Synthetic Leather Market - Competition among Players Foreseen by 2025
Synthetic leather or artificial leather, is made using polyvinyl chloride, (PVC) or polyurethane (PU). Over the past few years, it has soared in popularity as it closely resembles natural leather in feel and appearance. Unlike actual leathers, manufacturers can create high durable and low-maintenance products such as purses, bags, diary covers, stationery items, belts, garments, wallets and a variety of sports items, which can be made into a variety of colors and extraordinary designs. Thus, the application of synthetic leather is gaining prominence in making a wide range of innovative, fashionable, and artistic products. Constant technological advances being made in manufacturing processes have led to the better use of raw materials resulting in products with elongated life-cycle. Greater affordability of the products made from synthetic leather is a key factor attributing their popularity. Other factors boosting the popularity are their high durability and stain-resistance.
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A number of factors in processing synthetic leather are responsible for conferring significant similarities between them and the natural leather. Additives used in the manufacture of synthetic leather using PVC include plasticizers, fillers, and stabilizers. Coating the products with water-based lacquers help in reproducing the feel of real leather. A combination of fabrics supporting the PVC fabrics used in manufacturing process are made to suit customized needs of various end users. In some cases, cotton or polyester is coated with a polymer, which makes it ideal for being used in garments. Modern treatment processes make the products resemble actual animal hide closely. The demand for a more stylish leather products has catapulted the demand for synthetic leather in the coming years.
Global Synthetic Leather Market: Overview
Globally, the rising disposable income and changing lifestyles are paving way for a greater uptake of apparels and footwear. Leather is one of the most commonly used materials used for their manufacturing. As a result, the global synthetic leather market is gaining significant traction. Synthetic leather is produced using polyurethane or polyvinyl chloride. It is used for the manufacturing of clothing, automotive, footwear, bags, and furnishings among others.
The report methodically examines the current and historical data to forecast the size of the global synthetic leather market in the foreseeable future, in terms of both revenue and volume. It provides a detailed overview of the dynamics of the market and analyzes the extent to which they impact the growth. It strategically segments the market on the basis of various criteria including geography and end-user industries for a better understanding. It derives the competitive environment of the market using tools such market attractiveness analysis and Porter’s five force analysis. It profiles the prominent players in the market along with their latest developments, market shares, business strategies, revenue generation, and contact information.
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Global Synthetic Leather Market: Drivers and Restraints
The growing concerns about animal safety are compelling governments to form stringent regulations regarding the use of leather and other animal products. This is causing a decline in the pure leather industry, which in turn is working in favor of the growth of the global synthetic market. In addition, synthetic leather is advantageous over pure leather in terms of strength, which is also driving its demand. The market is also witnessing an upswing in the demand from the footwear industry. On the other hand, the increasing concerns regarding the hazardous effects of PVC and PU processing on the human health and environment are negatively influencing the growth of the market.
Global Synthetic Leather Market: Geographical Segmentation
On the basis of geography, the segments analyzed are North America, Europe, Asia Pacific, and Rest of the World. Asia Pacific will account for a substantial share in the market throughout the forecast period. The increasing stringency of regulations pertaining to animal welfare is translating into greater demand for synthetic leather in the region. The presence of a large number of key players along with the rapid technological innovations in the synthetic leather industry is providing a significant boost to the growth of the region.
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Moreover, the enhancing economic conditions coupled with the flourishing growth of the end-user industries such as furnishing, footwear and automotive are propelling the growth of the region. Countries such as India, China, and South Korea will be sights of high growth in the region. North America is poised to register a moderate growth rate during the same span. The growth of Europe can be attributed to the presence of many international fashion brands.
Global Synthetic Leather Market: Competitive Landscape
Prominent companies operating in the global synthetic leather market are adopting novel product development as their key growth strategy to consolidate their presence. With the rising environmental concerns, several players are likely to tap the market by developing bio-based and upgraded products. The market is characterized by fierce competition among players in terms of price and product offerings in order to strengthen their foothold. Some of the key participants in the global synthetic leather market are San Fang Chemical industry Co. Ltd, Kuraray Co. Ltd., Teijin Limited, Nan Ya Plastics Co. Ltd., Alfatex, H.R. Polycoats Pvt. Ltd., and Mayur Uniquoters Ltd.
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