Synthetic leather is artificial leather, usually made of polyvinyl chloride (PVC) or polyurethane (PU). It is man-made leather that gives it the look of real leather. This type of leather is dyed & processed to look like pure leather. This leather is also identified as vegan leather, leatherette, faux leather, and leather. Key properties of synthetic leather include durability and resistance to dye & weather. It is mainly used for products that require a leather-like texture such as in automotive interiors, interior designing, upholstery, footwear, garments, and furnishing.
As per analysis, “Global Synthetic Leather Market by Type (Polyurethane (PU), Polyvinyl Chloride (PVC), Bio-based); By Application (Footwear, Furnishing, Automotive, Clothing, Bags, Purses & Wallets, Sports, Electronics and Others); and Region – Analysis of Market Size, Share & Trends for 2019 – 2020 and Forecasts to 2030” the key companies operating in the global synthetic leather market include Zhejiang Hexin Industry Group Co. Ltd, Nan Ya Plastics Corporation, Yantai Wanhua Artificial leather Group Co. Ltd, DuPont Tate & Lyle Bio Products Company, Mayur Uniquoters Limited, H.R. Polycoats Pvt. Ltd, Alfatex Italia SRL, Toray Group, San Fang Chemical Industry Co. Ltd, Teijin Limited, Kuraray Co. Ltd and among others. Major companies use strategies for instance joint ventures, mergers & acquisitions (M&A), expansion of production capacity and development of new products to boost their sales & their market share.
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By type, synthetic leather market can be segmented as Polyvinyl Chloride (PVC), Polyurethane (PU) and bio-based. In addition, by application type, market can be segmented as clothing, sports, footwear, bags, electronics, purses & wallets, furnishing, automotive and others.
Rise in demand from footwear industry, followed by growth in population and cost effectiveness & advantage over pure leather are some major factors, which are responsible for growth of the synthetic leather market. Apart from this, availability of other artificial fibers with similar cost and adverse effect on human health due to processing of Polyurethane (PU) or Polyvinylchloride (PVC) in the synthetic leather manufacturing process are major hindering factors for market. Additionally, rise in demand for lightweight leather in automotive industry, change in fashion statement and rise in disposable income in emerging countries are leading opportunities for market. Moreover, rise in demand for low-cost versatile leather products is a key trend for global market. Furthermore, effect on trade activity due to slowdown in global economy and lack of durability limits its applications are major challenge for market.
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Based on regional analysis, the Asia-Pacific is a leading region in global synthetic leather market owing to high demand for synthetic leather in the automotive, clothing, footwear, and furnishing industries across the region. The North-America and Europe regions are estimated to witness higher growth rate due to rise in awareness regarding animal rights and growth in demand from footwear industry over the forecast period. It is predicted that future of the global synthetic leather market will be bright on account of increase in stringency of regulations pertaining to animal welfare during the forecast period.
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