Microfiber Synthetic Leather Market Growth Is Attributed To The Rising Automotive And Furniture Industry

According to Precision Business Insights (PBI) latest report the global microfiber synthetic leather market size was valued at USD 1,243.2 million in 2022 and is poised to grow at a significant CAGR of 5.3% during the forecast period 2022-28. The automobile and furniture industries have grown at a rapid pace throughout the years. Rising disposable income, particularly in developing nations, has allowed people to spend more on personal grooming and living a lavish lifestyle. As a result, they can choose leather products such as apparel, furniture, and other accessories. Moreover, leather is regarded as an important component in the automotive industry. It is often utilized to improve car appearances because it covers the infotainment center, steering, and controllers. Leather is utilized to withstand many sorts of wear and tear, as well as scratches. This is projected to drive the market for microfiber synthetic leather in the future years.

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Shoes leather Dominate the Microfiber Synthetic leather Market:
Shoes leather account at a significant market share and it is expected to grow with a considerable CAGR from 2022-2028. Shoes leather is expected to grow drastically due to microfiber leather is used in the production of synthetic leather shoes specially in shoe upper, leather shoe uppers, casual shoes, boots, etc. However, in the automotive industry, the product is used in car seat fabrics which look and feels same as conventional leather because of high trim, stitch strength and more durability. The product is highly being used in the furniture industry attributed to its benefits such as durability, stain resistant, dust free and easy to clean.

Asia Pacific leads Microfiber Synthetic leather Market:
In the Asia Pacific, the microfiber synthetic leather market holds a prominent market share in 2021 and the market expected to grow at significant CAGR during the forecast period. This is due to the growth of end-use industries including the automotive, apparel, and furniture sectors. Due to its abundant end-use sectors and sophisticated production facilities, APAC is also thought to serve as a global hub for manufacturers. Additionally, it is anticipated that APAC will seize a populous industry in the coming years, which is likely to lead to an agglomeration economy.

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Strategic New Product Launches, Mergers, Acquisitions, and Agreements are the key strategies adopted by market players:
Microfiber Synthetic leather Market further reveals that the key players increasingly adopting strategies such as launch of newer products, frequent product approvals, and long-term alliance to improve market revenue share and gaining significant geographic presence across the region. September 8, 2021: The Teijin Frontier Group's premium artificial leather company, Teijin Limited, stated today that it has created a novel antibacterial and antiviral artificial leather with long-lasting antibacterial properties.

Key players' profiles in the global microfiber synthetic leather market report are Kuraray, Toray, Asahi Kasei, Kolon Ind, Sanfang, FILWEL, SISA, 3M, Tongda Island, Huafon Group, Double Elephant, Hexin Group, Zhejiang Key, Huanghe Micro Fibre, Seiren Group, Far Eastern Group, Huafon Group, Double Elephant.

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