Synthetic Leather Market Size, Share to Touch $50.34 Billion By 2028 at a CAGR: 7.9% CAGR Growth: Polaris Market Research

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Polaris Market Research have published a new research report titled “Synthetic Leather Market Share, Size, Trends, Industry Analysis Report, By Type (Bio-based, Polyurethane, Polyvinyl Chloride, Others); By End-Use; By Region; Segment Forecast, 2021 – 2028” 

According to the research study, the global synthetic leather market was estimated at USD 31.29 billion in 2020 and is expected to reach USD 50.34 Billion By 2028. The global synthetic leather market is expected to grow at a compound annual growth rate (CAGR) of 7.9% from 2021-2028

The adoption of synthetic leather is expected to increase during the forecast period owing to wide applications in industries such as automotive, apparel, and furnishing. Rising disposable income of consumers and improving lifestyles have increased the demand for footwear, clothing, and accessories. 

Increasing urbanization and growing demand from the automotive sector have further supported the market growth. However, the COVID-19 outbreak has restricted the growth of the market due to operational challenges, disruption of the supply chain, reduced demand, and workforce impairment. 

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Drivers And Restraints Affecting The Market:

The report reviews new technologies focusing on innovative business models, competitive strategic history, a range of value-added products, and growth examination that can drive global Synthetic Leather market growth are also included in the report. It further summarizes the accomplishments and other major developments in the industry

Segmentation Analysis:

The different types of the product include bio-based, polyurethane, polyvinyl chloride, and others. The demand for the polyurethane segment is expected to be high during the forecast period. Polyurethane material offers the same texture as real leather while being lighter, cheaper, and durable. The rising ethical concerns regarding animal cruelty, growing environmental awareness, and the introduction of stringent regulations support the growth of this segment. 

The product is used in diverse industries such as apparel, furnishing, automotive, footwear, electronics, and others. The automotive segment is expected to grow at a significant rate during the forecast period. The use of synthetic material in automobiles offers durability, strength, comfort, and elasticity. It is easy to maintain in vehicles as it is resistant to hot and cold temperatures, water, alcohol, and stains. The use of synthetic leather in seats, armrests, headrests, door trimmings, steering wheel covers, and roof lining has increased with rising demand for luxury vehicles. 

Industry Major Market Players

• Teijin Limited
• Filwel Co. Ltd.   
• H.R. Polycoats Pvt. Ltd.
• Kuraray Co. Ltd.
• Mitsubishi Chemicals Corp
• Yantai Wanhua Synthetic Leather Group Co. Ltd.
• Kolon Industries, Inc.
• Toray Industries, Inc.
• Alfatex N.V.
• NAN YA Plastics Corporation
• Mayur Uniquoters Limited
• Hanwa Chemical Corp.
• DuPont
• Tate & Lyle Bio Products Company, LLC
• Zhejiang Hexin Industry Group Co., Ltd.

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Synthetic Leather Market Report Scope

Regional Scope: 

The regional sector is studied to showcase its current and future growth synopsis. This helps players to build up their position. The regional and country-level assessment incorporates the demand and supply forces that are influencing the growth of the global Synthetic Leather market. Moreover, the section examines the market through segments, with sales percentage and income through the usage of key international locations in those several regions. The report presents the records diagrams, figures, and collateral that illustrates the country of the specific alternate within the nearby and global scenario. 

The Country-Wise Analysis Section Covers the Following Key Regions: 

• North America (United States, Canada, and Mexico)
• Europe (Germany, France, United Kingdom, Russia, Italy, and Rest of Europe)
• Asia-Pacific (China, Japan, Korea, India, Southeast Asia, and Australia)
• South America (Brazil, Argentina, Colombia, and the rest of South America)
• The Middle East and Africa (Saudi Arabia, United Arab Emirates, Egypt, South Africa, and the Rest of the Middle East and Africa)

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About Polaris Market Research 

Polaris Market Research is a global market research and consulting company. The company specializes in providing exceptional market intelligence and in-depth business research services for our clientele spread across different enterprises. We at Polaris are obliged to serve our diverse customer base present across the industries of healthcare, technology, semi-conductors and chemicals among various other industries present around the world. We strive to provide our customers with updated information on innovative technologies, high growth markets, emerging business environments and latest business-centric applications, thereby helping them always to make informed decisions and leverage new opportunities. Adept with a highly competent, experienced and extremely qualified team of experts comprising SMEs, analysts and consultants, we at Polaris endeavour to deliver value-added business solutions to our customers.

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