Synthetic Leather Market Potentially Worth USD 1190 Million by 2028 at 4.37% CAGR: Radiant Insights, Inc.
SAN FRANCISCO, July 16, 2019 /PRNewswire/ -- The governments of the developed economies who are putting forward strict regulations in terms of animal welfare, is thriving the growth of synthetic leather. It is likely to gain traction as it used as an alternative for predictable products, which is derived from livestock and does not need animal hide for the production purpose. The global Synthetic Leather Market was valued at USD 743 million in 2017 and is anticipated to reach USD 1190 million by the end of 2028 and will grow at a CAGR of 4.37% between 2017 and 2028.
Industries such as general clothing, packaging, footwear, automotive and building & construction make use of synthetic leather due to its cost-effectiveness. The manufacturers are making use of synthetic leather for production due to its superior characteristics of synthetic leather like consistent color and texture, lightweight and ease of washing and dyeing. Additionally, there is a huge change in the lifestyle of the consumers, which is enlarging the demand for accessories such as gloves and body suits. These are some of the significant factors that is helping the synthetic leather market to accomplish massive growth in the estimated time span.
Synthetic leather is a prevailing industry, which is segmented on the basis of type and end-users. Based on type it is segregated into polyvinylchloride based synthetic leather, polyurethane based synthetic leathers, and polyester- polyol based synthetic leathers. Considering its end-users it consists of medical materials, footwear, automotive leather fabrics, cover & packaging, upholstery & building materials, general clothing and sports equipment.
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Based on the regions, the Asia Pacific is projected to hold the largest share of the synthetic leather market as India, Japan and China show a substantial demand for the same. Additionally, there is an acceleration of automotive production along with the upsurge in disposable income that is mainly focused in India which will fuel the growth of the industry. Countries like China, Thailand, India, Indonesia and Taiwan are some of the major importers of raw skins and hide in the Asia Pacific.
Some of the major key players operating in the market are BioAmber Inc., Filwel Co. Ltd., Mayur Uniquoters Limited, NAN YA Plastics Industrial Co., Ltd., San Fang Chemical Industry Co., Ltd., The Mitchell Group, Phlox Tekstil San. Ve Tic. Inc., Kuraray Co. Ltd. and Kolon Industries, Inc. The key participants are putting forth a positive outlook regarding the investments in R&D activities and technological advancements, which is likely to propel the growth of the market.
The global Synthetic Leather market was valued at $743 million in 2017, and analysts predict the global market size will reach $1190 million by the end of 2028, growing at a CAGR of 4.37% between 2017 and 2028.
This report provides detailed historical analysis of global market for Synthetic Leather from 2013-2018, and provides extensive market forecasts from 2018-2028 by region/country and subsectors. It covers the sales volume, price, revenue, gross margin, historical growth and future perspectives in the Synthetic Leather market.
Access 128 page research report with TOC on "Global Synthetic Leather Market" available with Radiant Insights, Inc. @: https://www.radiantinsights.com/research/2013-2028-report-on-global-synthetic-leather-market
Market Segmentation:
- Leading players of Synthetic Leather including:
- Kuraray
- Toray
- Teijin
- Bayer
- Favini
- Sappi
- Asahi Kansei
- Ducksung
- DAEWON Chemical
- Filwel
- Kolon
- Sanfang
- Nanya
- Wenzhou Imitation Leather
- Anhui Anli
- Fujian Tianshou
- Shandong Jinfeng
- Yantai Wanhua
- Shandong Tongda
- Jiaxing Hexin
- Kunshan Xiefu
- Huafon Group
- Wenzhou Huanghe
- Meisheng Industrial
- Xiamen Hongxin
- Fujian Huayang
- Sanling
- Hongdeli
- Shandong Friendship
- Wangkang Group
- Market split by Type, can be divided into:
- PU
- PVC
- Market split by Application, can be divided into:
- Automotive
- Furniture
- Shoes
- Clothing
- Bags
- Market split by Sales Channel, can be divided into:
- Direct Sales
- Distribution Sales
- Market segment by Region/Country including:
- North America (United States, Canada and Mexico)
- Europe (Germany, UK, France, Italy, Russia and Spain etc.)
- Asia-Pacific (China, Japan, Korea, India, Australia and Southeast Asia etc.)
- South America Brazil, Argentina, Colombia and Chile etc.)
- Middle East & Africa (South Africa, Egypt, Nigeria and Saudi Arabia etc.)
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