The report “Synthetic Leather (Artificial Leather) Market by Type (Polyurethane, Polyvinyl Chloride, Bio-based), End-Use Industry (Footwear, Furnishing, Automotive, Clothing, Bags, Purses & Wallets, Sports, Electronics) and Region – Global Forecast to 2025” The synthetic leather market is projected to reach USD 78.5 billion by 2025, at a CAGR of 4.4% from USD 63.3 billion in 2020. Synthetic leather, also known as faux leather, is an artificially made fabric, which is generally manufactured using polyurethane (PU) or polyvinyl chloride (PVC). It is processed and dyed to look similar to pure leather. Synthetic leather has properties such as durability and resistance to stain and weather.
Some of the prominent key players are:
· Kuraray Co. Ltd. (Japan)
· San Fang Chemical Industry Co. Ltd. (Taiwan)
· Teijin Limited (Japan)
· Mayur Uniquoters Limited (India)
· NAN YA plastics corporation (Taiwan)
Opportunity: Focus on Development of bio-based synthetic leather
The manufacture of bio-based synthetic leather does not have any harmful traits. Manufacturers should focus on commercializing synthetic leather production by natural fibers such as flax or fibers of cotton mixed with palm, soybean, corn, and other plants. A new product in the synthetic leather market, called “Pinatex,” is being made from pineapple leaves. The fiber present in these leaves has the strength and flexibility needed for the manufacturing process. Pineapple leaves are considered a waste product, and thus, they are used to upscale them into something of value without using many resources. Shoes, handbags, and other accessories made of pineapple fibers have already hit the marketplace. Considering the growing government and environmental regulations regarding the usage of harmful toxic chemicals in the European Union and North America, bio-based synthetic leather can prove a major opportunity for synthetic leather manufacturers.
Footwear is projected to be the fastest growing end-use industry in synthetic leather market between 2020 and 2025.
Synthetic leather is widely used in the footwear industry due to its excellent properties and high durability. It is used in shoe linings, shoe uppers, and insoles to make different types of footwear such as sports shoes, shoes & boots, and sandals & slippers. The increasing demand for footwear in developed and emerging countries is expected to drive the demand for synthetic leather. Synthetic leather is widely used to manufacture sports shoes for various games around the world due to its cost-effectiveness. Sports shoes made from synthetic leather look similar to those of pure leather and are offer various other properties such as resistance to water, heat, and rigid climatic conditions. It is used to make formal men’s and women’s footwear for official purposes, boots for women and men in the fashion industry, and for those living in the cold regions around the world. Boots made out of real leather tear when exposed to snow and water, but synthetic leather offers excellent resistance to water and snow.
APAC projected to be fastest growing region for the synthetic leather market during the forecast period
The APAC comprises major emerging nations such as China and India. Hence, the scope for the development of most industries is high in this region. The synthetic leather industry is growing significantly and offers opportunities for various manufacturers. The APAC region constitutes approximately 61.0% of the world’s population, and the manufacturing and processing sectors are growing rapidly in the region. The APAC is the largest synthetic leather market with China being the major market which is expected to grow significantly. The rising disposable incomes and rising standards of living in emerging economies in the APAC are the major drivers for this market.
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