Synthetic Leather Market Outlook 2023 And Growth By Top KeyPlayers - Asahi Kasei Corporation, DuPont Tate & Lyle Bio Products Company LLC

According to the latest report by IMARC Group, "Global Synthetic Leather Market Size, Share, Growth, Industry Trends, Opportunity and Forecast 2023-2028", the global synthetic leather market size reached US$ 37.6 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 48.4 Billion by 2028, exhibiting a growth rate (CAGR) of 4.2% during 2023-2028.

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Synthetic leather, also known as faux, artificial, or rexine leather, represents a material that has a similar appearance to leather but is not animal-made. It is generally manufactured from two types of materials, namely polyurethane (PU) and polyvinylchloride (PVC). Polyurethane leather or PU leather is entirely manmade and offers the look as well as the feel of genuine leather. In contrast, the PVC variant is a less expensive alternative to genuine leather. Synthetic leather provides various benefits, such as enhanced durability and resistance to water, heat, severe climatic conditions, ultraviolet (UV) rays, etc. Consequently, it finds extensive applications across numerous sectors, including automotive, textile, sports, etc.

Market Trends:

The escalating demand for spandex clothes and competitive swimsuits is primarily driving the synthetic leather market. Additionally, the growing consumer awareness towards sustainable fashion is further catalyzing the market growth. Besides this, the implementation of several stringent animal welfare regulations by government bodies across countries is augmenting the utilization of synthetic alternatives, thereby also positively influencing the global market.

Moreover, the rising adoption of luxury automotive and electric vehicles is propelling the need for fancy leatherette car seats, which, in turn, is acting as another significant growth-inducing factor. Apart from this, the increasing investments in fashion-related R&D activities are anticipated to fuel the synthetic leather market over the forecasted period.

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Synthetic Leather Market 2023-2028 Competitive Analysis and Segmentation:

Competitive Landscape With Key Players:

The competitive landscape of the global synthetic leather market has been studied in the report with the detailed profiles of the key players operating in the market.

Some of these key players include:

• Asahi Kasei Corporation
• DuPont Tate & Lyle Bio Products Company LLC
• FILWEL Co. Ltd. (Air Water Inc.)
• Mayur Uniquoters Limited
• Nan Ya Plastics Corporation
• San Fang Chemical Industry Co. Ltd.
• H.R. Polycoats Pvt. Ltd.
• Kuraray Co. Ltd.
• Teijin Limited
• Zhejiang Hexin Holdings Co. Ltd.

Key Market Segmentation:

The report has segmented the global synthetic leather market based on type, application, end use industry and region.

Breakup by Type:
• Bio-Based
• Polyvinylchloride (PVC) Based
• Polyurethane (PU) Based

Breakup by Application:
• Clothing
• Bags
• Shoes
• Purses and Wallets
• Accessories
• Car Interiors
• Belts
• Sports Goods
• Others

Breakup by End Use Industry:
• Footwear
• Furniture
• Automotive
• Textile
• Sports
• Electronics
• Others

Breakup by Region:
• North America
• Asia Pacific
• Europe
• Latin America
• Middle East and Africa

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Key highlights of the report:
• Market Performance (2017-2022)
• Market Outlook (2023-2028)
• Porter's Five Forces Analysis
• Market Drivers and Success Factors
• SWOT Analysis
• Value Chain
• Comprehensive Mapping of the Competitive Landscape

If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.

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About Us:

IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.

IMARC's information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company's expertise.

This release was published on openPR.