ALBANY, New York, June 4, 2019 /PRNewswire/ -- The global synthetic leather market is highly competitive and fragmented, states an upcoming Transparency Research Market (TMR) report. There are several key players in the manufacturing and distribution sector in the global synthetic leather market. Some of the key players in the market are H.R. Polycoats Pvt. LTD, ALFATEX, Asahi Kasei Corporation, and FILWEL CO., LTD. These players are expected to introduce bio-based leather in the near future to penetrate into the competitive global market and make their global presence. The competition is likely to highly intensify with increasing number of players in the market. Most players are expected to improve their product portfolio, increase their product differentiation, and expand geographical extent.
The global synthetic leather market is likely to surge due to rising demand for fashion accessories from younger population. The global synthetic leather market is expected to grow at a CAGR of 6.9% over a forecast period 2017 to 2025. The global synthetic leather market was valued at US$74.6 bn in 2016 and expected to reach US$136.7 bn by 2025.
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On the basis of regional analysis, the global synthetic leather market is expected to be ruled by the Asia Pacific. The growth in this region can be attributed to rising disposable income among population. China is expected to be the major contributor in this region. Additionally, Latin America and the Middle East is also emerging as a grand market in the upcoming years.
On the basis of the segmentation, the global synthetic leather market is expected to be dominated by polyurethane (PU). The growth in this product type can be attributed to sustainability of polyurethane over polyvinyl chloride (PVC). Moreover, they are highly durable as compared to polyvinyl chloride.
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Footwear Industry to Boost Global Synthetic Leather Market
Synthetic leather has wide applicability and it is used in bags, purses, and footwear. People prefer leather shoes for formal attire at offices and business meetings. Therefore, the rising demand for leather shoes as a formal accessory is likely to boost the global synthetic leather market in the upcoming years. Moreover, synthetic leather is available in various colors, thereby making it easier for people to choose according to their preference.
Additionally, synthetic leather is cost effective as compared to natural leather. This pocket- friendly nature of synthetic leather is expected to create huge demand in the market. Thus, the global synthetic leather market is projected to expand substantially in the forthcoming years. Furthermore, rising disposable income among the consumer makes it easier to afford synthetic leather. This further bolsters the demand in the global synthetic leather market.
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Non Killing of Animals to Provide Impetus to Global Synthetic Leather Market
One of the major factors that drive the global synthetic leather market is that it does not involve killing of innocent animals. Therefore, synthetic leather market gets huge support from government.
Additionally, rising demand for car accessories such as seat covers, dashboard cover, steering covers, door panels, and rear shelves is expected to drive the global synthetic leather market toward a staggering growth in the upcoming years. Further, the standard of living is likely to bolster the demand for synthetic leather, there has been a rising demand for home accessories such as sofa, dining chairs, and office chairs are expected to drive the global synthetic leather market towards expansion during the forecast period.
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This review is based upon the TMR report titled, "Synthetic Leather Market (Type - Polyurethane, and Polyvinylchloride; End User - Automobile, Furnishings, Sporting Goods, Garments, Footwear, and Industrial Fabrics)) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2017 – 2025."
The global synthetic leather market has been segmented as follows:
Synthetic leather Market – Product Type Analysis
- Polyurethane (PU)
- Polyvinylchloride (PVC)
Synthetic leather Market – End-user Type Analysis
- Sporting goods
- Industrial fabrics
Synthetic leather Market – Regional Analysis
- North America
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Middle East
- Rest of Middle East & Africa
- South Africa
- Rest of Africa
- Latin America
- Rest of Latin America
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