synthetic leather market is anticipated to reflect a CAGR of 4.2% by value during the period of forecast 2017-2027
Global Synthetic Leather Market: Forecast
The global synthetic leather market is expected to grow at a steady growth rate and is anticipated to reflect a CAGR of 4.2% by value during the period of forecast 2017-2027. At this rate, it is expected to reach a value of US$ 56.3 Bn by 2027 end from a value of US$ 36.2 Bn in 2016.
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Global Synthetic Leather Market: Dynamics
There are several aspects which have a profound influence over the consumption of synthetic leather and thus can be said to have impact over the growth of the synthetic leather market on a global basis. The automotive industry uses synthetic leather in the interior parts of cars, such as seat cover, door panels, dashboard, steering cover, etc. There has been a boom in the automotive industry which has triggered the use of synthetic leather. Moreover, the number of passenger cars manufacturing is intensified owing to large demand of passenger cars. This has spurred the growth of the global synthetic leather market. Consumers are changing their preference to luxury products, corrosion free leather products and shift from genuine to synthetic leather. This has contributed towards overall growth of the global synthetic leather market.
Also, rising disposable income has increased consumer demands for more luxurious goods, such as new leather footwear, leather bags, leather wallets, leather belts, leather clothing etc. These aspects have a direct correlation to the growth of the synthetic leather market with respect to the increased consumption of synthetic leather. However, there are certain challenges which hinder the growth of the global market. High tax and import duties coupled with obligation on chemical products can act as restraining factors to the growth of the global synthetic leather market.
Global Synthetic Leather Market: Segmental Snapshot
Global synthetic leather market is segmented by material type, application and region.
By material type, the PU segment is poised to show highest growth rate to register a CAGR of 5.0% throughout the forecast period. Also, this segment is expected to retain its dominance since 2017 and to be valued at around US$ 29 Bn by the end of 2027
Footwear segment by application is expected to dominate the global market by reflecting a huge value of US$ 16 Bn by the end of 2027 and poised to grow at a CAGR of 4.9% during the forecast period 2017 to 2027
Automotive segment also reflect high potential and is growing at a CAGR of 4.2% during the forecast period. The seat cover and head rest sub segment by automotive application is anticipated to dominate the market and poised to grow at a high CAGR of 4.6% throughout the period of assessment
Asia Pacific excluding Japan (APEJ) region has dominated the global market as of 2016 by revenue, the trend is expected to follow in the coming years, from 2017 to 2027. The region is expected to be valued at US$ 16.5 Bn by the end of 2027, growing at the highest growth rate compared to other regions and registering a CAGR of 4.9% during the period of assessment. This regions also stands ahead with respect to volume
North America region follows APEJ region, and stands second with respect to value and volume, growing at a CAGR of 4.27% by value during the forecast period
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Global Synthetic Leather Market: Competitive Landscape
The global synthetic leather market research report includes competitive analysis, which includes the market share, geographic expansion, strategic analysis, new product developments and product portfolio of the key tier players involved in the market. Few of them are Kolon Industries Inc., Mayur Uniquoters Ltd., Alfatex, Gruppo Mastrotto spa, Achilles Corp., Teijin Limited, Nan Ya Plastics Corporation, Daewon Chemical Co Ltd., Plastics Elche S.A, Comfort Int'l Co., Ltd and Asahi Kasei Corporation.
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