Synthetic Leather Market Size 2022 – Trends, Profit Growth, Size, Share, Analysis by Top Players, Future Plans and Forecast by 2030
Based on Type, the Global Synthetic Leather Market has been divided into PU-based, PVC-based, and bio-based. The PU-based type segment held a larger market share in 2019. By application, the global synthetic leather market has been classified into furnishing, automotive, footwear, accessories, clothing, electronics, and others.
By Application, the Global Synthetic Leather Market has been classified into furnishing, automotive, footwear, accessories, clothing, electronics, and others. The footwear segment accounted for the largest market share of over 35.0% in 2022 due to their growing consumption across the region, especially across Asia-Pacific, and is expected to register a significant CAGR during the review period.
Market Research Future (MRFR) identifies the following companies as the Key Players in the global synthetic leather market: H.R. Polycoats Pvt. Ltd, Kuraray Co. Ltd, Filwel Co. Ltd, San Fang Chemical Industry Co. Ltd, Yantai Wanhua Synthetic Leather Group Co. Ltd, Nan Ya Plastics Corporation, Mayur Uniquoters Limited, Alfatex Italia SRL, Zhejiang Hexin Industry Group Co. Ltd, DuPont Tate & Lyle Bio Products Company, LLC, Teijin Limited, Gruppo Mastrotto SPA, Toray Group, and Asahi Kasei Corporation.
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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Key Findings of the Study
• Global Synthetic Leather Market reached USD 29,110.28 Million in 2019 and is projected to register a CAGR of 6.74% to reach USD 38,251.72 Million by the end of 2025.
• Based on type, the PU-based segment is expected to grow at the fastest CAGR of 6.24% during the review period.
• Based on application, the footwear segment dominated the market with a share of 38.7% and was valued at USD 16,435.32 million in 2019.
• Asia-Pacific is likely to register a CAGR of over 7.41% during the review period.
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.
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