Synthetic leather is a man-made artificial
leather which looks like natural leather, also known as faux leather. Synthetic
leather is marketed under numerous names such as vegan leather, faux leather,
leatherette, and pleather. Its surface is treated & dyed with certain
additives to provide them an ordinary look just as natural leather. It is often
used as a substitute for real leather as it is less costly and does not require
any real animal hide. It is available in various colors, leading to them being used
in a wide number of industries for instance footwear, garments, automobile, and
fashion accessories such as wallets, bags, etc. The key properties are easy
maintenance, high strength, UV resistance and more ductile & high gloss
finish.
According to study, “World
Synthetic Leather Market Research Report 2024(Covering USA, Europe,
China, Japan, SEA and India)” the key companies operating in the world
synthetic leather market are Kuraray Co. Ltd., Bayer, Toray, Sappi, Favini,
Asahi Kansei Corp., DAEWON Chemical, Ducksung, Teijin Ltd., Filwel Co. Ltd.,
Kolon, Nanya Plastics Co. Ltd., Sanfang, Anhui Anli, Wenzhou Imitation Leather,
Shandong Jinfeng, Fujian Tianshou, Shandong Tongda, Yantai Wanhua, Kunshan
Xiefu, Jiaxing Hexin, Wenzhou Huanghe, H.R. Polycoats Pvt. Ltd., Gruppo
Mastrotto S.p.A., DuPont Tate & Lyle Bio Products, Huafeng Group, Xiamen
Hongxin, Meisheng Industrial, Sanling, Fujian Huayang, Shandong Friendship,
Mayur Uniquoters Limited, Hongdeli, Wenzhou Longxing, Wangkang Group, Zhejiang
Hexin Industry Group Co. Ltd., Wenzhou Huadu, Kaishili, Hebei Changan, Benecke
Kaliko, Vulca Flex, Canadian General Tower, Hornschuch, Om Nova.
Based on type, synthetic leather market is
segmented into Polyvinylchloride (PVC) based synthetic leather, Polyurethane
(PU) synthetic leather (microfiber leather) and bio-based leather. PU holds
major share in market owing to its superior quality & ban on PVC based
leather in a few countries. Based on application, market is segmented into
clothing, shoes, bags, accessories, purses & wallets, belts, car interiors,
sports goods and others (upholstery and gloves). In addition, based on
end-user, market is segmented into footwear, automotive (seats, door trim,
steering wheel covers, knob and gear bot covers), textile, furniture (chairs,
bean bags, sofa, and others), sports, electronics, and others. Footwear
industry is expected to witness lucrative growth due to increase in demand for
comfortable & designer footwear during the forecast period.
The synthetic leather market is driven by
surge in awareness & importance about animal cruelty, followed by growth in
development of e-commerce sector, rise in disposable income, increase in
awareness toward advantages of synthetic leather over natural leather, growth
in demand for luxury goods, and rise in demand from footwear industry. However,
harmful effects of PU & PVC and high tax & import duties may impact the
market. Moreover, rise in focus on development of bio-based synthetic leather
is a key opportunity for market.
Based on geography, Japan country holds major
share, followed by China and India in synthetic leather market owing to
increase in consumption of the product in bags, upholstery, footwear, &
automobile covers and growth in consumer awareness by many animal right activist
groups regarding animal slaughtering in the country. USA country is expected to
witness higher growth rate due to stringent government regulations, high
consumption in clothing & automotive industries and robust animal rights
movement over the forecast period. Additionally, Europe region also expected to
witness substantial growth on account of well-established end-use industries
during the forecast period.
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