Synthetic Leather Market – Overview
Synthetic Leather are predominantly used in place of natural leather in many applications. Synthetic Leather Market is estimated to witness moderate growth due to its tremendous usage in automotive as well as construction industry. It find wide application scope in the manufacturing of footwear and carpets or covers which are utilized in cars. Polyurethane based Synthetic Leather product is estimated to grow with the healthy CAGR among the application segment due to its eco-friendly nature as compared to PVC. Among end use industries footwear segment is expected to grow with the highest CAGR due to rising per capita disposable income along with improved standard of living. Furthermore, automotive segment is predicted to grow with the significant CAGR over the forecast period due to the increasing automotive production and sales across the globe along with rising consumption in the manufacturing of seat cover, door cover, and other accessories.
Geographically, Asia Pacific emerged as the largest market for Synthetic Leather followed by Europe and North America in 2016. The Asia Pacific region accounted for largest market share in 2016 and is predicted to dominate in future on account of continuous growth of automotive, footwear, and building & construction industries specifically in China, India, Japan, Vietnam, Thailand, Malaysia, and South Korea. Furthermore, the growth of Synthetic Leather is largely driven by their utilization in passenger cars and other transportation vehicle. Constant increase in the commercial, institutional, and residential construction activities along with rising importance of Synthetic Leather in building & construction industry is estimated to drive the market growth over the estimated period. Furthermore, growing investment by major operating companies and shifting of synthetic leather manufacturing facilities as well as rapidly growing end use industries in this region is predicted to propel the Synthetic Leather regional market growth. North American market is expected to witness moderate growth due to increasing usage in automotive, aerospace, and sports industry. In Synthetic Leather Market, U.S. is followed by Canada in terms of value and volume due to high adoption rate in end use industries. Europe is expected to witness steady growth on account of rising demand from footwear and automotive sector. Middle East & African Market is expected to register strong growth on account of rising construction activities specifically in Qatar, Turkey, the United Arab Emirates, and Saudi Arabia. Latin American countries such as Brazil and Mexico is estimated to register steady growth due to strong automotive manufacturing base.
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Industry/ Innovation/ Related News:
July 2017- Anli Group announced to construct a polyurethane leather plant in Binh Duong province, Vietnam. The plant will have a production capacity of 12 million meter/year polyurethane with two dry and two wet production lines. With this expansion the company will be able to strengthen its position among global polyurethane manufacturers.
March 2017- Toray Industries announced to spend USD 276.87 Million for the expansion of its synthetic leather output in Italy. This expansion will help Toray Industries to meet the growing demand for synthetic leather.
April 2016- Teijin Cordley limited a subsidiary of Teijin’s Group announced to launch a new high grade synthetic leather named as Maestley. The company expanded its series of Maestley products by adoption of natural leather processing procedures. With this product launch the company extend its product portfolio and strengthen its position among major operating players in this market.
July 2015- Flokser Group, one of the leading manufacturer of leather and fabric developed artificial leather fabric using bio based materials delivered by BioAmber Inc. and DuPont Tate & Lyle Bio Products. Flosker launched its synthetic leather fabric under its SERTEX brand. This product launch will help company to meet the increasing need of synthetic leather in the market.
The Synthetic Leather Market Report analyses the degree of competition among the major players as well as industry growth and market scenario. The global synthetic leather market comprises of numerous players operating in the market which include large scale and medium size manufacturers. The prominent market players operating in the global synthetic leather industry is focusing towards growth association specifically by Asia Pacific as medium scale and small scale producers are from this region specifically from China, South Korea, India, Taiwan, Malaysia, and Japan. Furthermore, the company is focusing on extending their product portfolio by strategic acquisition and mergers, joint ventures, product launches, and exclusive agreements. Some of the companies are expanding their production capacity of synthetic leather to meet the growing demand for synthetic leather.
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