in 2021, Natural Fiber Welding Inc. (NFW) joined hands with San Francisco-based footwear brand Allbirds for developing bio-based synthetic leather and reduce its prices.
Allbirds invested around US$ 2 Mn in NFW to boost the production of plant based leather and eradicate fossil fuel-based materials from the fashion industry.
Ask for Customization: https://www.futuremarketinsights.com/customization-available/rep-gb-4886
Prominent players operating in the synthetic leather market are:-
• Kolon Industries Inc.
• Mayur Uniquoters Ltd.
• Gruppo Mastrotto S.p.A.
• Alfatex.
• Achilles Corp.
• Teijin Limited
• Nan Ya Plastics Corporation
• Asahi Kasei Corporation
• Toray Group Kuraray Co., Ltd.
• Daewon Chemical Co Ltd.
• Leather Resource Of America Inc.
• Comfort Int'l Co., Ltd
• Sheng Hung Industrial Co. Ltd.
• Plastics Elche S.A
More Insights on the Global Synthetic Leather Market
In its latest report, FMI offers an unbiased analysis of the global Synthetic leather market, providing historical data for the period of 2017-2027 and forecast statistics for the period of 2021-2031. In order to understand the global market potential, its growth, and scope, the market is segmented on the basis of material type (polyvinyl chloride, polyurethane, and bio based), application type (footwear, furnishing, automotive, clothing, bags, sports, and electronics) and across seven major regions (North America, Latin America, Eastern Europe, Western Europe, Asia Pacific excluding Japan, Japan, and the Middle East and Africa).
Contact:
Corporate Headquarter
Future Market Insights,
1602-6 Jumeirah Bay X2 Tower,
Plot No: JLT-PH2-X2A,
Jumeirah Lakes Towers, Dubai,
United Arab Emirates
Website: https://www.futuremarketinsights.com
About Future Market Insights (FMI)
Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in Dubai, and has delivery centers in the UK, U.S. and India. FMI's latest market research reports and industry analysis help businesses navigate challenges and make critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert-led analysts at FMI continuously tracks emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers.
This release was published on openPR.
Permanent link to this press release:
Copy
Please set a link in the press area of your homepage to this press release on openPR. openPR disclaims liability for any content contained in this release.
You can edit or delete your press release Synthetic Leather Market will increase by 4.5% year-on-year in 2021 | Top Players Asahi Kasei, Nan Ya Plastics Corporation, Toray Industries here
News-ID: 2484522 • Views: …
More Releases from Future Market Insights
Extruded Snacks Market to Reach USD 170.3 Billion by 2035 Amid Health and Conven …
A new market analysis released today projects the global extruded snacks market to surge from an estimated USD 89.9 billion in 2025 to USD 170.3 billion by 2035, demonstrating a robust Compound Annual Growth Rate (CAGR) of 6.6%. The market is set to deliver an impressive absolute dollar opportunity of USD 80.4 billion over the forecast period, driven by a global consumer shift towards convenient, shelf-stable, and healthier snack options.
The…
Global Banana Flakes Market Soars to USD 876.1 million by 2035, Driven by Health …
A new market analysis reveals the global banana flakes market is set to expand significantly, projecting a robust Compound Annual Growth Rate (CAGR) of 4.6% from 2025 to 2035. The market, valued at USD 559.6 million in 2025, is forecast to reach USD 876.1 million by 2035, fueled by a rising consumer preference for natural, gluten-free, and plant-based ingredients in daily food choices.
This press release offers a detailed look into…
Confectionery Fillings Market Sweetens Global Outlook, Projected to Reach USD 2. …
The global confectionery fillings market is poised for significant growth, with a new market analysis revealing a robust expansion fueled by a surge in consumer demand for innovative flavors and indulgent textures. According to the analysis, the market is estimated at USD 1381.2 million in 2025 and is projected to reach USD 2207.4 million by 2035, exhibiting a healthy compound annual growth rate (CAGR) of 4.8% during the forecast period.
The…
Water Softener Market to Skyrocket to USD 8.7 Billion by 2035, Driven by Smart T …
A new market analysis reveals the global water softener market is poised for significant expansion, with a forecasted value of USD 8.7 billion by 2035. The report, covering the period from 2025 to 2035, projects a robust Compound Annual Growth Rate (CAGR) of 8.3%, up from an estimated USD 3.9 billion valuation in 2025. This surge is fueled by a combination of factors, including increasing consumer awareness of hard water's…
More Releases for FMI
Guidewires Market's Journey Ahead: FMI Report Anticipates 6.1% CAGR, US$ 5.9 Bil …
From 2022 to 2030, the global Guidewires Market is projected to develop significantly at a compound annual growth rate of 6.1%, with a market size of over US$ 3.7 Bn in 2022. The market is expanding at a faster rate due to rising demand for straight-tip guidewires for minimally invasive spine and cervical surgeries.
According to a new research study by Future Market Insights,
-Straight tip guidewires, with a current share of…
Ammonium Phosphate Market Share, Size, Trends - 2029 | FMI
The projected growth rate of ammonium phosphate market is approximately 3.3% over the course of forecast period (2019-2029). The demand from fertilizers segment remains steady and even surges in emerging economies. Other end-use industries such as electronics and optics are complementing the growth of ammonium phosphate market.
Download Sample Copy of Report: https://www.futuremarketinsights.com/reports/sample/rep-gb-1469
Key Takeaways of Ammonium Phosphate Market Study
• Fertilizers industry accounts for substantial ammonium phosphate demand.
• Rising uptake of ammonium phosphate in…
Wearable Fitness Trackers Market Forecast & Share 2027 | FMI
The global wearable computing devices market is expected to be worth US$ 37,557 Mn in 2022, rising to US$ 217,237.2 Mn by 2032. The sales of wearable computing devices are expected to grow at a CAGR of 19.2% during 2022-2032.
The wearable computing devices market size is expected to increase during the projected period as they assist clinicians in remotely monitoring patient health. Consumer interest in smart fitness gadgets is increasing…
Edible Oil Packaging Market Size & Share - 2023 - 2031 | FMI
According to a recent report by Future Market Insight, sales of packaging solutions for edible oil would increase by 1.7 times to reach 3.7 billion units in 2031. In 2021, the market for packaging edible oil is anticipated to expand annually by 4.1%. By 2025, FMI projects that sales of drums will be close to $5 billion. The market for edible oil packaging in the United States is anticipated to…
MOPP Packaging Films Market Size, Analysis & Opportunity | FMI
The MOPP packaging films market is projected to register high demand through 2021, with the overall valuation reaching US$ 221.7 Mn in 2021. FMI also forecasts MOPP packaging films demand to increase at a steady 5.2% CAGR between 2021 and 2031.
Despite restrictions imposed amid COVID-19, MOPP packaging films demand will surge 2021 onwards, albeit gradually. Volume sold globally is expected to total 135.2 Th. tones by the end of…
Labels Market Size, Industry Share, Sales & Trends - 2032 | FMI
The global labels market size is set to reach a valuation of US$ 39.8 Bn in 2022, and further accelerate at a CAGR of 4.8% from 2022-2032. The market is projected to reach US$ 63.7 Bn by the end of 2032. Sales of labels are anticipated to augment with the top 5 players holding 10-15% of the global labels market share in 2021.
Based on product type, the pressure sensitive labels…
