A recent study by Transparency Market Research
(TMR) suggests that the revenue in the global synthetic leather
market is divided among a few players who have a strong manufacturing
and distribution infrastructure in place. The report identifies
Kuraray, SAN FANG CHEMICAL INDUSTRY CO., LTD., Asahi Kasei
Corporation, Toray Coatex Co. Ltd., ALFATEX, FILWEL CO., LTD., and
H.R. Polycoats Pvt. LTD. as some of the key companies currently
holding position of strength in the global synthetic leather market.
If the projections of the TMR report is to be
believed, the demand in the global synthetic leather market will
increment at a notable CAGR of 6.9% during the forecast period of
2017 to 2022. Increasing from its evaluated worth of US$74.6 bn in
2016, the valuation of the synthetic leather market is estimated to
reach US$136.7 bn by 2022. The vendors operating in the synthetic
leather market are catering to diverse application sectors, including
automotive, furnishing, footwear, bags and purses, clothing, and
others.
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Based on end-user, the global synthetic leather
market has been segmented into automobile, sporting goods,
furnishings, garments, industrial fabrics, footwear, and fashion
accessories including wallets, belts, and bags. In terms of revenue,
automobile is the leading end-user constituting more than 40% of the
global synthetic leather market. Geographically, vastly populated
Asia Pacific is currently the most profitable region, gaining
traction from increasing population coupled with rising disposable
income in countries such as China, India, Vietnam, and Thailand.
Furthermore, rising joint ventures and capacity expansion by various
manufacturers and emphasis on reducing carbon emission typically in
China is also influencing the market positively in the region.
Prosperity of Various Application Industries
Driving Demand
The demand in the global synthetic leather market
is driven by a number of factors, such as growing demand from the
footwear industry as a result of escalating population, no
involvement of animal killing, which has strong support from various
governments and preferred by knowledgeable consumers, and synthetic
leather’s advantages over pure leather. Synthetic leather are
available in variety of colors, and is cheaper than natural leather
as well as superior to real leather because of its diversity in looks
and use. In the recent past, artificial leather has gained popularity
as ideal alternative, especially for the rapidly growing automotive
industry, wherein synthetic leather is used for the production of
seats, airbags, belts, seat-covers, steering cover, door panels,
dashboard, rear shelves, and other interior trim. The demand for
passenger cars is seen new higher each year in developing countries
such as China and India. Polyurethane is now being commonly employed
by the automotive industry as it is softer and offers a non-sticky
feeling, unlike an animal-skin-based leather. Consequently, a number
of original equipment manufacturers (OEMs) manufacturers have started
to prefer it over real leather.
Disposable Income of Urban Population a Boon
for the Market
Increasing disposable income among the urban
population is driving the footwear industry, wherein consumers are
now willing to pay for premium products at high cost. The demand for
better fit, stylish, and comfortable shoes has escalated in the
recent times. Similar traction is coming from the home and offer
furniture segment. As the corporate sector flourishes in various
emerging economies, the demand for sofas, chairs, and bean bags is
expected to increase multiple folds, and thereby augmenting the
demand in the global synthetic leather market. In the near future,
the vendors operating in this market are expected to focus on the
development of bio-based synthetic leather and open new revenue
opportunities.
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On the other hand, the harmful effects of
polyurethane (PU) and polyvinylchloride (PVC) is challenging the
market for synthetic leather from attaining its true potential.
The information presented in this review is based
on a Transparency Market Research report, titled, Synthetic Leather
Market (Type - Polyurethane, Polyvinylchloride; End-user -
Automobile, Furnishings, Sporting Goods, Garments, Footwear,
Industrial Fabrics) - Global Industry Analysis, Size, Share, Growth,
Trends, and Forecast 2016 - 2025.
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