Albany, New York, Oct. 16, 2018 (GLOBE NEWSWIRE) -- Transparency Market Research (TMR) observes that the global synthetic leather market is moderately fragmented and competitive by nature. Few companies such as Asahi Kasei Corporation, Kuraray, Toray Coatex Co. Ltd., San Fang Chemical Industry Co Ltd, and FILWEL CO., LTD. are accounting for the higher share in the synthetic leather market. These companies have a strong manufacturing unit and these players are increasingly investing in further improvement in the development of their production and distribution channel. In addition, these players are increasingly investing in the research and development activities for product innovation and reduction of operational and product cost. These players are increasingly taking part in strategies such as joint ventures, acquisitions, mergers, and partnerships in order to the expansion of production capacity by reducing the carbon emission globally.
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According to TMR, the global synthetic leather market was valued at US$74.6 bn in 2016 and expected to expand with 6.9% over the forecast period from 2017 to 2022 to attain a value of US$136.7 bn by the end of 2022. Based on the end-user, in 2016, automobile segment dominated the global market for synthetic leather by accounting more than 40% of the overall market. Based on the region, Asia Pacific dominated the global synthetic leather market in the same year owing to an increasing population and rising expenditure power in the countries such as China and India.
Versatile Look of Synthetic Leather to Widen Its Application
Synthetic leather is artificial leather which is generally known as faux leather and looks like natural leather. The added chemicals and dyes on the surface of the leather provide the material natural look as natural leather. The artificial or synthetic leather is less expensive and does not harm real animals. Additionally, these are available in a variety of colors which are used in the applications such as bags, wallets and other fashion accessories which provides them versatile look. The aforementioned factors are fuelling adoption of synthetic leather and likely to boost the growth of the global synthetic leather market.
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A number of original equipment manufacturers (OEMs) of automotive are increasingly using a synthetic material such as polyurethane. Demand for the polyurethane is growing substantially from the automotive industry owing to its softer and non-sticky feeling. This is another important factor fuelling the growth of the global synthetic leather market.
Additionally, the factor such as increasing disposable income and expenditure power of the consumers are boosting demand for the premium, better fit, and stylish products such as footwear are driving growth of the synthetic leather market. Furthermore, this demand is higher from home and furniture such as sofas, chairs, and bean bags. This demand is leading to propel growth of the global market for synthetic leather.
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Growing Research and Development Activities to Offer Opportunities for Growth
Despite these growth factors, raising awareness about the possible harmful effects of the material such as polyvinylchloride (PVC) and polyurethane (PU) are limiting growth of the global synthetic leather market. Nonetheless, growing research and development activities in order to develop the bio-based synthetic leather are expected to offer lucrative opportunities for key players in the synthetic leather market. Additionally, the trend of luxurious products globally is also expected to remain over the forecast period and likely to offer lucrative opportunities over the forecast period.
This information is based on the new report by TMR, titled “Synthetic Leather Market (Type - Polyurethane, Polyvinylchloride; End-user - Automobile, Furnishings, Sporting Goods, Garments, Footwear, Industrial Fabrics) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2016 - 2025.”
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The global synthetic leather market has been segmented as presented:
By Type:
- Polyurethane
- Polyvinylchloride
By End-user:
- Automobile
- Furnishings
- Sporting Goods
- Garments
- Footwear
- Industrial Fabrics
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