Synthetic leather, also known as artificial leather, possesses advanced properties such as easy maintenance, UV resistance, high strength, more ductile and high gloss finish. The cost of products made using synthetic leather are similar as that of the natural leather. Synthetic leather resembles natural, as it is dyed and treated with additives. It is made using polyvinyl chloride or polyurethane.
Factors such surge in awareness & importance about animal cruelty, development of the e-commerce sector, rise in disposable income, surge in demand for luxury goods, increase in awareness toward advantages of synthetic leather over natural leather, and rise in demand from the footwear industry are the key factors driving the growth of the global synthetic leather market. However, high tax & import duties and harmful effects of PVC restrain the growth of the market. Conversely, increase in focus to develop bio-based leather is anticipated to offer remunerative opportunity for the market players.
The global synthetic leather market is segmented into type, application, end-use industry, and region. On the basis of type, the market is classified into bio-based, polyvinylchloride (PVC)-based, and polyurethane (PU)-based. The polyurethane-based leather segment garners the maximum share, due to its superior quality and ban on polyvinylchloride-based leather in a few countries. The applications covered in the study include clothing, bags, shoes, purses & wallets, accessories, car interiors, belts, sports goods, and others. According to end-use industry, the market is categorized into footwear, furniture, automotive, textile, sports, electronics, and others. Footwear is the major end-use industry of synthetic leather, owing to rise in demand for comfortable and designer footwear, which in turn boost the need for synthetic leather.
Region wise, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA. Asia-Pacific dominates the market, due to surge in demand for trending & branded footwear and rapid urbanization.
The key players operating in the global synthetic leather market are Kuraray Co. Ltd., Nan Ya Plastics Co. Ltd., Teijin Limited, Zhejiang Hexin Industry Group Co. Ltd., Mayur Uniquoters Limited, Filwel Co. Ltd., H.R. Polycoats Pvt. Ltd., DuPont Tate & Lyle Bio Products, Gruppo Mastrotto S.p.A., and Asahi Kasei Corporation. These players have acquired various strategies such as acquisitions, partnerships, collaboration, joint ventures, agreements, expansions, and new product launches to create a strong consumer base in the market. For instance, in April 2016, Teijin launched a new product, Maestley, a high-grade synthetic leather as a substitute for natural leather.
KEY BENEFITS FOR STAKEHOLDERS
- The report outlines the current market trends and future scenario of the synthetic leather market size to understand the prevailing opportunities and potential investment pockets.
- Porter’s five force analysis helps to analyze the potential of buyers & suppliers and the competitive scenario of the industry for strategy building.
- Major countries in the regions have been mapped according to their individual revenue contribution.
- The key drivers, restraints, and market opportunities and their detailed impact analysis are elucidated in the study.
- The synthetic leather market analysis covers in-depth information of major industry participants.
Synthetic Leather Market Report Highlights
By END-USE INDUSTRY
Key Market Players
Gruppo Mastrotto Spa, Zhejiang Hexin Industry Group Co. Ltd., Kuraray Co. Ltd., H.R. Polycoats Pvt. Ltd., Asahi Kasei Corporation, Teijin Limited, Nan Ya Plastics Co. Ltd., Filwel Co. Ltd., Mayur Uniquoters Limited, DuPont Tate And Lyle Bio Products