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Rising Synthetic Leather/Artificial Leather Global Market: Evaluation and Forecast to 2025, Fueled by Innovations and Expanding Automotive Demand
Synthetic Leather/Artificial Leather Market Size
What Is The Projected Market Size Of The Global Synthetic Leather/Artificial Leather Market And Its Growth Rate?
•Synthetic leather market was valued at $35.81 billion in 2024, with a promising growth projection to $38.75 billion in 2025, registering a CAGR of 8.2%.
•Strong growth is anticipated moving forward, led by environmental sustainability, innovative applications, and demand in the automotive sector.
•The market is projected to escalate to $53.8 billion by 2029 at a CAGR of 8.6%.
What Is Driving The Growth In The Synthetic Leather/Artificial Leather Market?
The ascending automotive industry is a major contributor to the expansion of the synthetic leather/artificial leather market. The automotive industry's operations range from design and development to manufacturing, marketing, and selling of motor vehicles. Rising demand for electric and hybrid vehicles along with increasing consumer income and financing possibilities are key drivers in this industry. Synthetic leather's applications extend to the automotive industry, providing enhanced precision sensors, data monitoring, and automation. With the rise of UK passengers, car sales in 2024, the synthetic leather market is expected to experience significant growth.
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Who Are the Key Players Driving Synthetic Leather/Artificial Leather Market Growth?
Key players in the Synthetic Leather/Artificial Leather Market include:
•H. R. Polycoats Pvt. Ltd.
•Kuraray Co. Ltd.
•Alfatex Italia SRL
•Yantai Wanhua Synthetic Leather Group Co. Ltd.
•Filwel Co. Ltd.
•Nan Ya Plastics Corporation
•Teijin Limited
•Zhejiang Hexin Industry Group Co. Ltd.
•Jiaxing Hexin Chemical Industry Co. Ltd.
What Are The Key Trends In The Synthetic Leather/Artificial Leather Market?
Leading trends in the Synthetic Leather/Artificial Leather Market:
•Growth in furniture and upholstery sector.
•Increased focus on sustainability.
•Concerns surrounding animal welfare.
•Innovative fashion and design trends.
•Adherence to regulatory compliance.
What Are The Segments Of The Global Synthetic Leather/Artificial Leather Market?
The synthetic leather market is segmented by:
•Type: Polyurethane (PU)-Based, Polyvinyl Chloride (PVC)-Based, Bio-Based
•Grade: High-Grade, Mid-Grade
•Application: Footwear, Furnishing, Automotive, Clothing, Bags, Purses And Wallets
Which Region Leads The Synthetic Leather/Artificial Leather Market?
In 2024, Asia-Pacific was the largest contributor to the synthetic leather/artificial leather market. During the forecast period, Asia-Pacific is expected to be the fastest-growing region.
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What Is Covered In The Synthetic Leather/Artificial Leather Global Market Report?
•Market Size Analysis: Analyze the Synthetic Leather/Artificial Leather Market size by key regions, countries, product types, and applications.
•Market Segmentation Analysis: Identify various subsegments within the Synthetic Leather/Artificial Leather Market for effective categorization.
•Key Player Focus: Focus on key players to define their market value, share, and competitive landscape.
•Growth Trends Analysis: Examine individual growth trends and prospects in the Market.
•Market Contribution: Evaluate contributions of different segments to the overall Synthetic Leather/Artificial Leather Market growth.
•Growth Drivers: Detail key factors influencing market growth, including opportunities and drivers.
•Industry Challenges: Analyze challenges and risks affecting the Synthetic Leather/Artificial Leather Market.
•Competitive Developments: Analyze competitive developments, such as expansions, agreements, and new product launches in the market.
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