Press release
Synthetic Leather Market to Gain Major Growth owing to Growing Demand for Eco-Friendly Materials and Technological Advancements in Manufacturing
Synthetic Leather Market 2023
According to the SNS Insider report, the synthetic leather market is projected to experience a compound annual growth rate (CAGR) of 6.4% from 2023 to 2030, with its value estimated to increase from USD 36.17 billion in 2022 to USD 59.42 billion by 2030.
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The Major Key Company Profiles included in Synthetic Leather market study are:
Kuraray Co. Ltd.
Teijin Limited
Mayur Uniquoters Limited
Filwel Co. Ltd.
Alfatex N.V.
Yantai Wanhua Synthetic Leather Group Co. Ltd.
R. Polycoats Pvt. Ltd.
NAN YA plastics corporation
San Fang Chemical Industry Co. Ltd.
Zhejiang Hexin Industry Group Co. Ltd.
Synthetic leather presents a promising and sustainable solution for various industries seeking to reduce their environmental impact while still providing high-quality and aesthetically appealing products. Its animal-friendly nature, reduced carbon footprint, and waste reduction potential make it a strong contender in the quest for a more eco-conscious and ethical approach to manufacturing.
Market Analysis
One of the primary drivers propelling the synthetic leather market's growth is the increasing demand for eco-friendly materials. As environmental consciousness permeates various industries, consumers are actively seeking products that minimize their carbon footprint. Synthetic leather offers an ideal solution, as it reduces the demand for animal hides, curtails water consumption during production, and curbs the use of harmful chemicals typically associated with tanning processes for genuine leather.
Impact of Recession
The impact of a recession on the synthetic leather market is multi-faceted, presenting both challenges and opportunities. While the demand for affordable and ethical alternatives may boost the market, supply chain disruptions and changes in consumer behavior can also pose challenges. To navigate these uncertain times successfully, companies in the synthetic leather industry must adapt their strategies, prioritize sustainability, invest in innovation, and remain agile in response to market dynamics. By doing so, they can ensure a more resilient and prosperous future for the market even during economic downturns.
Segmentation Analysis
The synthetic leather market is witnessing a transformative wave with the emergence of the Bio-Based segment and the MiniFootwear segment. As environmental concerns continue to drive consumer choices, the demand for sustainable and innovative products is bound to increase. Manufacturers and businesses that capitalize on this trend by integrating eco-friendly materials and cutting-edge designs will find themselves at the forefront of this exciting shift. The future of the synthetic leather industry lies in embracing sustainability and catering to the evolving needs of urban consumers with bio-based and MiniFootwear solutions.
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The Synthetic Leather Market Segments and Sub-Segments are Listed Below:
By Type
Bio-Based
Polyvinylchloride (PVC) Based
Polyurethane (PU) Based
By Application
Clothing
Bags
Shoes
Purses & Wallets
Accessories
Car Interiors
Belts
Sports Goods
Others
By End-Use Industry
Footwear
Furniture
Automotive
Textile
Sports
Electronics
Others
Regional Status & Analysis
The Asia Pacific region is witnessing a paradigm shift in consumer preferences and industry practices, with a growing emphasis on sustainability and eco-friendliness. Synthetic leather has emerged as a frontrunner in meeting these demands, offering a viable, cruelty-free, and environmentally-conscious alternative to traditional leather. As the awareness of environmental concerns continues to rise, the synthetic leather market in the Asia Pacific region is poised for remarkable growth across fashion, automotive, furniture, and other industries.
Conclusion
The market is poised for remarkable growth in the coming years, driven by the rising demand for eco-friendly and sustainable materials. As technology continues to evolve, synthetic leather's quality, performance, and application possibilities will improve, attracting a broader consumer base across various industries. However, it is essential for manufacturers to address challenges and perceptions associated with synthetic materials to fully realize the market's potential.
Frequently Asked Questions/ Key Reasons to Purchase this Report
>What is the projected outlook for synthetic leather market growth?
Ans- The market is projected to reach a value of approximately USD 59.42 billion by the year 2030.
>What are the major factors influencing the synthetic leather market?
Ans- With ongoing technological advancements and continuous efforts to improve the quality of synthetic leather, the future looks promising for this innovative and sustainable material.
>Who are the leading players in the synthetic leather market?
Ans- Kuraray Co. Ltd., NAN YA plastics corporation, Filwel Co. Ltd Teijin Limited, Mayur Uniquoters Limited, H.R. Polycoats Pvt. Ltd., Zhejiang Hexin Industry Group Co. Ltd.
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Table of Contents - Major Key Points
1. Introduction
2. Research Methodology
3. Market Dynamics
4. Impact Analysis
4.1 COVID-19 Impact Analysis
4.2 Impact of Ukraine- Russia war
4.3 Impact of ongoing Recession on Major Economies
5. Value Chain Analysis
6. Porter's 5 forces model
7. PEST Analysis
8.Global Synthetic Leather Market, By Type
9. Global Synthetic Leather Market, By Application
10. Global Synthetic Leather Market, By End-Use Industry
11.Regional Analysis
12.Company Profiles
13.Competitive Landscape
14.Conclusion
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Akash Anand - Head of Business Development & Strategy
info@snsinsider.com
Phone: +1-415-230-0044 (US) | +91-7798602273 (IND)
About US:
SNS Insider has been a leader in data and analytics globally with its authentic consumer and market insights. The trust of our clients and business partners has always been at the center of who we are as a company. We are a business that leads the industry in innovation, and to support the success of our clients, our highly skilled engineers, consultants, and data scientists have consistently pushed the limits of the industry with innovative methodology and measuring technologies.
We assist our clients to anticipate industrial, economic, and consumer trends to drive disruptive change by fusing global experience with local information from experts throughout the world. We bring context to strategic and tactical data by bridging approaches based on data science and field research, assisting you in addressing your most pressing problems and spotting possibilities.
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