The global synthetic leather market is anticipated to grow at a CAGR of around 8.0% during the forecast period (2024-2031). The Asia-Pacific is projected to exhibit the fastest growth in the global synthetic leather market during the forecast period. In Asia-Pacific, China, India, Japan, South Korea, Indonesia, and Vietnam are the major economies where the demand for synthetic leather is high in various industries. The high population base along with the demand for leather products is the key factor driving the growth of the market. The emerging footwear industry in these economies is also accelerating the significant demand for synthetic leather for footwear manufacturing. For instance, the footwear industry in India contributes about two 2% to India’s overall GDP along with employing 2 Mn workers. According to India Brand Equity Foundation (IBEF) estimates, in 2019-2020, total leather and leather products export from India stood at $ 5.07 billion. The production of footwear in India is also the reason the demand for synthetic leather is also high. According to the IBEF, in terms of volume, India produced 1.8 billion units and is expected to produce almost 3 billion units by 2024 growing at more than 10% annually. Indian Footwear Market was valued at $ 9.70 Billion in the year 2019. The per capita consumption of footwear is expected to be 2.94 pairs in 2024-25.
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Moreover, Furthermore, growing automotive production across Asia-Pacific and manufacturers’ approach towards providing a comfortable ergonomic seat to reduce fatigue of the passenger or driver is expected to further support the growth of the global synthetic leather market. However, stringent government regulations related to animal abuse to generate pure leather by killing them, and awareness regarding alternatives of leather are projected to fuel the market growth in the region.
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Market Coverage
- Segment Covered-
o By Type
o By End-User Industry
- Regions Covered-
o North America
o Europe
o Asia-Pacific
o Rest of the World
- Competitive Landscape- Kuraray Co. Ltd., San Fang Chemical Industry Co. Ltd., Teijin Aramid B.V, Mayur Uniquoters Ltd., NAN YA Plastics corp, Filwel Co. Ltd., Zhejiang Hexin Science and Technology Co., Ltd., ALFATEX ITALIA SRL H.R., Zhejiang Hexin Science And Technology Co., Ltd, among others.
Key questions addressed by the report
- What is the market growth rate?
- Which segment and region dominate the market in the base year?
- Which segment and region will project the fastest growth in the market?
- How COVID-19 impacted the market?
o Deviation from the pre-COVID-19 forecast
o Most affected region and segment
- Who is the leader in the market?
- How are players addressing challenges to sustain growth?
- Where is the investment opportunity?
Global Synthetic Leather Market Report Segment
By Type
- Polyurethane (PU) Based
- Polyvinyl Chloride (PVC) Based
- Bio-Based
By End-User Industry
- Footwear
- Furnishing
- Automotive
- Clothing
- Others
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