18-Sep-2019: The global synthetic
leather market size is expected to reach USD 45.41
billion by 2025, according to a new study by Grand View Research, Inc. The
market is projected to expand at a strong CAGR of 7.4% during the forecast
years. Increasing product application scope in footwear has been a major factor
driving the market growth. In addition, growing importance and awareness about
animal rights set by several organizations and stringent laws regarding the
usage of real leather are propelling the demand for synthetic leather.
Synthetic leather
materials offer superior properties, such as high gloss finish, durability,
strength, and UV resistance and easy maintenance. Moreover, products made from
faux leather are cheaper and thus, continue to attract consumers, especially
from middle and high income level groups. However, in countries, such as Japan,
the product is facing competition from Fumikodata, which is a replica of real
leather and is a cruelty-free material. Polyurethane (PU) was the largest
product category in 2017 and is expected to register the fastest CAGR over the
forecast period.
PVC is anticipated
to witness sluggish growth on account of its properties, such as sticky finish
and lesser durability. Footwear application segment is expected to observe a
cosiderable growth over the upcoming years. Cheaper costs, fluctuating climatic
conditions in several regions creates needs for different types of footwear.
Rising disposable income levels in emerging regions are also fueling the demand
for synthetic leather in footwear segment. Moreover, trend of incorporating
athletic shoes in daily lifestyle is further augmenting the product demand.
In
depth research report on Synthetic Leather Market
Further key findings from the study suggest:
·
The global synthetic leather market is expected to witness
significant growth over the forecast period owing to rising product demand in
footwear and automotive applications
·
PU leather emerged as the largest product segment in 2017 and
is estimated to generate revenue over USD 28.03 billion by 2025
·
Asia Pacific is projected to witness the fastest growth over
the estimated period owing to rapid economic growth across countries, such as
India, China, Japan and Korea
·
Rapid development of construction and automotive
manufacturing industries in APAC is also fueling the product demand in the
regional market
·
Countries, such as South Korea, Taiwan, China, and India, are
emerging as leading producers in the global market as a result of available of
relatively cheaper raw materials
·
Key companies in the global market include Nan Ya Plastics
Corporation, Mayur Uniquoters Limited, Alfatex Italia SRL, and Kuraray Co. Ltd.
Grand View Research
has segmented the global synthetic leather market on the basis of product,
application, and region:
Synthetic Leather Product Outlook (Volume, Million Meters;
Revenue, USD Million, 2014 - 2025)
·
PU
·
PVC
·
Bio-based
Synthetic Leather Application Outlook (Volume, Million
Meters; Revenue, USD Million, 2014 - 2025)
·
Furnishing
·
Automotive
·
Footwear
·
Bags & Wallets
·
Clothing
·
Others
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more research reports of this category:
About
Grand View Research
Grand View Research, Inc. is the
U.S. based market research and consulting company, registered in the State of
California and headquartered in San Francisco. The company provides syndicated
research reports, customized research reports, and consulting services. To help
clients make informed business decisions, the company offers market
intelligence studies ensuring relevant and fact-based research across a range
of industries including technology, chemicals, materials, healthcare and
energy.
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