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The Global Synthetic Leather Is Projected To Grow With A CAGR of 7.5% From 2021 to 2027

Market Insight Solutions
·5-min read

Synthetic Leather Market Size Was Valued At 63.31 Billion In 2020 And Estimated To Reach 105.03 Billion In 2027

New York, May 04, 2021 (GLOBE NEWSWIRE) -- The growing demand for synthetic leather in end-use industries such as boots, furnishing, automobile, garments, luggage, purses & wallets, and others is driving the industry. The synthetic leather market will be driven by factors such as rising demand from the footwear industry, the absence of animal slaughter, benefits over pure leather, and the demand for luxury cars and electric vehicles. Globally, APAC is the most important market for synthetic leather, followed by Europe and North America. Asia Pacific is the world's leading leather and synthetic leather producer. During COVID-19, the leather market was negatively impacted, which has created prospects for synthetic leather.

Every year, more than a billion animals are hunted for their flesh and skins, according to People for the Ethical Treatment of Animals (PETA). The majority of authentic leather comes from developing countries like China and India, where animal rights rules are not strictly followed. However, stricter rules are expected to be enacted in Asia Pacific and the rest of the world, driving up demand for leather replacements. As a result, businesses are relying on synthetic leather as an alternative to natural leather. Synthetic leather is made of manmade ingredients and does not require the slaughter of cattle.

The production of bio-based synthetic leather has no negative effects. Manufacturers should concentrate on commercializing synthetic leather made from natural fibers like flax or cotton fibers along with palm, soybean, maize, and other seeds. Pineapple leaves are being used to make a modern synthetic leather line called "Pinatex." These leaves' fiber has the strength and versatility needed for the manufacturing process. Pineapple leaves are considered a waste commodity, so they're used to transform them into something useful without using a lot of energy. Pineapple-fiber shoes, handbags, and other accessories have also entered the market.

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Based on Type, Market is Segmented Into

      • PU-Based

      • PVC Based

      • Bio-based

Based on End user industry, Market is Segmented Into

      • Footwear

      • Furnishing

      • Automotive

      • Clothing

      • Bags, Purses & Wallets

      • Others

Based on Region, Market is Segmented Into

      • North America (U.S., Canada, Mexico)

      • Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)

      • Asia Pacific (China, Japan, India, South Korea, Australia, Rest of Asia Pacific)

      • Central & South America (Brazil, Argentina, Rest of Central & South America)

      • Middle East & Africa (Saudi Arabia, UAE, South Africa, Rest of Middle East & Africa)

Companies Profiled In This Report Are

      • Kuraray Co., Ltd.

      • San Fang Chemical Industry Co., Ltd.

      • Teijin Limited

      • Mayur Uniquoters Limited

      • Nan Ya Plastics Industrial Co., Ltd.

      • Filwel Co. Ltd

      • Zhejiang Hexin Industry Group Co., Ltd.

      • Alfatex

      • H.R. Polycoats Pvt. Ltd.

      • Yantai Wanhua Synthetic Leather Group Co., Ltd.

Research Methodology

Market Insight Solution uses both primary and secondary research tools and insights to present a comprehensive industry outlook. Industry Experts act as a great contributor to our analysis. In order to attain the best understanding of the product, we interview a panel of leaders from specific industries for better technical knowledge and determine the driving factors responsible for local and macroeconomic platforms. Additionally, with secondary data, we analyze sales, annual profits, and contracts through the company's annual reports, sales reports, company websites, in-house databases, journal and statistical publications, and many other resources.

This Report Sheds Light On Some Significant Parameters Pertinent To The Market

      • What is the COVID-19 impact on Synthetic Leather market?

      • What is the current market status, and how did this market evolve?

      • What are the current factors driving the market and the barriers restraining the market?

      • Are governmental, political and regulatory factors significant to this market and do they affect key growth areas?

      • What are the significant players of this market and what do their prospects look like during the forecast period?

      • What are the regulations that will influence to boost the supply chain network of the market?

      • What are the best investment opportunities for R&D of the product and new service lines?

      • What are some of the major developments in the key geographical regions which led to the current status?

      • What are the current production and technological challenges to develop the market?

Market insight solutions provide a detailed blueprint of the Synthetic Leather market with the presentation of market dynamics and with the purpose of forecast. The report showcases an in-depth analysis to cover the market. To ascertain the market potential in the global platform, our analysts have further taken into consideration – competitive landscape and developmental landscape to make their point.

The major goal of our report is to develop a framework to help business executives make effective decisions. Thus, our framework provides an overview of important parameters like customer journeys, geographical regions supporting the market, emerging avenues, and the significant players partaking in the overall lifecycle of the product.

Below Is A Snapshot Of Our Key Strategic Plans

Customer Journey with product lifecycle- Companies today want their customers to interact with their brands, and our framework helps in achieving the best engagement possible. Our analysts take a deeper look at your customer's journey with the products and services to determine their pain points across various touchpoints.

About Us

Market Insight Solutions is a leading market research firm which caters to a diverse portfolio of research campaigns. We are one of the fastest growing research organization led by an extensive team of individuals. Our team has individuals with more than 10 years of experience in diverse research domains. Our strategic insights aims at providing credible and practical solutions to meet the specific requirements of our clients. We offer market studies on basis of facts across cross domains.

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