Synthetic Leather Market Increasing Demand, Growth Analysis and Future Outlook
Synthetic Leather Market by Type (PU-based, PVC-based, Bio-based), End-use Industry (Footwear, Furnishing, Automotive, Clothing, Bags, Purses & Wallets), and Region (North America, Europe, Asia Pacific, MEA, South America) - Global Forecast to 2028
(EMAILWIRE.COM, May 15, 2024 ) The report "Synthetic Leather Market by Type (PU-based, PVC-based, Bio-based), End-use Industry (Footwear, Furnishing, Automotive, Clothing, Bags, Purses & Wallets), and Region (North America, Europe, Asia Pacific, MEA, South America) - Global Forecast to 2028" the synthetic leather market is estimated to grow from USD 68.7 billion in 2023 to USD 88.0 billion by 2028, at a CAGR of 5.1%.
Browse in-depth TOC on "Synthetic Leather Market”
279 - Market Data Tables
50 - Figures
242 - Pages
Download PDF brochure of the Report @ https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=6616309
Based on type, the synthetic leather market is segmented as PU-based, PVC-based, and bio-based synthetic leather. PU-based synthetic leather stand out as the largest segment in terms of value, globally. The PU-based synthetic leather segment's dominance in the synthetic leather market is driven by its cost-effectiveness, versatility, durability, sustainability options, and the ability to meet the appealing and ethical considerations of today's consumers and industries. This domination is attributed to the rising demand for eco-friendly leather in industries such as footwear, furnishing, automotive, clothing, bags, purses & wallets, and others. Furthermore, the bio-based synthetic leather segment is forecasted to exhibit the highest CAGR in terms of value during the forecast year 2023 and 2028.
Based on end-use industry, the synthetic leather market has been categorized into various segments including footwear, furnishing, automotive, clothing, bags, purses, & wallets, and others. Notably, the footwear segment emerged as the market leader in 2022 and is anticipated to maintain its dominant position through 2028. Furthermore, the automotive segment is forecasted to exhibit the second highest CAGR in terms of value during the forecast year 2023 and 2028. This remarkable growth and increase in demand in both the sectors are due to its affordability, sustainability, consistent quality, durability, and customization choices as well as its alignment with vegan and ethical principles, synthetic leather is highly desired in the footwear and automotive end-use industries.
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Based on region, Asia Pacific stands out as the fastest-growing market for synthetic leather. This is primarily attributed to strengthening the sustainability and biodegradability in key industries such as footwear, furnishing, automotive, clothing, bags, purses & wallets, and others. On the other hand, the rising demand observed in emerging economies like China, India, and Japan also plays a crucial role. Growing environmental consciousness and ethical animal treatment factors have significantly fueled the demand for synthetic leather, leading to a substantial expansion of the
synthetic leather market in the Asia Pacific.
Synthetic Leather Market Key Players
The key players in this market are Kuraray Co., Ltd. (Japan), San Fang Chemical Industry Co., Ltd. (Taiwan), Teijin Limited (Japan), NAN YA PLASTICS CORPORATION (Taiwan), Wanhua Chemical Group Co., Ltd. (China), Mayur Uniquoters Limited (India), FILWEL Co., Ltd. (Japan), Zhejiang Hexin Holdings Co., Ltd. (China), Alfatex Italia SRL (Italy), and H.R. Polycoats Private Limited (India). They have implemented strategies such as new product launch, acquisition, and collaboration to enhance their competitors.
Don't miss out on business opportunities in Synthetic Leather Market. Speak to Our Analyst and gain crucial industry insights that will help your business grow. https://www.marketsandmarkets.com/speaktoanalystNew.asp?id=6616309
About MarketsandMarkets™
MarketsandMarkets™ is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth for clients.
The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines - TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing.
Built on the 'GIVE Growth' principle, we work with several Forbes Global 2000 B2B companies - helping them stay relevant in a disruptive ecosystem. Our insights and strategies are molded by our industry experts, cutting-edge AI-powered Market Intelligence Cloud, and years of research. The KnowledgeStore™ (our Market Intelligence Cloud) integrates our research, facilitates an analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry.
To find out more, visit www.MarketsandMarkets™.com or follow us on Twitter, LinkedIn and Facebook.
Contact:
Mr. Ashish Mehra
MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA : 1-888-600-6441
Email: sales@marketsandmarkets.com
Visit Our Website: https://www.marketsandmarkets.com
Browse in-depth TOC on "Synthetic Leather Market”
279 - Market Data Tables
50 - Figures
242 - Pages
Download PDF brochure of the Report @ https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=6616309
Based on type, the synthetic leather market is segmented as PU-based, PVC-based, and bio-based synthetic leather. PU-based synthetic leather stand out as the largest segment in terms of value, globally. The PU-based synthetic leather segment's dominance in the synthetic leather market is driven by its cost-effectiveness, versatility, durability, sustainability options, and the ability to meet the appealing and ethical considerations of today's consumers and industries. This domination is attributed to the rising demand for eco-friendly leather in industries such as footwear, furnishing, automotive, clothing, bags, purses & wallets, and others. Furthermore, the bio-based synthetic leather segment is forecasted to exhibit the highest CAGR in terms of value during the forecast year 2023 and 2028.
Based on end-use industry, the synthetic leather market has been categorized into various segments including footwear, furnishing, automotive, clothing, bags, purses, & wallets, and others. Notably, the footwear segment emerged as the market leader in 2022 and is anticipated to maintain its dominant position through 2028. Furthermore, the automotive segment is forecasted to exhibit the second highest CAGR in terms of value during the forecast year 2023 and 2028. This remarkable growth and increase in demand in both the sectors are due to its affordability, sustainability, consistent quality, durability, and customization choices as well as its alignment with vegan and ethical principles, synthetic leather is highly desired in the footwear and automotive end-use industries.
Get Sample Pages of This Report @ https://www.marketsandmarkets.com/requestsampleNew.asp?id=6616309
Based on region, Asia Pacific stands out as the fastest-growing market for synthetic leather. This is primarily attributed to strengthening the sustainability and biodegradability in key industries such as footwear, furnishing, automotive, clothing, bags, purses & wallets, and others. On the other hand, the rising demand observed in emerging economies like China, India, and Japan also plays a crucial role. Growing environmental consciousness and ethical animal treatment factors have significantly fueled the demand for synthetic leather, leading to a substantial expansion of the
synthetic leather market in the Asia Pacific.
Synthetic Leather Market Key Players
The key players in this market are Kuraray Co., Ltd. (Japan), San Fang Chemical Industry Co., Ltd. (Taiwan), Teijin Limited (Japan), NAN YA PLASTICS CORPORATION (Taiwan), Wanhua Chemical Group Co., Ltd. (China), Mayur Uniquoters Limited (India), FILWEL Co., Ltd. (Japan), Zhejiang Hexin Holdings Co., Ltd. (China), Alfatex Italia SRL (Italy), and H.R. Polycoats Private Limited (India). They have implemented strategies such as new product launch, acquisition, and collaboration to enhance their competitors.
Don't miss out on business opportunities in Synthetic Leather Market. Speak to Our Analyst and gain crucial industry insights that will help your business grow. https://www.marketsandmarkets.com/speaktoanalystNew.asp?id=6616309
About MarketsandMarkets™
MarketsandMarkets™ is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth for clients.
The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines - TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing.
Built on the 'GIVE Growth' principle, we work with several Forbes Global 2000 B2B companies - helping them stay relevant in a disruptive ecosystem. Our insights and strategies are molded by our industry experts, cutting-edge AI-powered Market Intelligence Cloud, and years of research. The KnowledgeStore™ (our Market Intelligence Cloud) integrates our research, facilitates an analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry.
To find out more, visit www.MarketsandMarkets™.com or follow us on Twitter, LinkedIn and Facebook.
Contact:
Mr. Ashish Mehra
MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA : 1-888-600-6441
Email: sales@marketsandmarkets.com
Visit Our Website: https://www.marketsandmarkets.com
Contact Information:
MarketsandMarkets™
Mr. Aashish Mehra
Tel: 1-888-600-6441
Email us
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MarketsandMarkets™
Mr. Aashish Mehra
Tel: 1-888-600-6441
Email us
----
This press release is posted on EmailWire.com -- a global newswire that provides Press Release Distribution Services with Guaranteed Results