Future Market Insights delivers key insights on the global synthetic leather market in its latest report titled ‘Synthetic Leather Market: Global Industry Analysis and Opportunity Assessment, 2017–2027’. The long-term outlook on the global synthetic leather market remains positive with the market value expected to increase at a CAGR of 4.2% during the forecast period (2017–2027). Among the segments by material type, the PVC segment is expected to expand at a significant CAGR in terms of value over the forecast period. The global sales of synthetic leather is estimated to be valued at US$ 37,423.9Mn by the end of 2017. APEJ is estimated to account for a value share of 27.3% in the global synthetic leather market by 2017 end and is anticipated to retain its dominance throughout the forecast period. In this report, Future Market Insights throws light on the drivers and restraints likely to impact the market during this period.
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Rising Demand for Lightweight Leather from the Automobile Industry to Accelerate Growth of the Synthetic Leather Market
The global synthetic leather industry is gradually transitioning toward lightweight leather products for the automotive industry. Attributing to the growing demand for lightweight vehicles, the leather industry is also trying to capture this trend in the synthetic leather market. Lightweight vehicles are more fuel efficient and contribute to reduced emissions. Research and development on the fuel economy of automotive vehicles shows a direct correlation between fuel efficiency and vehicle weight. This correlation compels manufacturers to reduce the weight of automotive vehicles and opt for lightweight leather products in automotive vehicle body panels. Thus, OEMs are now inclined towards the use of lighter materials in vehicles, which has spurred the demand for synthetic leather.
Shifting Consumer Preference from Natural Leather to Synthetic Leather Products to Fuel Revenue Growth
Argentina is famous for the use of calfskin leather. The utilization of calfskin leather in Argentina is high as compared to any other country in the world. Also, Argentina is one of the key regions for the export of leather products. Hence, with the increasing consumption and strong growth of the economy, the pattern of utilization of leather is growing at a significant pace, subsequently providing required momentum for the synthetic leather market.
Growth in Demand for Luxurious Goods to Boost Synthetic Leather Market
Europe’s economy is gradually picking up with direct development expected for the footwear showcase. Web-based business calls for speedier administration and more computerized (and visual) information. Developing social and natural mindfulness is affecting business sector prerequisites and facilitated commerce transactions, leading to an increase in retail. Wellbeing awareness is pushing sports footwear deals and advancement and in turn driving the market for synthetic leather.
Synthetic Leather Market: Segmentation Analysis
The synthetic leather market has been segmented on the basis of material type into PVC, PU and Bio based.
- On the basis of material type, the PU segment is anticipated to continue to dominate the synthetic leather market in terms of value during the forecast period
- The PU segment is estimated to grow at a relatively high CAGR as compared to other types over the forecast period. It is expected to represent a total incremental opportunity of US$ 11,360.0 Mn between 2017 and 2027
Synthetic Leather Market: Regional Market Projections
APEJ is expected to be the leading region with a 27.3% market share in terms of revenue in the global synthetic leather market by the end of 2017. China is expected to hold a dominant revenue share in the APEJ synthetic leather market through 2027. The U.S. market is projected to hold a significant market share in terms of value in the global synthetic leather market over the forecast period, exhibiting a CAGR of 4.7% over the forecast period.
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Synthetic Leather Market: Vendor Insights
The report highlights some of the top companies operating in the synthetic leather market includes
- Kolon Industries Inc.
- Mayur Uniquoters Ltd.
- Gruppo Mastrotto S.p.A.
- Achilles Corp.
- Teijin Limited
- Nan Ya Plastics Corporation
- Asahi Kasei Corporation
- Toray Group Kuraray Co., Ltd.
- Daewon Chemical Co Ltd.
- Leather Resource Of America Inc.
- Comfort Int’l Co., Ltd
- Sheng Hung Industrial Co. Ltd.
- Plastics Elche S.A