Valley Cottage, NY, Nov. 23, 2017 (GLOBE NEWSWIRE) -- Some of the prominent players in the market are Plastics Elche S.A., Sheng Hung Industrial Co. Ltd., Daewon Chemical Co Ltd., Asahi Kasei Corporation, Teijin Limited, Alfatex, Gruppo Mastrotto spa, Mayur Uniquoters Ltd ., and Kolon Industries Inc., notes Future Market Insights (FMI). Several leading players are adopting the strategy of competitive pricing to gain a better foothold in the market. In recent years, a growing number of players are increasingly focusing on developing novel products, in order to gain a competitive edge over others.
The global synthetic leather market is projected to rise at a CAGR of 4.2% from 2017 to 2027. The market stood at US$ 36.2 Bn in 2016 and is estimated to reach a valuation of US$ 56.3 Bn by the end of 2027.
The various applications of synthetic leather are furnishing, footwear, automotive, bags and wallets, electronics, clothing, and sports. Of these, footwear is the leading segment, vis-à-vis revenue share and the growth rate and is predicted to retain its dominance throughout the assessment period. The segment is projected to be worth around US$16 Bn by 2027 end, rising at a CAGR of 4.9% from 2017 to 2027. Geographically, Asia Pacific excluding Japan (APEJ) is the dominant market. The regional market is poised to be the most attractive market rising at the leading CAGR of 4.9% during 2017–2027 and is predicted to reach US$16.5 Bn by the end of the forecast timeline. The substantial growth of the regional market can be attributed largely to a thriving end-use industries of furnishing, footwear, and automotive.
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Affordability of Luxury Products in Emerging Economies to Stoke Demand
The vastly rising demand for synthetic leather in the automotive industry world over is a primary factor driving the market. This is attributed to the pressing need for improving the fuel efficiency, which calls for an intensifying demand for light-weight products, including leather. The burgeoning automobile industry in numerous developed economies, coupled with the rapidly rising demand for passenger cars in industrialized nations, is a notable trend bolstering the demand for synthetic leather. The soaring popularity of synthetic leather in various regions is fueled by the preference of markedly durable and low-maintenance artificial leather products that closely resemble natural leather in feel as well as appearance.
The extensive use of synthetic leather in the making innovative, artistic, and fashionable products is a key factor accentuating the market. To add to this, a growing affordability of luxury products on the account of increasing disposable incomes is expected to bolster the demand for synthetic leather in numerous urbanized nations. In addition, changing lifestyle has increased their inclination toward high-value aesthetic products made by synthetic leather. Furthermore, the marked durability and ability to resist stain are key characteristics stoking the popularity of synthetic leather among these populations.
Advances in Manufacturing Processes to Unlock Promising Prospects
However, the use of PVC and PU used in the manufacture process of synthetic labor has given rise to mounting concern of the health hazards associated with the use of these additives. Nevertheless, tightening regulations hampering the sale of animal products in several developing and developed regions is a key factor likely to positively impact the growth of the market. Furthermore, over the years, advances in manufacturing processes are expected to help to rein over various environmental concerns of manufacturing processes. The burgeoning demand for low-maintenance footwear and the rising preference of stylish products in various parts of the world are notable factors expected to accentuate the synthetic leather market.
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The study presented here is based on a report by Future Market Insights (FMI) titled, “Synthetic Leather Market: Global Industry Analysis (2012 - 2016) and Opportunity Assessment (2017 - 2027).”
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