Synthetic Leather Market to Witness Comprehensive Growth by 2025
Synthetic
leather is a man-made artificial leather that looks like natural
leather. It is also known as faux leather. Its surface is treated and
dyed with certain additives to provide them a natural look just as
natural leather. Nowadays synthetic leather has gained widespread
popularity and is often used as a substitute for real leather because
it is less expensive and does not require any real animal hide.
Synthetic leathers are available in a variety of colors, leading to
them being used in a wide number of industries such as footwear,
automobile, garments, and fashion accessories such as bags, wallets,
etc. In addition, synthetic leather is cheaper than natural leather
and superior to real leather in terms of its diversity in looks and
use; therefore it has become the popular choice for many
manufacturers active in the automobile and footwear industry.
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Polyurethane
Synthetic Leather Likely to Dominate Global Market
The
global synthetic leather market can be categorized in terms of
product type and end-users. On the basis of product type, the market
can be split into polyurethane (PU) and polyvinyl chloride (PVC).
Polyurethane type is dominating the market due to its superior
physical properties over polyvinyl chloride. PU type synthetic
leather is more environmental friendly than PVC type and has high
tensile strength and is more breathable. However, in some countries
such as India, Ethiopia, and Tanzania, PVC type synthetic leather is
still dominating as it is much cheaper than polyurethane type
leather. Demand for polyurethane type synthetic leather is expected
to expand significantly during the forecast period due to stringent
regulations on tanning agents such as phthalates and slaughtering of
animal in developed economies. Moreover, characteristic features of
polyurethane synthetic leather, such as high durability and gloss,
are some of the other factors fuelling the market.
Rising
Environmental Restrictions on Natural Leather Leads to Growing Demand
from Automotive Industry
In
terms of end-users, the global synthetic leather market can be split
into automobile, furnishings, sporting goods, garments, footwear,
industrial fabrics, and other such as bags, wallets etc. In terms of
revenue, automobile held a major share of more than 40% in global
synthetic leather market. Rising demand for low VOC emission from
interior automobile materials coupled with stringent regulations on
CO2 emission in the natural leather tanning industry are pushing
manufacturers to opt for revolutionary materials further anticipated
to drive the synthetic leather market. Footwear is also one of the
prominent segment of the market which is expected to grow at a
significant pace during forecast period. Rising fashion trends
coupled with increasing sports activities are expected to increase
the demand for sportswear and garments in turn boosting the demand
for synthetic leather over the forecast period.
Asia
Pacific to Dominate due to Rising Disposable Income of High
Population
In
terms of geography, the global synthetic leather market can be
segregated into North America, Europe, Asia Pacific, Latin America,
the Middle East, and Africa. In terms of consumption, Asia Pacific is
the leading regional market for synthetic leather due to growth of
the automobile and footwear industry.
Demand
for synthetic leather in Asia Pacific is expected to rise
significantly due to the rising population and disposable income in
the region. Furthermore, rising joint ventures and capacity expansion
by various manufacturers and emphasis on reducing carbon emission in
China are also influencing the market positively in the region. North
America and Europe are mature markets for synthetic leather. Rising
regulations on animal slaughtering due to efforts by various NGOs
such as PETA are pushing manufacturers to adopt environment-friendly
materials which in turn is boosting the demand for synthetic leather
in the region.
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The
Middle East and Latin America are also likely to be profitable
regions for synthetic leather manufacturers in the coming years. This
is primarily due to rising investment by various leading automakers
such as Ford, Nissan, and Renault. Africa is the least lucrative
region as most countries are still underdeveloped, leading to a lack
of skilled labor force. However countries such as South Africa and
Kenya are expected to provide lucrative opportunities for the
synthetic leather market during the forecast period due to the rising
disposable income of the middle class and rising investment by
numerous automakers in the region.
Key
players operating the market include Kuraray, Asahi Kasei
Corporation, SAN FANG CHEMICAL INDUSTRY CO., LTD., Toray Coatex Co.
Ltd., H.R. Polycoats Pvt. LTD., ALFATEX, and FILWEL CO., LTD.
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