According to a new market research report the “Synthetic Leather (Artificial Leather) Market by Type (Polyurethane, Polyvinyl Chloride, Bio-based), End-Use Industry (Footwear, Furnishing, Automotive, Clothing, Bags, Purses & Wallets, Sports, Electronics) and Region – Global Forecast to 2025“, The synthetic leather market is projected to reach USD 78.5 billion by 2025, at a CAGR of 4.4% from USD 63.3 billion in 2020.
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This report also provides a comprehensive analysis of the companies listed below:
- Kuraray Co. Ltd. (Japan)
- San Fang Chemical Industry Co. Ltd. (Taiwan)
- Teijin Limited (Japan)
- Mayur Uniquoters Limited (India)
- NAN YA plastics corporation (Taiwan)
- Filwel Co. Ltd. (Japan)
- Zhejiang Hexin Industry Group Co., Ltd. (China)
- Alfatex N.V. (Belgium)
- H.R. Polycoats Pvt. Ltd. (India)
- Yantai Wanhua Synthetic Leather Group Co. Ltd. (China)
Research Coverage:
This report segments the market for synthetic leather on the basis of type, end-use industry, and region, and provides estimations for the overall value of the market across various regions. A detailed analysis of key industry players has been conducted to provide insights into their business overviews, products & services, key strategies, new product launches, expansions, and mergers & acquisition associated with the market for synthetic leather.
Kuraray Co. Ltd. is one of the major players in the synthetic leather market. In order to strengthen their product portfolio, the company is focusing on collaboration for meeting client’s requirements. For instance, in November 2018, Kuraray‘s CLARINO, a synthetic leather, was chosen for the surface layer for V200W, the official tournament model indoor volleyball produced by Mikasa Corporation for use in the international games sponsored by the Federation Internationale de Volleyball Association. Similarly, in November 2020, Kuraray Co., Ltd. and Nissha Co., Ltd jointly developed the Material Insert technology using the synthetic leather, CLARINO, and started selling the product targeting the mobility and the consumer electronics markets.
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In February 2019, Seven Crash, a fashion label launched its innovative Quantus, a collection of futuristic urban streetwear outfits at the Autumn/Winter New York Fashion Week 2019. The collection, designed in collaboration with the chemical company BASF and San Fang, enabled fashion-forward designs and functionality. Similarly, In January 2017, Teijin Frontier, along with Katochu Co., Ltd., a specialized maker of backpacks, launched RANDSELLIER high-quality backpacks for school children made of high-grade artificial leather.
Bio-based leather is projected to be fastest growing type for synthetic leather market between 2020 and 2025
Bio-based leather is manufactured by using natural materials. It is made by using natural fibers such as cotton or flax, further mixed with corn, palm, soybean, and other plant oils. These raw materials are laminated collectively into many layers to create bio-based leather. It is sustainable and has low carbon footprint. The bio-based leather market is in a nascent phase and has not been fully commercialized. But due to increasing government regulations and rising environmental concerns, the market is expected to grow in the near future.
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Footwear is projected to be the fastest growing end-use industry in synthetic leather market between 2020 and 2025.
Synthetic leather is widely used in the footwear industry due to its excellent properties and high durability. It is used in shoe linings, shoe uppers, and insoles to make different types of footwear such as sports shoes, shoes & boots, and sandals & slippers. The increasing demand for footwear in developed and emerging countries is expected to drive the demand for synthetic leather. Synthetic leather is widely used to manufacture sports shoes for various games around the world due to its cost-effectiveness. Sports shoes made from synthetic leather look similar to those of pure leather and are offer various other properties such as resistance to water, heat, and rigid climatic conditions. It is used to make formal men’s and women’s footwear for official purposes, boots for women and men in the fashion industry, and for those living in the cold regions around the world. Boots made out of real leather tear when exposed to snow and water, but synthetic leather offers excellent resistance to water and snow.
APAC projected to be fastest growing region for the synthetic leather market during the forecast period
The APAC comprises major emerging nations such as China and India. Hence, the scope for the development of most industries is high in this region. The synthetic leather industry is growing significantly and offers opportunities for various manufacturers. The APAC region constitutes approximately 61.0% of the world’s population, and the manufacturing and processing sectors are growing rapidly in the region. The APAC is the largest synthetic leather market with China being the major market which is expected to grow significantly. The rising disposable incomes and rising standards of living in emerging economies in the APAC are the major drivers for this market.
