Synthetic Leather Market is anticipated to reach USD 12260 million by 2022
Synthetic leather, also known as artificial leather, looks like a real skin made of artificial materials such as polyurethanes and polyvinyl chloride. The choice of the type of synthetic leather depends on its characteristics, such as durability, permeability, comfort, breathability, weight and insulation. The overall increase in the number of footwear applications has been an important factor in market growth. In addition, the increased priority given to animal rights by several organizations and the increasing stringency of the laws governing genuine leather are stimulating the demand for synthetic leather.
Synthetic Leather Market Size and Growth Rate:
Synthetic Leather Market was valued at USD 10840 million in 2017 and is projected to reach USD 12260 million by 2022 growing at a CAGR of 4.61% during the forecast period 2017 to 2022.
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Synthetic Leather Market Growth Drivers and Restraints:
Artificial leather has recently gained popularity as an ideal solution, especially in the fast-growing automotive sector, where synthetic leather is used for seat production, steering, door panels, the rear shelves and other interior trim.
In the near future, suppliers operating in this market should focus on the development of synthetic leather made from bio-products and create new revenue opportunities.
Geographical Overview of Synthetic Leather Market:
The Middle East and Latin America will also be profitable regions for synthetic leather manufacturers in the coming years. Africa is the least profitable region, as most countries are still underdeveloped, resulting in a lack of skilled labor.
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Key Players of Synthetic Leather Market:
Some of the leading market players of Synthetic Leather Market are Kuraray, Toray, Teijin, Bayer, Favini, Sappi, Asahi Kansei, Ducksung, DAEWON Chemical, Filwel and others.
Synthetic Leather Market Segmentation:
By Product Type:
- PVC leather
- PU leather
- Microfiber leather
By Industry:
- Shoes
- Bags
- Furniture
- Automotive interiors
By Region:
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East and Africa
Key Takeaways from this Report:
- For different product types, end use applications and industry verticals, offers calculated growth rates (CAGR %), Volume (Units), and Value ($M) in each region to estimate the market potential.
- Identify various driving factors, constrains and untold opportunities that can impact the global marketplace
- Know the position of your competitor based on the market shares, financial performance, strategical approaches, SWOT, product benchmarking and so on.
- Increase overall revenue by understanding the geographical impact on sales and distribution channels.
- Evaluate the increase in values at each step of industry supply chain to improve process efficacy and optimize the value.
- Understand the market dynamics of leading players like deals, partnerships, new products, mergers and acquisitions in the last four years.
- Estimate the gaps in supply-demand, statics involved in import-export, and regulatory framework of the worldwide market in over 20 top nations.
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