The global market for Synthetic Leather estimated at USD 38978.9 Million in 2023 is projected to reach a revised size of USD 51210 Million by 2030, growing at a CAGR of 5.61% over the period 2023-2030.
AkViS Intelligence Market Research offers comprehensive Synthetic Leather Market research studies, providing valuable insights and strategic guidance to businesses worldwide. We ensure reliability and accuracy in our reports for informed decision-making.
The Synthetic Leather market research study ensures the highest level of accuracy and reliability as we precisely examine the overall industry, covering all the market fundamentals. By leveraging a wide range of primary and secondary sources, we establish a strong foundation for our findings. Industry-standard tools like Porter's Five Forces Analysis, SWOT Analysis, and Price Trend Analysis further enhance the comprehensiveness of our evaluation.
Our study also discusses the complete Synthetic Leather market ecosystem, explaining the various market stakeholders, their functions and interdependencies between them. Further, with an emphasis on comprehensive segmentation analysis and geographical coverage, the study enables a profound understanding of regional trends. Moreover, we explore external factors providing a comprehensive view of the market dynamics.
Synthetic Leather Market Dynamics:
Increasing demand from different sectors like automotive, fashion, and furniture is fuelling the growth of the artificial leather market because of its affordability and flexibility. Synthetic leather, unlike its traditional counterpart, provides durability, simple upkeep, and a manufacturing process that is more sustainable. The environmental issues surrounding animal hide usage have also increased the need for synthetic options. Nevertheless, changes in raw material costs, especially for items derived from petroleum, may impact manufacturing expenses. Stringent regulations concerning the use of synthetic materials and increased consumer desire for eco-friendly options, like bio-based synthetic leather, are also influencing the market.
Market Trends:
Emerging developments in the artificial leather industry involve a move towards sustainable manufacturing processes, with growing use of eco-friendly materials such as cork, apple peels, and recycled plastics. Increased attention is also being given to microfiber artificial leather, known for its improved softness and breathability, making it well-suited for the fashion and automotive industries. The fashion sector, in particular, is adopting cruelty-free and vegan items, stimulating advancement in alternatives to leather. Additionally, improvements in manufacturing techniques are resulting in enhanced texture, durability, and appearance, making synthetic leather more closely resembling genuine leather in terms of quality and touch.
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Market Opportunities:
The synthetic leather market is experiencing substantial growth in developing countries, as increased disposable incomes are fuelling the need for cost-effective and long-lasting materials in the fashion, furniture, and automotive sectors. Companies that prioritize eco-friendly and biodegradable synthetic leather products have a competitive advantage in a world increasingly focused on sustainability. The increasing popularity of veganism and ethical consumerism presents more opportunities for growth, particularly in the fashion sector. Additional possibilities exist in technological advancements that can improve efficiency in production, minimize environmental effects, and develop superior materials for luxury and mass-market uses.
Synthetic Leather Market Segmentation:
By Type
· Polyurethane (PU)
· Polyvinylchloride (PVC)
· Bio-Based
By Application
· Footwear
· Furniture
· Automotive
· Textile
· Sports
· Electronics
· Others
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Synthetic Leather Market Key Players:
· Kuraray Co., Ltd. (Japan)
· San Fang Chemical Industry Co. Ltd. (Taiwan)
· Mayur Uniquoters Ltd. (India)
· NAN YA PLASTICS CORPORATION (Taiwan)
· Teijin Limited (Japan)
· Filwel Co. Ltd. (Japan)
· Alfatex (Italy)
· Zhejiang Hexin Industry Group Co. Ltd. (China)
· DuPont de Nemours Inc. (USA)
· Yantai Wanhua Synthetic Leather Group Co. Ltd. (China)
· Toray Industries Inc. (Japan)
· H.R. Polycoats Pvt. Ltd. (India)
· Archilles Corporation (Japan)
· Favini S.r.l. (Italy)
· AICA Kogyo Co. Ltd. (Japan)
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Company Profiles and Competitive Analysis:
COMPANY PROFILES AND COMPETITIVE ANALYSIS
- COMPETITIVE LANDSCAPE
- Competitive Positioning
- Synthetic Leather Market Share by Manufacturer (2024)
- Industry BCG Matrix
- Heat Map Analysis
- Mergers & Acquisitions
- ARIEL CORPORATION
- Company Overview
- Key Executives
- Company Snapshot
- Role of the Company in the Market
- Sustainability and Social Responsibility
- Operating Business Segments
- Product Portfolio
- Business Performance (Production Volume, Sales Volume, Sales Margin, Production Capacity, Capacity Utilization Rate)
- Key Strategic Moves and Recent Developments
- SWOT Analysis
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