Press release
Synthetic Leather Market Industry Analysis Report, Trends, Share, Forecast 2016 - 2024
Global Synthetic Leather Market size may witness strong gains as it is used as a substitute for conventional product derived from livestock, does not require animal hide for production and is available at competitive price.Global leather goods market may surpass USD 95 billion by 2024, with gains at over 5%. Change in lifestyle along with rise in men and women’s accessories demand including gloves may drive industry growth. U.S. exports skins and hides and generated over USD 3.5 billion in 2015.
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Footwear industry may witness steady gains and accounts for a major chunk in synthetic leather market size. Global footwear market may surpass USD 375 billion in business by 2024 with registering over 5% gains.
Global automotive interior leather market was valued at over USD 25 billion in 2015 and may exceed USD 40 billion in business by 2024, and register close to 5.5% growth.
Global furniture market may register close to 5% gains. Increasing home and office furniture demands due to rising public infrastructures and improved economic standards should favor industry growth.
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Global apparel market may witness significant gains at over 4%. As per industry statistics, the U.S. apparel market generated over USD 230 billion in 2015 and may witness above average gains at over 2%.Polyurethane (PU) synthetic leather accounted for majority of the demand in 2015.
North America, driven by the U.S. synthetic leather market may witness moderate growth rates. Positive application outlook in footwear, furnishing and automotive industries should drive regional growth.
APAC, led by India, Japan and China synthetic leather market may show significant gains. Europe led by France, Italy, UK and Germany synthetic leather market may witness steady growth.
Key players operating in global synthetic leather market share include Kuraray, Tejin, Toray, Favini, Mayur Uniquoters, Filwel and San Fang Chemicals. Other prominent companies include Alflatex, HR Polycoats, Dunksung and Daewon Chemicals.
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